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  • Writer's pictureMilica Gallardo Petkovich

The Wild West Returns

Blockchain technology continues to grow in popularity. As with all developing technology, there is much to understand about the current growth and future of Blockchain.

The primary features of Blockchain addresses the core needs of users, which include data privacy, verification, ownership and transparency. Blockchain technology is still in its infancy, only being conceptualised 13 years ago. However, it has shown great potential similar to how cloud computing and simulation did in their early days. These signs show that blockchain will become a part of your reality sooner than you think.

Stay on the leading edge. Learn about the emerging space of Blockchain technology with our new blog series.

 

14.8 billion dollars have been invested into Blockchain in 2021 alone (GlobalData UK, 2022). This emerging and exciting technology is shaping our virtual environment as we know it.


New technologies are continuously being developed and introduced at a fast rate. Blockchain technology is a newcomer, only being introduced 13 years ago. The booming popularity of cryptocurrencies and NFTs are indicators of the growing interest in Blockchain.

As new technology is introduced, there is a need for developers, users and investors to learn more about it and explore how it can be used. Blockchain is no different. Without the proper insight and education, you may miss the opportunity to join in this technological revolution. Those who fail to stay updated on blockchain can run the risk of losing efficiency, user trust, and their competitive advantage.


What is Blockchain?

Blockchain is a decentralised ledger system, where transactions are recorded and unable to be altered. The first whitepaper detailing Blockchain’s infrastructure was published in 2008 for its use in Bitcoin. Since then, blockchain applications and smart contracts have shown its use in various sectors and industries. Currently, there are more than 300 million cryptocurrencies users and 84 million blockchain bitcoin wallet users (Daly Aurenty, 2022) (Statista, 2022). In 2018, 2.1 billion dollars were invested in blockchain-based solutions (Global Data UK, 2022). Despite its young age, the groundwork for the implementation of blockchain around the globe is already happening.


Blockchain and its future

Reflect on the adoption of cloud computing and simulation. Cloud computing began to gain popularity in the early 2000’s and now is an essential part of IT structure at any company. It is a 397.5-billion-dollar industry (Alibaba Cloud, 2022). Simulation software has also gained traction in the past 20 years due to the increase in accessible computational power. The simulation software industry is currently expected to be worth over 7.8-billion-dollars (Mordor Intelligence, 2022). Integration did not happen overnight, and there were pitfalls on the way. Misinformation, investment schemes and data leaks were a part of both technology’s growing pains. Cloud computing and simulation software began in the same “wild west” which Blockchain is in now. Blockchain products and ideas are being tested and developed all over the world. The potential Blockchain has shown in its’ time indicates that success is inevitable.


Opportunity: Learn

Blockchain will continue to grow and mature, and it will revolutionise our everyday lives. It will be important to remain educated and keep updated on Blockchain, so that you will be able to make informed decisions. Meikai will be releasing a new Blockchain Blog series sharing our knowledge and research on this emerging technology. We will cover the fundamental concepts behind Blockchain technology, government integration, applications, and other current topics. This will provide you with a basic understanding of Blockchain and its future use cases.


Blockchain already is and will continue to be a part of the future with applications in all sectors and industries. There is a need to understand and be able to manage this technology. Stay tuned as we dive deeper into this emerging field in our new blog series.

 

Meikai Group

Meikai is a Professional Services Consultancy dedicated to facilitating and solving capability problems and challenges for our clients. Meikai specialises in the provision of engineering, project management and program delivery services to support the implementation of emerging and disruptive technology within the ICT, simulation, and training domains.

Meikai holds a R&D/Futures branch, that looks to explore emerging technology. This ensures we foster cutting edge thinking, skills and competence in our workforce, to continue to providing value and quality to our clients. Meikai knows that research into Blockchain, Web 3.0 and NFTs is essential to building an innovative future.


Authors

Adam Rawlings – Director of Meikai

Adam is a Systems Engineer who is dedicated to supporting forward thinking government officials deliver complex technology change. He has spent the last decade supporting Defence to implement transformational change in the way it uses simulation as a disruptive technology. His qualifications and experience in engineering, education, capability development, leadership and stakeholder management provide him the tools in his belt to progress seemingly impossible programs.


Milica Gallardo Petkovich – Resident Data Scientist

Milica is Meikai’s resident data scientist who is dedicated to researching emerging technologies to provide market insight . She is currently pursuing her Master's in Data Science from the University of Canberra. Having received her Bachelor’s in Financial and Global Economics from Rutgers University, Milica’s international education brings in a global perspective to Meikai.

 

References

alibabacloud.com (no date) Cloud Computing Trends in 2022, Cloud computing trends in 2022. Available at: https://www.alibabacloud.com/knowledge/tech/cloud-computing-trends-in-2022 (Accessed: November 11, 2022).

Columbus, L. (2013) Roundup of Cloud Computing Forecasts Update, 2013, Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/louiscolumbus/2013/11/16/roundup-of-cloud-computing-forecasts-update-2013/?sh=3e31a8f33221 (Accessed: November 11, 2022).


GlobalData UK Ltd. (2022) VC investments totalling $14.8 billion were made in the blockchain sector in 2021, as companies continue to focus on it solutions built on the technology, finds GlobalData, GlobalData. GlobalData UK Ltd. Available at: https://www.globaldata.com/media/banking/vc-investments-totalling-14-8-billion-made-blockchain-sector-2021-companies-continue-focus-solutions-built-technology-finds-globaldata/#:~:text=Venture%20capital%20(VC)%20investments%20in,a%20leading%20data%20and%20analytics (Accessed: November 11, 2022).


mordorintelligence.com (no date) Simulation software market size, share, growth (2022 - 27), Simulation Software Market Size, Share, Growth (2022 - 27). Available at: https://www.mordorintelligence.com/industry-reports/simulation-software-market#:~:text=Market%20Overview,period%20(2021%20%2D%202026). (Accessed: November 11, 2022).


Daly Aurenty, A. (2022). Cryptocurrencies: an industry with more than 300 million users. [online] BBVA.CH. Available at: https://www.bbva.ch/en/news/cryptocurrencies-an-industry-with-more-than-300-million-users/ (Accessed 14 Nov. 2022).


Statista (2022). Number of Bitcoin block explorer Blockchain.com wallet users worldwide from November 2011 to August 22, 2022. [online] Statista. Available at:https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/ [Accessed 9 Nov. 2022].


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