Blockchain technology has been making headlines for more than a decade now. It has changed the course of handling monetary transactions with a seal of utmost security. Although initially, it gained momentum as a technological foundation for bitcoin, blockchain is now solving a plethora of problems that revolve around data security and sharing, supply chain monitoring, and product tracking. The technology is being widely noted for its benefits in eliminating centralised authority, immutable records of data, reduced transaction costs, and offering a transparent system to the involved entities. The most impressive results have seen blockchain’s application for storing information, cutting out intermediaries, and enabling greater coordination between companies. Today, we have only scraped the surface of what blockchain can offer. As the demand for more visibility and transparency increases, so will blockchain’s application. Revelling over the several merits it offers, today, enterprises across all industries are adopting blockchain into their mainstream operational workflow.
In addition, the convergence of blockchain with other cutting-edge technologies is igniting various use cases in the ever-changing business world. For example, the integration of blockchain with the internet of things (IoT) networks is enabling reduced costs and faster transaction speeds. While providing a secure and scalable framework for communication between IoT devices, blockchain will allow smart devices to make automated micro-transactions. The technology’s distributed nature will enable safer, faster, and cheaper transactions. Alongside, government authorities will also be able to effectively administer and manage the large quantities of data, thereby improving the functioning of their agencies. Moreover, combining blockchain with artificial intelligence (AI) is facilitating a decentralised AI system for sensitive data such as financial or medical data. Robot process automation (RPA) and blockchain together are also offering secured automation that helps industries achieve faster growth and increased customer satisfaction. Alongside, the point-to-point encryption nature of blockchain helps in keeping data secure across a cloud computing network as well. With the blockchain technology, users can easily create and monetise content in the virtual space. Content can be anything, such as 3D smart objects, music, and virtual office space or land.
This ground-breaking technology is witnessing a steady and solid evolution over the past few years and with the new regulations and compliances, it is further undergoing the process of refinement. According to researches and market forecast, the blockchain market size is expected to reach 23.3 billion USD by 2023, at a compound annual growth rate (CAGR) of 80.2 percent during 2018-2023. This impressive growth rate says it all about the significance of blockchain to the entrepreneurs. Moreover, given the level of innovation the technology brings into a business, companies are investing commensurately to opt for the perfect blockchain solution provider to reap the maximum benefit.
In order to help businesses embrace blockchain and integrate it with other emerging technologies and their existing ecosystem, a distinguished panel comprising CIOs, CEOs, CTOs, and CIOReview’s editorial board has reviewed several blockchain technology vendors and selected the ones that are prominent in the field. The companies listed here showcase extensive business knowledge and exhibit competence in delivering innovative solutions that meet the needs of the customers.
We present to you CIOReview’s “10 Most Promising Blockchain Solution Providers in Europe – 2019.”
