“Companies and governments across industries are exploring blockchain. It is expected that global spending on blockchain solutions will more than double to $2.1 billion this year. However, a survey of executives and experts in the field expect on average the technology will take 5.9 years to gain widespread adoption.

But by late last year it was becoming apparent to many that blockchain technology isn’t necessarily the best solution in many cases. It could add complexity to existing systems. Mark Smith, CEO of blockchain development company Symbiont, said that after four years of research, the firm has found the technology works best when there’s an opportunity to automate processes, such as data collection.”

Source: CNBC

Major companies are investing in finding ways to add blockchain technology to their business mix.

The following have been identified as potential fields, where this technology may be applied:

  • Decentralized authentication
  • Record keeping
  • Educational degrees
  • Property
  • Taxes
  • Title insurance
  • Real estate transactions
  • Tracking 
  • Payments, money transfers
  • Notary services
  • Distributed Cloud storage
  • Digital identity
  • Networking and IoT
  • Supply Chain communications
  • Secure transaction management
  • Cybersecurity

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