Table of Contents
Has blockchain been in the future?
It’s been predicted that blockchain technology will experience a boost in popularity among finance professionals, with 66\% of banks expecting to have blockchain solutions in production within the next three years. Moreover, the future of blockchain in finance also brings us opportunities to process transactions 24/7.
Why is blockchain not adopted?
Financial resources The fourth barrier to widespread adoption of blockchain, according to participants in APQC’s research, is the lack of financial resources. Implementing blockchain is not free, and for many organizations the pandemic and disruption of 2020 have left budgets tight.
Is there a 4th generation blockchain?
4th gen blockchains don’t exist yet. If people talk about 4th generation blockchains, they mean 3rd generation blockchains.
How fast is blockchain growing?
The global blockchain technology market is expected to witness a compound annual growth rate of 82.4\% from 2021 to 2028 to reach USD 394.60 billion by 2028….
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 82.4\% from 2021 to 2028 |
| Base year of estimation | 2020 |
| Historical data | 2016 – 2019 |
| Forecast period | 2021 – 2028 |
How much does blockchain implementation cost?
Cost of Blockchain Implementation: Process
| Milestone Wise Cost Distribution | In-House |
|---|---|
| Quality Assurance | 25\% |
| Deployment and 3rd party Cost | Private Blockchain: ~$1500/month Public Blockchain: $0.01 / transaction-based for public blockchain + ~$750 for 3rd party |
| Maintenance Cost | ~15\% to 25\% of the overall project cost. |
What could be a key challenge for blockchain adoption?
Blockchain will face different blockchain adoption challenges before it is integrated into society. These include scalability, the time needed to verify transactions, the cost of transactions, and security.