The New Economy industries have solidly impacted today’s business scenario. Blockchain Technology in New Economy Industries is important because it helps drive economic productivity and growth. Moreover, enterprises use this modern technology in versatile industries like the financial sector, retail sector, crowdfunding, healthcare, etc.
One of the major New Economy examples is Flipkart, which announced a strategic partnership with Polygon to set up the Blockchain eCommerce Centre of Excellence. It will help level up the adoption of the Web3. Adopting Blockchain technology also helped the e-commerce platform pilot the metaverse known as ‘Flipverse.’
This collaboration with one of the popular New Economy companies would help the users to understand Web3 in general. Blockchain technology for the Flipkart platform will help lay the foundation for piloting the Web3 projects for a year.
Blockchain technology is already laying the foundation of decentralization in eCommerce in the country with the help of Flipverse. This technological collaboration for Flipkart has ushered in a new era of establishing NFT drops, play-to-earn experience, 3D Storefronts, AI chatbots for fashion fiestas, and much more.
Volatility issues are still something that Polygon has to address while providing the New Economy solutions. But, it is helping Flipkart bring a billion customers to Web3, as this next version of the internet will revolutionize the e-commerce sector. Blockchain technology will make a difference in the retail market in the coming years.
Source: Money Control
Statistical Analysis of Blockchain Technology in New Economy Industries
Using Blockchain in New Economy industries is helping boost the global economy. It is ushering in a new era of digital transformation. The Blockchain usage will augment the global economy by $1.76 trillion by 2030. This modern technological form will raise tracking, trust, and tracing levels.
The global Blockchain technology market was estimated at $10.02 billion in 2022 and is forecasted to grow at a CAGR of 87.7% between 2023 and 2030. The market growth is due to the decentralized ledger system and the security of Blockchain transactions. The sectors like healthcare, retail, eCommerce, finance, etc., will witness a remarkable change.
(Source: https://www.grandviewresearch.com/industry-analysis/Blockchain-technology-market)
ChatGPT has revolutionized the Generative AI space, and using Blockchain technology with AI has increased trust and security. The 2023 market report states the global AI market size will increase from $10.7 billion to $29.8 billion by 2028. The forecast CAGR growth rate is 22.6% between 2023 and 2028.
The future of Blockchain in the New Economy is quite promising, with the global expenditure that this technology will witness being $19 billion in 2024, and the CAGR growth recorded will be 46.4%. It will evolve from 2023 with more scalability, security, transparency, and interoperability.
How Does Blockchain Impact the New Global Economy?
Blockchain technology will encourage people to acquire new skills, and traditional businesses must reconsider the whole process of maximum utilization of this New Economy. Blockchain 4.0 is the new version focused on Web 3.0 and Metaverse.
New Economy industries are picking professional software product engineering solutions providers to help them understand the verticals of modern Blockchain. It is dependent on agility, improved user experience, and speed. The intelligent internet is making its way into different sectors.
Let us help you with significant Blockchain technology pros and cons to help you understand better.
1) Pros of Blockchain Technology
Builds Trust: This technology imparts greater trust as the members in the network can only get access to the ledgers. The private key on the Blockchain platform helps eliminate third parties, and sellers and buyers can carry out transactions independently.
Security: Blockchain contains sensitive financial data of millions of individuals. The records are encrypted end-to-end, and there can be no unauthorized activity. The anonymous transactions on Blockchain prevail in security and anonymity.
Tracking of Documents: The documents of the industries can be traced instantly. If there is any weakness in the whole industry chain, it can expose the weaknesses then and there. Fraud detection can also be done.
Automated Transactions: Automate the transactions with smart contracts using Blockchain technology. These contracts increase your efficiency and speed once all the conditions for your claim are verified. You do not have to rely on third parties anymore. Once all your necessary documentation is done, your funds, if any, will be automatically transferred to your account.
Reduction In Cost: Blockchain technology is cost-efficient when making new transactions for industries or individuals. Unlike banks, no extra surcharges or fees are charged, and no time or money will be spent on procuring extra documents or papers.
2) Cons of Blockchain Technology
There are many advantages to using Blockchain technology. However, this technology and its application are facing a few challenges:
Problem with Large-Scale Adoption: Business adoption is becoming difficult at large scale, as few businesses are unaware of the technological use. Most industries do not have proper budgets, and others lack skills.
Huge Cost: The capital investment required for implementing Blockchain technology is immense. Apart from that, you require Blockchain developers and the hardware.
Slower Processing: Sometimes, the Blockchain process may slow down the whole network if too many users use the platform simultaneously.
Partner With The Right Software Solutions Provider!
Integrating Blockchain technology with New Economy industries will help emerging economies experience the power of speed, anonymity, security, and reliability. You can partner with a trusted software product engineering partner, Tntra. We have a team of experienced solution providers who will transform your industries using revolutionary Blockchain technology. You can get the software or the full-fledged platforms designed.
Call Tntra experts today to help transform your industrial structure and workability using the best Blockchain processes and tools.
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