Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the most prominent use cases in the industry and with the most substantial adoption. Recent troubles in the banking sector, such as those surrounding Silicon Valley Bank and Credit Suisse, have caused many to look again at Bitcoin (BTC) and cryptocurrencies as an alternative to traditional banking. And while the expansion of DeFi bodes well for the rest of the crypto industry, is blockchain technology spreading and being used in other ways as well?
That is the question Cointelegraph Research delves into in its latest report, “Blockchain Use Cases and Adoption.” It covers some financial use cases for Bitcoin and cryptocurrencies, but also explores data management, cloud storage, supply chain, smart sensors, carbon credits, decentralized autonomous organizations, digital identities, and much more. further. The report focuses on real-world use cases rather than theoretical applications and highlights projects in each area.
Download this report at the Cointelegraph Research Terminal.
Cointelegraph Research used the current market penetration of different projects, the compound annual growth rate (CAGR) of the industry, and various macroeconomic factors to create an equation of change model, which was used to project the total value locked (TVL). future and potential penetration of blockchain technology in each segment. For example, In 2022, the estimated size of the global insurance market was $5.94 trillion, with a blockchain industry penetration rate of 0.01%. Cointelegraph Research forecasts that by 2025, blockchain projects will penetrate 0.05% of the total addressable market, with a TVL of $4.2 million.
The world is already on the blockchain in many ways
Bitcoin has been on a roll for the past few weeks, with the cryptocurrency industry regaining a market capitalization of $1 trillion – but there are other markers that also point to positive signs for future adoption. ORA June 2022 Deloitte survey revealed that 75% of US retailers planned to accept cryptocurrency payments within two years, while a Cointelegraph survey last year revealed that 62% of professional investors owned digital assets. Meanwhile, $36.6 billion in venture capital has been invested in the blockchain industry in 2022, which will help grow new projects in the future.
The “Blockchain Use Cases and Adoption Report” covers this and current blockchain financial use cases, but also delves into its applications in entertainment, data management, ESG (environmental, social and governance), and decentralized autonomous organizations.
More than a trustee replacement
The Bitcoin revolution inspired the creation of more than just an electronic cash system, and since then the technology has morphed into many different applications.. The “Blockchain Use Cases and Adoption Report” deliberately steers clear of projects that are still in the incubation stage, instead focusing on those whose blockchain adoption has actively impacted the market landscape.
For example, As highlighted in the “Data Stewardship” section of the report, IoT sensors have an excellent CAGR and can grow significantly in their industry over the next two years. They offer excellent solutions for various current sensor applications, such as smart cities and even automobiles, which can use distributed ledger technology such as blockchain or directed acyclic graphs to better interact with the environment around them.
Cointelegraph Research’s latest report also covers royalties, advertising, events, gambling, video games, securitization, and various other topics, looking at how they work and where they might go in the future.
The Cointelegraph Research team
Cointelegraph’s research department is made up of some of the best talent in the blockchain industry. Blending academic rigor and practical experience, the team’s researchers are committed to delivering the most accurate and insightful content available on the market.
Michael Tabone is Cointelegraph’s deputy director of research. The research team is comprised of subject matter experts drawn from the fields of finance, economics and technology to provide the market with the leading source of industry reports and detailed analysis. The team uses APIs from various sources to provide accurate and useful information and analysis.
With decades of combined experience in traditional finance, business, engineering, technology, and research, the Cointelegraph Research team is perfectly positioned to put their combined talents to proper use with the “Blockchain Adoption and Use Case Report 2023.”
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