The disruptive Blockchain Technology continues to show an impressive growth trend in the global market. One reason for this is that the wide range of blockchain-based applications that are being adopted in different industries are enabling the development of the technology.
LKSCOIN contributes to this trend through its blockchain-based project dedicated to the digital content market and the sharing of content on social networks.
Using LKSCOIN, the core functionalities of content distribution are integrated as part of a protocol based on peer-to-peer technology.
But what is blockchain and how has the market developed and evolved to date? Here is the overview.
What is blockchain? A short introduction
Born purely as a peer-to-peer electronic payment method with its crypto par excellence, Bitcoin, blockchain technology has fascinated the entire market over the years, both from an idealistic and concrete point of view, replacing traditional models in multiple instances.
Concepts such as transparency, trustless and security are the principles that reflect the innovative distributed ledger (blockchain) which, for data storage, uses a trust model based on mathematical rules capable of acting as an intermediary validator on executed and recorded transactions.
Practically speaking, by opting for blockchain-based solutions, it is possible to make use of unprecedented advantages in today’s market that provide a distributed and algorithmic system which is safer compared to human weaknesses, which could lead to data manipulation and corruption.
For this reason, blockchain allows switching from a centralized network to a network distributed on several nodes, capable of decentralizing control.
Blockchain-based applications and adoption in different sectors
By harnessing the potential of blockchain, so far many blockchain-based applications have been designed to adapt to different needs, attempting to remain true to the basic principles.
Blockchain technology has therefore been adopted for cross-border payments, to stipulate contracts (smart contracts) such as trading, but also for the certification of authentic securities.
Not only, other use cases of blockchain can be observed in the voting system both for corporate governance and at public level (such as elections), but also in the industrial sector, thanks to the traceability of the supply chain.
In addition, blockchain technology has the potential to disintermediate, i.e. to replace independent third-party verification carried out by traditional intermediaries, such as brokers, financial institutions and notaries.
It is clear, therefore, that thanks to the growing number of blockchain-based applications created over the years, it is now possible to extend the market sectors employing this technology.
In addition to the financial sector (or rather fintech), blockchain is also present in the healthcare sector (recording of patient data, traceability of patient records…), production (certification of the “Made in”, traceability of raw materials and packaging), distribution and transport (logistics) but also in the service and communication sector such as marketing and telecommunications.
The blockchain market and the rapidly growing trend: the numbers
Blockchain adoption statistics show that half a percent of the human population is currently using blockchain technology, or somewhere around 40 million people. According to even the most conservative estimates, this number is expected to quadruple in 5 years, and in 10 years, 80% of the population will be involved with the blockchain technology in some form.
It is no coincidence, then, that in the last three years the world’s giants have also been testing blockchain-based pilot projects or adopting the technology through collaborations.
In this respect, at the beginning of 2020, a ranking was drawn up of the 50 listed companies using blockchain, with the requirement of “generating no less than $1 billion in revenue annually or be valued at $1 billion or more”.
Banking giant JP Morgan, luxury goods manufacturer LVMH, electronics giant Samsung and car manufacturer BMW are just a few names. The social network Facebook is also on the list, with its famous Libra project still awaiting regulatory approval.
Even the numbers are making a difference when it comes to blockchain. According to one report, forecasts suggest that the estimated global revenue for blockchain technology will grow massively in the coming years, with the market expected to reach over $23.3 billion by 2023.