Don Tapscott, co-founder of the Toronto-based think-tank Blockchain Research Institute, has recently come out and said that blockchain technology has received the highest demand from US and India.
The technology has become immensely popular ever since it was discovered over a decade ago, by the mythical figure Satoshi Nakamoto. Businesses from every country, major organizations and governments even, have been experimenting with this technology.
A 2015 World Economic Forum report predicted that by 2025, 10 per cent of GDP will be stored on blockchains or blockchain-related technology.
So what is this technology?
It is essentially a distributed ledger system of storing information and data. Users share this network amongst themselves on the virtual platform, vis a vis their nodes (computers). Any changes that are input in the ledger are cryptographically verified and is open for all to see.
It is an extremely transparent system where everyone has access to all the transactions or changes made on this network. It is this transparency of the system that attracts the public to it. It has been used in various sectors to ensure greater transparency in the administrative process.
The technology has proved its prowess in every field that it has been applied to. When talking about India, reports claim that almost 3,100 start-ups have emerged in blockchain technology since 2009. The Indian tech market has been booming as more and more professionals are deciding to be part of the startup culture.
Youngsters are experimenting with emerging technologies like IoT, Artificial Intelligence, Virtual Reality, Machine Learning and of course, blockchain technology.
Albeit the technology has faced criticism because of problems concerning scalability and speed, it has still garnered a lot of support from the market. The US market has opened itself up to this new technology, and major organisations have been filing patents after patents trying to trademark new products that they are building with this stae of the art tech.
Popular research firm Gartner has claimed that it predicts the market opportunity for blockchain will exceed $3.1 trillion by 2030. This is an ambitious projection, and if true, shall witness a new era of blockchain dominance in the tech market.