Value of Retail Blockchain to Reach $2.3 Billion by 2023
The value of blockchain technology in the retail sector will multiply 29-fold in the next five years, says a report from MarketsandMarkets published earlier this year. Monica Eaton, a leading expert in retail and payments technology, recently offered her take on the data, with coverage on blockchain news site CoinTelegraph.
The Future of Money is Here
Since 2013, CoinTelegraph has developed into the world’s leading source for cryptocurrency and blockchain news. As CoinTelegraph’s tagline, “The future of money,” suggests, many believe the technology is going to transform how we do business.
Blockchain came to prominence with the rise of cryptocurrencies like Bitcoin and Ethereum. However, despite the volatility and speculation in the crypto market, many experts believe the blockchain is the real value commodity.
As Monica explains, blockchain could have widespread applications. The tool could streamline supply chain and data management. It could also enable faster, more secure payments. If successfully implemented on a widespread scale, this could eliminate redundancy and make the market much more efficient. The result: tens of billions of dollars in savings annually throughout the economy.
“Today’s retail applications are proving that blockchain definitely lives up to its hype,” Monica says. “Distributed ledger technology has moved from theoretical possibilities to practical uses, and the implementations we’re seeing now are just the tip of the iceberg in terms of what blockchain can do for retailers. I believe blockchain has the capacity to completely reshape the retail landscape within the next five years.”
