The possibility of blockchain technology is indisputable. A cursory look online will reveal numerous articles detailing how blockchain technology can be applied across multiple industries. One of the earliest documents that consolidates the various cases in which blockchain technology can be useful came from Ledra Capital in a 2014 article entitled 'Mega-Master Blockchain List'.
Some areas of potential adoption, such as the financial sector, appear obvious and are the first choice because it is easy to link digital currencies to the financial sector. However, researchers and stakeholders also discovered opportunities to connect with seemingly unrelated sectors such as the supply chain, provenance, and even environmental issues such as carbon credits.
In the years following the publication of the 'Mega-Master Blockchain List' article by Ledra Capital, numerous banks, research companies and technology firms have published their own reports on the potential of blockchain. Given the greater scrutiny that technology has dealt with, many of the later reports were of a deeper nature - going beyond simple speculations, many reports came with real proof-of-concept as well as actionable plans.
At the same time, there was the creation of consortia that were dedicated to developing blockchain products for specific industries. An example of this is the R3 consortium, which is working to create a blockchain-based platform for the financial industry.
As the value of the cryptocurrency market continued to grow, so did the interest in blockchain technology. One of the main reasons for buying in the market was because of the belief that blockchain technology has significant potential, and this potential was accompanied by large financial investments invested in technology development.
"Venture-capital funding for blockchain startups reached $1 billion in 2017. IBM has invested more than $200 million in a blockchain-powered data-sharing solution for the Internet of Things, and Google has reportedly been working with blockchains since 2016. The financial industry spends around $1.7 billion annually on experimentation," reported from McKinsey & Company (one of the world's three largest strategy consulting firms).
Tomorrow in the new insight read the intersting sequel about blockchain - untapped potential.