Global spending on blockchain solutions is estimated to have reached $11.7 billion by the end of 2022, and the industry is expected to be worth over $163 billion by 2029. There are several reasons for this growth in popularity. Some of this popularity is the adoption of a trendy new buzzword. And, for some applications, blockchain may be a short-lived fad, like fins on 1950’s cars. But for others, blockchain is absolutely the right tool for the job.

Benefits of Decentralization

One of the major draws to blockchain technology is its decentralized nature. According to NASDAQ, decentralization means that there is no single entity with exclusive control of data or processes, allowing for secure transactions without the need for a third party or intermediary. Decentralization adds security since it is tough for hackers to target one single entity in a decentralized and transparent system. This is because there are many different nodes that act as validators of transactions, adding...more