When is Blockchain Adoption Right? Industry Players Share Views By 2030, the blockchain technology market is projected to reach an impressive value of USD 137.8 billion
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Around 28 per cent of enterprises have selected their first blockchain provider and around 42 per cent of enterprises are still in the discovery phase of their blockchain journey. Companies such as FedEx, Burger King Russia, IBM, Walmart, Microsoft, and Mastercard have already adopted the technology in their processes.
According to Hashed Emergent's report 'India's Web3 Landscape Report 2023', public-private partnerships, large and mid-sized companies, and startups have displayed an inclination towards adopting blockchain technology to enhance transparency and drive innovation.
But is adoption among businesses necessary? Raghu Mohan Co-Founder, BuidlersTribe shares "If the company is operating at scale and whatever it's operating with has extremely high needs for trust, and it has to be secured by several people confirming the same state from everybody, that's probably when you should even explore considering building on a blockchain."
Concurs Tarun Katial Founder & CEO, coto, "You've gotta be clear why you really want to bring in that level of transparency, decentralization, and shared ownership, and what it does to both, you as a business, but also all your other stakeholders."
Jeremy Lim of GFR fund wants to champion the idea that blockchain is a technology and that it should be a technology enabler to improve different inefficiencies in traditional businesses. "I think you should start on the journey of your business and then ask yourself 'could this be a technology enabler?' because if it is not, there is no need to jump right into web3 just in," he shares.
Life sciences, government, banking, and manufacturing are the leading industries when it comes to blockchain adoption. Dr Amit Raj of Plexus MedCare feels that the technology will be a game changer in medical practices but will take a long time. Blockchain use cases in the industry include transparency in the supply chain, patient-centric electronic health records, credential verification of medical staff, and insurance and supply chain settlements with smart contracts to name a few.
"Imagine a small village where there is a surgical complication and the surgeon is not able to learn how to go about it. This is where the solution is," Dr Raj adds.
By 2030, the blockchain technology market is projected to reach an impressive value of USD 137.8 billion.
"What does success look like for the industry? It will be when we no longer have to use the words Web3 and Web 2," concludes Lim.
