The report also evaluates key players, solutions, and use cases. It also assesses the prospect of integrating blockchain with other technologies including IoT and artificial intelligence. The report includes detailed forecasts by use case, application, and industry verticals from 2020 to 2025. This includes blockchain applications and solutions for both financial and non-financial markets.
Unlike traditional payment mechanisms, blockchain aims to replace intermediaries facilitating direct payment transfer between parties. Blockchain represents a decentralized ledger and system that enables participants to record data such as transaction chains and share instantly among participants ensuring high transparency and accountability.
As blockchain promises to replace third parties with network of nodes to verify transaction and to make the process faster, it has gained massive attention from financial services sectors. Many non-traditional firms even have entered into the ecosystem to create blockchain networks to facilitate financial transactions. Some of the popular applications of blockchain in financial services include peer-to-peer payment transaction, payment clearing and settlement, and money exchange between parties.
Mind Commerce sees blockchain and related distributed authentication and accounting technologies transforming ICT systems and processes. There will also be a substantial impact in terms of business model disintermediation across a wide variety of industry verticals. Lessons learned in FinTech and traditional banking from the deployment and operation of decentralized authentication, clearing and settlement, will be applied towards many telecom and computing problems for the benefit of many industry verticals.
The impact will be wide-ranging, including everything from investing/trading to the legal cannabis industry, and very deep in terms of changes to supply chains and relationships between vendors, customers, and peers. Mind Commerce is already starting to see major impacts in shipping, food safety, and various other logistics-heavy industries.
Integration and operation of blockchain technology will redefine how various industries operate, dramatically improving efficiencies, and reduce the cost of doing business. One important example is the Internet of Things (IoT), which is a very promising area as Mind Commerce anticipates that the use of blockchain in IoT networks/systems will be one of the key means for authenticating and authorizing transactions.
We see Blockchain as a Service (BaaS) representing a key service offering for many market segments as a mean of solution introduction and scalability via a cloud services model. BaaS service providers will include many different types of services such as customize blockchain applications for cloud services, specific industries, custom consulting, and integration with existing systems.
- Systems integrators
- Data services companies
- Banking and FinTech industries
- Network operators and service providers
- Managed communication services companies
- Telecom and computing infrastructure providers