According to data from Statista Research, there were an estimated 15 million blockchain wallets in use as of the third quarter of 2017 (statista.com/statistics/647374/worldwide-blockchain-wallet-users).
With the worldwide blockchain technology sector expected to exceed two billion dollars by 2021 (statista.com/statistics/647231/worldwide-blockchain-technology-market-size), the evidence is clear that the move to blockchain technology is gaining steam.
Business builders who tap into the potential of blockchain technology early are destined to reap the rewards of this industry-altering technology.
If you are a business owner wondering how blockchain will influence the future of business, then pay attention to the following seven truths.
1) Smart contracts will disrupt industries based on middlemen intermediaries, i.e., real estate agents.
As individuals and companies increasingly use smart contracts to conduct business, those who once served as intermediaries between parties will be out of the loop.
2) Business owners would be well advised to acquaint themselves with blockchain technology and its multiple capabilities (authenticating identity, storage of value, transfer of assets, etc.).
While the transition to blockchain technology might initially seem slow, the proliferation of blockchain-enabled technologies will rapidly increase as large corporations make a move to this new technology.
Expect an explosion of activity in sectors like payments and security as blockchain technology hits mainstream acceptance.
According to data from Juniper Research, 57% of large corporations are already considering a blockchain integration for their businesses (juniperresearch.com/press/press-releases/6-in-10-large-corporations-considering-blockhain).
3) The service sector will see significant disruption due to blockchain technology.
From freelance on-demand contractors like writers and graphic designers to service professionals like plumbers and contractors, the ability to have transactions authorized and paid for via blockchain technology will transform the on-demand service economy.
4) Expect the insurance industry to undergo substantial disruption due to blockchain technology.
Business owners currently paying for policies like inventory, fleet, or liability insurance will see the way they shop for, pay for, and file insurance claims completely changed.
The sooner business owners investigate the upcoming changes in the insurance industry, the sooner they will be able to take advantage of the benefits of blockchain-enabled insurance policies.
5) The combination of artificial intelligence, Bitcoin, and blockchain will have a significant impact on traditional business practices like business documentation authentication.
Tools like an AI-enabled algorithm combined with a Bitcoin-funded blockchain offer indication will change the way business owners authenticate and certify business documents in the future.
6) The SaaS industry will see significant changes as more entrepreneurs and startup companies integrate blockchain technology into their software as a service offering.
Everything from CRM (customer relationship management) software to sales tracking and email marketing software that businesses use will soon be blockchain-enabled.
Smart business owners who investigate these up-and-coming tools will have a distinct advantage over their slow-moving competitors.
7) As blockchain-enabled transactions become commonplace, expect to see an explosion of activity in developing nations and emerging markets.
Business owners will have access to an entirely new segment of customers (especially mobile-enabled consumers), but they will also face increasing competition from global companies.
The race is on for businesses to adopt blockchain technology. The adage “to the victor go the spoils” applies to blockchain adoption.
The sooner today’s business owners make it their mission to understand blockchain technology and its implications, the sooner they can use their new-found knowledge to their advantage
Blockchain in 2019: These are the Seven Realities Business Leaders Need to Prepare For
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