The blockchain technology has already proven to be a game changer in today’s technology landscape. IN a span of less than one year, the use of blockchain technology for purposes other than confirming and keeping a record of bitcoin transactions.
For a technology that could bring about so much transformation in so less time, how is the future going to be? Trying to answer this is a new report published by the Research and Markets, The world’s largest market research store. Titled ‘Global Bitcoin Technology Market- Market Trends and Forecasts (2015-2020)‘, the report forecasts an increased adoption of bitcoin’s underlying blockchain technology in the coming days.
The blockchain technology is expected to exhibit over 7.26 percent compound annual growth rate over the next four years. The report suggests that the growth in bitcoin technology has a direct correlation with the rise in bitcoin adoption among people, which in turn is attributed to the increasing disposable income among the middle-income group.
The report gives a brief overview of the current situation in the digital industry along with the key drivers that are responsible for its progress. There are still issues like ignorance about bitcoin among the masses, which has definitely impacted the adoption of digital currency. Some of the other concerns regarding the future of bitcoin involve regulatory aspects.
The digital currencies have been under scrutiny since they became well-known. Now with certain countries calling for stringent regulations against the use of digital currency, bitcoin-based businesses may start facing difficulties. However, the same can’t be said for the blockchain technology, as the banking and fintech sectors are working on implementing it into their operations.
The blockchain technology definitely has a better outlook for the future and we can expect widespread adoption of the technology by the end of 2020.