The interest in blockchain technology has risen sharply with the recent growing popularity in cryptocurrency, and NFTs. Although shining a light on the function of blockchain technology as it pertains to cryptocurrency, the vast amount of potential uses for companies and organization has remained hidden. We witnessed in 2020 companies scrambling to incorporate blockchain technology into their future business models without really having an understanding of what blockchain’s potential capabilities truly is. Nevertheless this has lead major corporations to direct massive amounts of investment towards R&D specifically for blockchain technology.
With blockchain expected to receive an estimate investment of $14.4 billion globally by 2023 and companies like Microsoft, Starbucks and Overstock accepting Bitcoin as payment, it should be safe to say that blockchain technology is here to stay.
Global and digital distribution is on the crest of disruption from the awakening of Blockchain technology. Blockchain’s ability to track every step of the way in the distribution process has greatly improved the distribution of products and the trust level with blockchain helping the information to remain true and current.
Blockchain’s potential for transparency, security, and trust are at the core of why so many heavy hitters are interested in the technology. For many, blockchain represents something pure and untouched yet for others it represents something dirty, a mystery that offers power and control. And this is probably a big reason why so many companies are now investing deep pockets into blockchain technology. Blockchain offers solutions and also a threat to many companies who have perfected an element of the supply chain.