Covid 19 Spurs Blockchain Sales Boom
- Sep 23, 2020 10:23 am GMTSep 21, 2020 10:20 am GMT
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Blockchain, an emerging platform for application development and security, continues to gain traction. The Covid 19 pandemic forced utilities to revamp their business processes to support socially distant interactions. Rather than build on legacy foundations, utilities embraced modern solutions, like blockchain.
Consequently, acceptance of the technology is growing rapidly. Worldwide spending on blockchain solutions is expected to reach $4.1 billion in 2020 (an increase of more than 50% compared to 2019) and $17.9 billion in 2024 a five-year compound annual growth rate (CAGR) of 46.4%, according to International Data Corporation (IDC).
A Strong Cyber Defense
Blockchain is gaining traction because it is a modern development platform, one that is simpler to use than legacy systems. Also, the framework was designed from the ground up with cybersecurity in mind and is more difficult to hack than established systems. So, it is being used in applications, like financial transactions and general ledgers.
One challenge is the infrastructure is new. Consequently, utilities lack the experience and staff to deploy it. Bringing it into the organization can represent a significant investment.
Blockchain is an emerging technology that holds great promise. Use of the technology is rising at rapid rates, but utilities may struggle putting the infrastructure in place because they lack expertise in this area.