According to Research and Markets, the global blockchain technology market is projected to surge at a compound annual growth rate (CAGR) of 37.2 percent over the next five years to reach more than $7.5 billion USD by 2024. Major market drivers include the growing interest of merchants and the banking, financial services and insurance (BFSI) sector accepting cryptocurrencies. However, it would be reductionist and misleading to associate blockchain technology solely with BFSI and cryptocurrency. Blockchain technology applications in telecom, healthcare, energy, media, transportation, consumer and industrial product supply chain management, as well as the public sector are also predicted to drive market growth. Indeed, they already have.
Deloitte, the management consultancy firm, recently surveyed 1,000 companies across seven countries about integrating blockchain technology into their business operations, finding that more than a third now have a blockchain system in production. Meanwhile, another 41 percent of organizations expect to deploy a blockchain application within the next year.
In the telecom sector, The Sphere leverages disruptive blockchain technology, along with advanced neural network data systems and a globally distributed hybrid network, to remove all commercial inefficiencies, operational challenges and financial threats. A globally distributed, high-performance hybrid network incorporated with The Sphere’s proprietary distributed switching and routing engine enables seamless operations between global regions, delivering unmatched stability, redundancy, and unlimited scalability and flexibility.
On the security frontier, The Sphere’s neural network data analytics and machine learning (ML) algorithms enable live detection, alerting, and active prevention of fraudulent and abusive traffic at the moment of call setup request.
Protecting operators, carriers and service providers from financial losses, commercial disputes and service disruptions, The Sphere continuously learns and evolves to anticipate new and unknown threat patterns before they appear. By leveraging blockchain technology, neural network data analytics and ML algorithms, The Sphere enables carriers to achieve higher levels of security and quality of service (QoS) in the cloud than they can across their own private networks.
Global tech giants and major cloud service providers have also adopted disruptive blockchain technology. Just recently, Oracle launched its Oracle Blockchain Applications Cloud, a new suite of use-case specific SaaS applications that enhance traceability and transparency throughout the supply chain.
Tapping into its domain expertise, Oracle recognized that modern supply chains generate millions of data points and thousands of daily transactions that need to be validated and confirmed, which can potentially hamstring the pace of business and exposes organizations to risk. Oracle Blockchain Applications enable customers to track products through the supply chain on a distributed ledger. This increases trust in business transactions, provides better visibility across a multi-tier supply chain, accelerates product delivery and contract execution, and improves customer satisfaction.
Looking toward the near and future state of blockchain technology, the authors of the Deloitte survey are especially optimistic, if not inspired: “As connections are made between blockchain and other emerging technologies, particularly the cloud and automation, we see the potential for blockchain to help organizations create and realize new value for businesses beyond anything we can imagine with existing technologies.”