Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the most important use cases in the sector with the most significant adoption. Recent issues in the banking sector, such as those surrounding Silicon Valley Bank and Credit Suisse, have led many to view Bitcoin (BTC) and crypto as an alternative to the traditional banking system. And while the expansion of DeFi is good for the rest of the crypto industry, is blockchain technology expanding and being used in other ways?
That’s the question Cointelegraph Research dives into in its latest report, “Blockchain Use Cases and Adoption.” It includes several financial use cases for Bitcoin and crypto but also explores data management, cloud storage, supply chain, smart sensors, carbon credit, decentralized autonomous organization, digital identity and more. The report focuses on real-world use cases rather than theoretical applications and highlights projects in each area.
Download this report on the Cointelegraph Research Terminal.
Cointelegraph research uses the current market penetration of various projects, the compound annual growth rate (CAGR) of the industry, and various macroeconomic factors to create an exchange model equation, which is used to project total value locked (TVL) and potential. penetration of blockchain technology in each segment. For example, in 2022, the size of the global insurance market is estimated at $5.94 trillion, with a penetration rate of the blockchain industry at 0.01%. Cointelegraph Research estimates that in 2025, blockchain projects will penetrate 0.05% of the total addressable market, at TVL $4.2 billion.
The world is already on the block in many ways
Bitcoin has been on a roll for the past few weeks, and the crypto industry has regained its market capitalization of $1 trillion – but there are other signs that also show positive signs for future adoption. A June 2022 Deloitte survey found that 75% of United States retailers plan to accept crypto payments within two years, while a Cointelegraph survey last year found that 62% of professional investors hold digital assets. Meanwhile, $36.6 billion in venture capital has been invested into the blockchain industry in 2022, which will help to grow new projects in the future.
“Blockchain Use Cases and Adoption Report” covers this case and current blockchain financial use cases, but also dives deeper into applications in entertainment, data management, ESG (environmental, social and governance), and decentralized autonomous organizations.
More than just a fiat replacement
The Bitcoin revolution inspired the creation of more than just an electronic cash system, with the technology having since morphed into a variety of applications. The “Blockchain Use Cases and Adoption Report” intentionally stays away from projects that are still in the incubation stage, instead focusing on those whose blockchain adoption is already actively influencing the market landscape.
For example, as highlighted in the “Data Management” section of the report, Internet of Things sensors have a good CAGR and could see significant growth in the sector over the next two years. They offer great solutions for various sensor applications today, such as smart cities and even cars, which can use distributed ledger technologies like blockchains or directed acyclic graphs to better interact with their surroundings.
The latest report from Cointelegraph Research also covers royalties, advertising, events, gambling, video games, securitization and several other topics, analyzing how they work and where they will be in the future.
Cointelegraph Research Team
Cointelegraph’s Research Department includes some of the best talent in the blockchain industry. Combining academic rigor and filtered through practical, hard-won experience, researchers in the team are committed to bringing the most accurate, insightful content available in the market.
Michael Tabone is the deputy director of research at Cointelegraph. The research team consists of subject matter experts from all areas of finance, economics and technology to bring to market the primary source for industry reports and insightful analysis. The team uses APIs from various sources to provide accurate and useful information and analysis.
With decades of combined experience in finance, business, engineering, technology and traditional research, Cointelegraph’s Research team is perfectly positioned to use their combined talents precisely with the “Blockchain Use Case and Adoption Report 2023.”
The opinions expressed in this article are for general information purposes only and are not intended to provide specific advice or recommendations for any particular individual or security or investment product.