Topic: Blockchain Technology: The Hype, Scope and Demand (Read 159 times)

and do you have any actual examples of a real organization/sector that has actually adopted this technology and is currently working with it?
because for over 2 years i have been hearing the same exact thing about how different sectors are "improving" by adopting the blockchain technology and whenever i check the "real world" i see nobody even paying any attention to blockchain. and then when i think about it, i see that blockchain is not even going to work in 90% of them.

As you said, Blockchain technology is mostly hyped up FUD and companies trying to "Keep up with the Joneses". It has become the new trend to say that you are developing your own Blockchain technology and every company with a good budget will pile money down a drain to Keep up with the Joneses and to brag that they are at the forefront of new technology. 

Yes, Blockchain technology have some advantages for specific industries, but some companies are using it for the wrong reasons or they are simply doing it for some brag rights.     

Blockchain technology as we know has reflected and changed the way businesses functions. As a matter of fact, blockchain is considered as one of the hottest skill in the IT job market. No doubt why this technology turns out to be the next uncharted and highly talked about technology in the current job market. Yet, there are still growing number of disruptors at every sector that are still challenging the traditional business models with the usage of this so called ‘disruptive technology’.

The impact of blockchain is massive. Being in its nascent stage, this technology has created quite a buzz in the IT market currently. It is also considered to be the most innovative technology in this upcoming revolution and has shown some tremendous changes in most industries. It has not only transformed the just the financial or banking sector but have made its presence known in sectors such as e-commerce, logistics, legal, real estate, startups, and even the manufacturing sector. E-commerce platforms such as Amazon and eBay have transformed the ease of online shopping. However, issues related to payments, data security, supply chain management and security still prevails, and the current business models are yet to find ways to resolve these issues.

Blockchain technology as we know has reflected and changed the way businesses functions. As a matter of fact, blockchain is considered as one of the hottest skill in the IT job market. No doubt why this technology turns out to be the next uncharted and highly talked about technology in the current job market. Yet, there are still growing number of disruptors at every sector that are still challenging the traditional business models with the usage of this so called ‘disruptive technology’.

The Hype

Hey, move over Bitcoin, it’s Blockchain here -- the underlying technology behind the mystery that made Bitcoin seemingly famous is now grabbing the headlines and the buzz in the IT market. Stakeholders and supporters have been talking about how blockchain technology is demystifying the power of distributed ledger technologies for quite some time now. As a matter of fact, most industry leaders said that distributed ledger technology might be the one of the most significant technologies that will disrupt and impact businesses.

Due to the hype and demand for blockchain skills, professionals such as blockchain engineer and blockchain specialist have become the sought-after job roles in the tech market. Irrespective of the demand, the market still lacks expert professionals in this field. Having said, many people might be sacked off their jobs and to procure better job opportunities they might just need to reskill themselves by upgrading their skillset through blockchain certification. Blockchain is still on the top priority list of all executives and technical specialties. Despite the critics about blockchain, the evolution that took place within the past years has been astounding.

Scope and Demand

The scope and demand of blockchain technology is great worldwide.

The Blockchain market is predicted to grow beyond 81% over the forecasted period between 2017 and 2025. To be precise, by 2025, the global blockchain market is anticipated to reach USD 51045.4 million.

The finance sector is said to lead the blockchain application. Unlike other businesses, banking and finance sectors will not need introduce the radical transformation into their processes to adopt blockchain technology. To be precise, since the success for cryptocurrency was seen, financial sectors are now looking forward in considering to adopt this technology into their development.

On the other hand, the distributed ledger technology gained quite a buzz in the government sector which persuades the government authorities and agency to have their separate database. Gartner prediction states that there will be around more than a billion people who will have some or the other data of them stored in blockchain by 2022 that they might not be aware of.

In Conclusion

It is still a fact that the DLT has shown significant potential in transforming various sectors, now there are more organizations that are willing to adopt this technology and are finding ways of how they will be able to implement it in their own businesses. Nonetheless, blockchain is not yet a panacea. Although there are certain transactions that might have a positive impact due to decentralization, it is still likely that the others will require handling through intermediary and central database.