By 2021, blockchain technology will turn 2.3 billion USD strong which is suggesting nothing less than a revolution of sorts. It is completely going to change the way global financial market is run today. This in turn, would strongly impact other industries too.
Let me begin by adding some facts –
Facts Blockchain is Inching Forward and Gaining Popularity
- Though Statista predicts the market to go over 2 billion in course of next 3 years, another three years (by 2024) would make it grow by leaps and bounds.
- The technology is in infancy stage. Over a million dollars were put into blockchain projects last year. This signifies a grand kick off akready.
- Coindesk says, blockchain funding has hit $76 million.
Modern day businesses sought decentralization big time. Banking and financial institutions are on top. Blockchain offers them a worthwhile opportunity which until now was restricted due to security and its commercial nature.
The pace at which technology is growing, this was on the cards for a long time. Decentralization would help banks to enable transactions faster. Since blockchain offers great deal of transparency, security isn’t expected to be compromised.
JP Morgan and Goldman Sachs
Biggies like JP Morgan and Goldman Sachs are evaluating the technology very closely. Though it might be some time before we see full scale blockchain integration but companies are already deep into testing blockchain applications.
The way online commerce is shaping, don’t be surprised if it is among the first verticals to use blockchain on a massive level. Apparently, some of the biggest global brands are into retail commerce namely Amazon and Alibaba. These can pump in any amount of money anytime.
Blockchain would bring in more transparency into eCommerce. The P2P model would ensure inventory management challenges are minimized. Processing orders and fulfillment will become easier.
The eCommerce industry is changing everyday. It’s hasn’t been much time since AI and Machine Learning opened up huge avenues. Amazon is already using AI applications to improve customer experience.
Small businesses are a little cautious in terms of investing into the right applications but that is natural, given the capital constraint.
Quality of support has considerably improved. Not because chatbots are able to answer to all customer questions but the waiting time has come down to seconds.
Customers now understand that even human beings cannot answer all their questions. So they are happy to close the conversation after hearing what the chatbot has it in its voice database.
Since these issues have a solution, businesses are able to focus more on marketing initiatives more. Generating traffic, converting customers and client engagement is all strategically driven.
This also means that rich startups won’t think of changing the product if they don’t see expected revenues in initial period. In a way, blockchain would help them to improve their existing models rather than look for product alternatives. The next few years would completely redefine business models.
See this infographic on why eCommerce businesses should seriously look at blockchain today –