Blockchain technology, artificial intelligence, and machine learning are three of the emerging technologies that will lead the world into the next industrial revolution. However, in the ten years since the birth of blockchain technology, its adoption has been slow yet steady. The most popular use case of the technology in the financial sector, cryptocurrencies, suffered a devastating crash last year and are yet to recover. Many people believed that this would hinder the adoption of blockchain technology even more. However, Gina Clarke, a Forbes contributor posted an article about why investors still have interest in blockchain technology and other financial technologies.
Investment In Blockchain Technology Grows Ahead Of The Next Industrial Revolution
In the Forbes article, Clarke made reference to the importance of data in this digital era. Per a survey conducted by New Vantage Partners on executives from top firms, Big Data solutions are going to be the most important as the world moves closer to the next industrial revolution. Apart from improving decision making, and analytics, good solutions are also going to save time and reduce cost. This is why even the small and medium scale enterprises have developed an interest in blockchain and other financial technologies.
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As businesses become more reliant on databases, investment in blockchain technology continues to grow. Whether anyone likes to admit it or not, deploying blockchain technology for database management is something these companies will benefit from. The said survey showed that about 80% of executives believed that they will lose to their competitors if they do not evolve.
Blockchain Deployment In Big Data Will Change The World
At the moment, investment in blockchain technology is at its all-time high. This is because companies are beginning to recognize its efficiency in data management. Institutional investors are pouring funds into the blockchain space. One of the most invested institutions in the space is the New Global Capital Investor Fund. This investor has contributed to many blockchain based projects like Oasis, Zilliqa, CertiK, Lotex, Bluzelle, and Mainframe.
The founder of the company, Roger Lim, said that the company is interested in blockchain projects. In his words:
“We’ve been concentrating on low hanging fruits in blockchain for a while, anyone who can potentially solve a problem. But now we’re interested to hear from good projects where the total metrics make sense, the team makes sense and they have a great strategy. We go off to where the talent is, not just because it’s in Silicon Valley, we don’t portion off our funds. We look globally and we go after the talent.”
It’s true that the investment in blockchain technology is at its all-time high. However, this doesn’t mean that it is at its best. Most of these investors are investing in blockchain deployment ideas that have not yet reached mainstream adoption. If blockchain is to reach mass adoption, many of these ideas need to materialize.
Among the obstacles the blockchain space is facing are a lack of blockchain developers, a lack of training for blockchain developers, high cost of blockchain deployment among others. If these issues are addressed, blockchain technology will be set to drive the world into the next industrial revolution.
What role will blockchain technology play in the next industrial revolution? Share your thoughts.