Blockchain technology is being used in many different industries. The annual blockchain spending will reach $16B by 2023 according to recent research by CBInsights and the rate of adoption of the technology is increasing. The technology is actually helping many adopters to stay ahead of the curve than competitors. It is clear that many more companies will adopt the technology for the benefits it carries for the companies operations.
In addition to making possible instant transactions over the peer-to-peer network and reducing the cost of middle-men, the technology uses authentication to secure data and make it harder to break than any legacy system.
The biggest use case of blockchain technology so far is cryptocurrencies. However, blockchain does not end there – banks and financial institutions are finding blockchain helpful because it helps them process transactions more quickly and at a lesser cost.