Blockchain technology promises to totally revamp a number of industries. Telecommunications of course is one such industry. A new report by RTT News explores just how big of an impact the blockchain could have on the telecommunications market.
This stems from a study named ‘Blockchain in Telecom Market by Provider, Application, Organisation Size and Region – Global Forecast to 2023’. According to the study:
“The blockchain in telecom market is expected to grow to $993.8 million by 2023 from $46.6 million in 2018, at a Compound Annual Growth Rate or CAGR of 84.4% during the period. In terms of geographic coverage, North America is estimated to account for the largest market share in 2018, while Asia Pacific would record the highest growth rate during the forecast period. Major telcos in Japan, Australia and New Zealand, India, and Singapore, already provide huge opportunities for adopting the blockchain technology.”
You can see the full story by RTT News for yourself, here.
If this prediction is correct, then we can assume a benchmark growth rate for the blockchain within this industry. Moreover, if the blockchain grows within other industries such as healthcare, food and logistics at a similar rate, we could be looking forward to an economy that has billions and billions of Dollars flooding into it through blockchain adoption.
Look at it this way, imagine how much the education sector in the UK could benefit from a $1 Billion cash injection as a result of streamlining their operations through the blockchain.
Not only does the blockchain promise to change technology and ultimately make our lives easier, it can really improve our economic status too. That’s even before cryptocurrencies are fully introduced.
The blockchain is cost saving, cost cutting and cost effective. Studies like this one reveal just how important this technology is, hopefully this is something that telecommunications giants cannot ignore.