Adopt Blockchain Or Fall Behind

By Khushboo Chadda

According to Deloitte’s latest audit report, Blockchain technology is apparently on its way to becoming a major asset to the retail & customer packaged goods industry. The report is based on an analysis conducted with 50 blockchain use cases that probe about the magnificent difference of this practically, new-found technology.

As per the report “New Tech On The Block”, Blockchain may soon emerge as “a standard operational technology across the financial, manufacturing and consumer industries.” It is also being said that that the next five years could prove to be a game-changing phase, as the impact of the Blockchain reaches masses far and wide. In the wake of these new developments, it is being speculated that those who are still critical about the security and safety may actually lag behind in this progressive financial ambit. Another important point that the report emphasised upon was that businesses need to judge if their objectives permit blockchain investment. This concludes to imply that those that are still dug in against Blockchain are actually “at risk of falling behind.”

The report focuses on three main sectors where Blockchain has immense potential. They are:

  • Consumers
  • Supply Czhains
  • Payments & Contracts

Despite commenting on the lines of business adoption, the report nonetheless brings to light that:

“The ultimate beneficiary will be the consumer. If blockchain can create efficiencies and save costs throughout the supply chain, these benefits can be passed on to the consumer in the form of lower prices. If blockchain provides more transparency across the supply chain, these benefits can also be passed onto the consumer in the form of safer products and higher quality.”       

In the report are figures that have been generated from market researches. These reports suggest that blockchain’s business value will grow to $176 bln by 2025 and exceed $3.1 trillion by 2030.

Khushboo Chadda

Khushboo Chadha is a passionate blockchain enthusiast who firmly believes in the extraordinary potential of the technology.

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