Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the most prominent use cases and the most adopted in the space. Recent banking sector issues surrounding Silicon Valley Bank and Credit Suisse have caused many to reconsider Bitcoin (BTC) and cryptocurrencies as alternatives to the traditional banking system. The further expansion of DeFi bodes well for the rest of the cryptocurrency industry, but is blockchain technology expanding and being used in other ways?
This is the question Cointelegraph Research delves into in its latest report, “Blockchain Use Cases and Adoption.” It covers several financial use cases for Bitcoin and crypto, but also explores data management, cloud storage, supply chains, smart sensors, carbon credits, decentralized autonomous organizations, digital identities, and more. This report focuses on real use cases rather than theoretical applications and highlights projects in each area.
Download this report in the Cointelegraph Research Terminal.
Cointelegraph Research used the current market penetration rate of various projects, the compound annual growth rate (CAGR) of the industry, and various macroeconomic factors to create an exchange equation model. Penetration of blockchain technology in each segment. For example, in 2022, Estimate The global insurance market size was $5.94 trillion and the blockchain industry penetration rate was 0.01%. Cointelegraph Research predicts that by 2025, he will penetrate 0.05% of the total market addressable by blockchain projects, with a TVL of $4.2 billion.
The world is already on blockchain in many ways
Bitcoin has gone wild over the past few weeks, and the crypto industry has regained its $1 trillion market cap. A June 2022 Deloitte survey found that 75% of U.S. retailers plan to accept cryptocurrency payments within the next two years. Meanwhile, a Cointelegraph survey last year found that his 62% of professional investors hold digital assets. Meanwhile, in 2022, he will have $36.6 billion in venture capital invested in the blockchain industry to help grow new projects in the future.
The “Blockchain Use Cases and Adoption Report” covers this and current financial use cases for blockchain, but in entertainment, data management, ESG (environmental, social and governance), and decentralized autonomous organizations. We also delve deeper into the application of
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More than just a fiat currency exchange
The Bitcoin revolution has inspired the creation of more than just an electronic cash system, and the technology has since morphed into many different applications. We avoid projects and focus on projects where blockchain adoption is positively impacting the market landscape.
For example, as highlighted in the “Data Management” section of the report, Internet of Things sensors are likely to have a significant CAGR and grow significantly in the sector over the next two years. They provide excellent solutions for various current sensor applications, such as smart cities and automobiles, which can interact better with the surrounding environment using distributed ledger technologies such as blockchain and directed acyclic graphs. increase.
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Cointelegraph Research’s latest report also covers loyalty, advertising, events, gambling, video games, securitization, and several other topics, how they work and where they might go in the future. are analyzing.
Cointelegraph Research Team
Cointelegraph’s research department has some of the best talent in the blockchain industry. Our team of researchers combines academic rigor and filters through practical, hard-earned experience to deliver the most accurate and insightful content available on the market. .
Michael Tabone is the Deputy Director of Research at Cointelegraph. Our research team consists of experts in the fields of finance, economics and technology, bringing the best source of industry reports and insightful analysis to the market. The team draws on APIs from various sources to provide accurate and useful information and analytics.
Combining decades of experience in traditional finance, business, engineering, technology and research, Cointelegraph’s research team puts their combined talents to good use in the Blockchain Use Cases and Adoption 2023 Report. Perfectly positioned.
The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations regarding any person or any particular security or investment product.