Blockchain technology has the ability to change all aspects of the digital economy

According to a recent report from Market Reports Center, the global market for blockchain was valued at $708 million in 2017 and is anticipated to reach $60.7 billion in 2024. The demand for blockchain technology is increasing rapidly as it provides enhanced security to the real-time digital economic process. In addition, it also offers faster speed and greater efficiency for transaction processing.

The report indicated that blockchain technology has the ability to change all aspects of the digital economy, including conducting business, delivering healthcare, shopping, enhancing education and learning, entertainment, and staying connected with a social world. DMG Blockchain Solutions Inc., Overstock.com Inc., Pareteum Corp , BTL Group Ltd, International Business Machines Corp., are some firms.

Bill Fearnley, junior research director, Worldwide Blockchain Strategies, said: "Interest and investment in blockchain and distributed ledger technology (DLT) is accelerating as enterprises aggregate data into secure, sequential, and immutable blockchain ledgers, transforming their businesses and operations.

"Many technology vendors and service providers are collaborating and working with consortiums such as the Enterprise Ethereum Alliance and the Hyperledger Projects to develop innovative solutions that improve processes such as post-trade processing, tracking and tracing shipments in the supply chain, and transaction records for auditing and compliance."