Gone are those days when blockchain was only used for cryptocurrency transactions. With each passing year, blockchain has expanded its branches into other industries. Today, it is one of the most demanded database models due to its quick and secure nature.
Since blockchain offers complete security of user data, it has now penetrated the healthcare, real estate, and e-commerce industry.
According to Tyler Winkelvoss, a top American investor and entrepreneur, the world has finally selected a mathematical framework that is free from politics and error. So, we can easily put our faith and money in the blockchain without worrying about security.
In 2021 alone, the global spending on blockchain solutions was over $6,6 billion. It shows the rapid adaptation of this system in different industries, while cryptocurrency is still one of its core associations.
Blockchain is expected to grow exponentially in the coming years. In fact, it is now even called the future of the internet.
Here's what you can expect with the blockchain market in 2025:
Expect a Massive Climb
Since its launch in 2008, blockchain solutions have shown massive growth in different sectors. The market keeps increasing in size each year which shows the inclination of different industries toward this secure system.
According to the forecast, here's where the blockchain market is heading:
- Blockchain is maturing at a rapid rate. It is because 81 of 100 major companies worldwide use blockchain solutions. Out of these, 65 companies have an efficient blockchain system and the rest are in the research phase.
- As for the market share, the expected climb until 2025 is massive. The blockchain market size is expected to grow to $39.7 billion by 2025, which is a high jump from $12,7 billion in 2022.
- The banking sector has a major investment in blockchain technology. It allows banks to provide high-security transactions at a low cost. Therefore, the expected spending by banking and financial sectors on the blockchain can reach up to $22,5 billion by 2025-26.
- In February 2021, around 68 million users were using the blockchain wallet. This number will be considerably high by 2025 as cryptocurrency users continue to increase. According to ResearchAndMarkets, the cryptocurrency market is expected to touch $2,73 billion in 2025, which implies a surge in blockchain wallets.
Green Blockchain Strategies
Blockchain is an easy, secure, and effective system to keep your crypto wealth. However, the massive carbon footprint of the blockchain industry makes it a hazard to the environment.
Bitcoin, the largest cryptocurrency in the world, had a colossal carbon footprint of up to 74,10 megatons from August 2021 to July 2022.
Due to such damage, environmentalists around the world have raised their voices. It initiated a series of green blockchain strategies that we can see in action by 2025. Here's how:
- With the help of the Crypto Climate Accord, 100% of the blockchain transactions and crypto mining are set to become environment-friendly by 2025 and have zero emissions by 2040.
- Top Cryptocurrencies, like Ethereum, are working individually to make mining and transaction eco-friendly by switching from the "Proof-of-work" model to the "Proof-of-stake" consensus model. It will help reduce the energy required to mine the coins by 99%, making it a sustainable cryptocurrency by 2025.
- Moreover, EGridd's eco-friendly blockchain promotes green trading with their EGEG-01 magnetic generators that provide 99,72% efficiency compared to solar panels. It will help with greener and safer transactions by 2025.
Branching Out into New Industries
Blockchain is also venturing into the food, healthcare, and real estate industries. It has made transactions easier, smarter, and more transparent. It is difficult to find any industry not experimenting with blockchain due to its endless benefits.
Here is how blockchain is expected to transform different sectors in the future:
- Real estate can greatly benefit from blockchain solutions. For example, Atlant is a blockchain platform that makes transactions and contracts hassle-free by tokenizing the property.
- The global blockchain solutions in the healthcare industry are anticipated to hit $5,61 billion in 2025. It can help save the healthcare industry over $100 billion annually due to data security and low-cost transactions.
- The agriculture and food industry is also benefiting from blockchain solutions. In 2020, the market value of agricultural and food blockchain was $139,6 million, which is expected to grow to $1.488 million by 2025-26.
- Another industry that blockchain has branched into is wills and property inheritance. The secure system saves you from constant court battles by automatically distributing the property to the beneficiaries. HashCash Consultants has created a will and inheritance blockchain model that distributes the wealth through a smart-contract-based system. We can expect more platforms like these in the coming years.
Increased Cross-Border Transactions
With the rapid extension of global trade, safe and quick cross-border transactions have become necessary. Not only that, but international immigration has also majorly increased.
In 2020, there were 281 million international migrants globally, and the numbers have only been rising. It outlines a rise in sending remittances back home, with high cross-border fees.
However, blockchain solutions have made payments more secure and less demanding. As a result, the rise in blockchain cross-border transactions is expected to increase dramatically. Here is what the statistics have to say about it:
- By 2025, B2B cross-border transactions finalized on the blockchain are anticipated to grow by 745 million in Asia and 466 million in Europe.
- Traditional banks charge up to 7% of the amount you need to transfer and require several days to complete the transaction. On the contrary, blockchain has eliminated the time and fee required to make cross-border transactions and is set to make payments 100% quicker by 2025.
Despite being a relatively new technology, blockchain has revolutionized the global financial system by making payments decentralized, quicker, and more secure.
It has also driven down the transaction fee cost and laid out endless possibilities for making our payment systems smarter.
In short, the global blockchain market is in for a positive coming. By 2025, we will find blockchain in almost all industries.