According to recent data, the blockchain development market is projected to reach $15 billion by 2023. Indeed, blockchain was one of the most in-demand tech skills for 2021. Thus, many tech professionals are looking to break into the blockchain field to meet this demand. Importantly, software developers need to know what factors are driving growth in the blockchain development market. This way, they can learn the latest tools and skills to get hired in the blockchain sector. Of course, they can also position their careers at the forefront of this growth. Read on to learn about why the blockchain development market is projected to reach $15 billion by 2023.
Blockchain & IoT Integration
First, Internet of Things (IoT) integration is one of the major factors driving blockchain and crypto application development growth. Notably, blockchain technology is potentially suitable to solve 5G IoT challenges. For example, some experts believe blockchain can significantly increase security in IoT data. In addition, it can potentially improve scalability with its automated, encrypted nature. Importantly, the IoT market has a huge potential for expanding with the recent uptake of the 5G network. With its current fragmented ecosystem and security challenges, blockchain could be influential for this technology to meet its growth potential. In this way, IoT integration is increasing the demand in the blockchain development market.
Advanced Tools Streamlining Development
Next, advanced tools are also streamlining blockchain development. For example, Docker provides reliable support to get the blockchain node up and running quickly. Usually, developers do not need to configure each machine separately either. Indeed, they can use Docker containers to package their code and make the software run. Notably, many custom software teams use a JFrog Container registry to support their Docker containers for blockchain development. Once installed, they can use this tool as a single access point to manage and organize their Docker images. With proven scalability this containerization software can power some of the world’s most widely used applications. In short, advanced tools such as Docker containers are increasing blockchain development growth.
Smart Contracts Fostering Blockchain Adoption
In addition, smart contracts are fostering blockchain adoption as well. Importantly, smart contracts are agreements between two or more parties recorded in code on the blockchain. Typically, this makes them immutable and tamper-proof for all parties involved. Notably, smart contract algorithms make blockchain-based services more accessible for companies who don’t have the resources to invest in the blockchain network. For example, many insurance companies are using smart contracts to streamline their bookkeeping and automate payments. In addition, some music platforms are using smart contracts to streamline royalty payments from record labels and producers. With this growing use, smart contracts are undoubtedly fostering blockchain adoption.
Blockchain Use In Government Agencies
Moreover, blockchain use is also rising across government agencies. For example, some governments are looking to harness blockchain technology to store asset transactions. By storing land, property, and vehicle transactions on a public ledger, agencies can increase transparency in their dealings. Simultaneously, citizens can potentially look up a piece of land to get accurate information. Since all initial and subsequent sales are recorded and time-stamped, this can increase security. Additionally, this can also reduce the likelihood of corruption. Undoubtedly, blockchain use in government agencies is fueling development growth in the industry.
Supply Chain Management Through COVID-19
Furthermore, supply chain management through COVID-19 is also increasing demand for blockchain development. Indeed, many countries are using blockchain to track the distribution of COVID vaccines. Notably, blockchain powered systems record information at every stage of vaccine delivery. Typically, this includes times, schedules, transportation, and storage conditions. With its secure storage on the blockchain, it’s nearly impossible to change it. Therefore, healthcare officials can maintain accurate real-time visibility for vaccine distribution status. Then, this end-to-end traceability can inform demand in the supply chain. For teams looking to ooptimize their internal SCM procedures, it will be helpful to get familiar with the five myths of supply chain management. Certainly, COVID-19 vaccine supply chain management is fueling blockchain development growth.
According to recent data, the blockchain development market is projected to reach $15 billion by 2023. First, IoT integration is a major factor fueling blockchain market demand. Next, advanced tools are also driving growth in the blockchain sector. In addition, smart contracts are also fostering blockchain adoption. Moreover, blockchain use is increasing across government agencies. Furthermore, supply chain management through COVID-19 is also increasing blockchain development growth. Consider these points to learn about why the blockchain development market is projected to reach $15 billion by 2023.
Source: Plato Data Intelligence: PlatoData.io
