From a macro perspective, banks serve as the critical storehouses and transfer hubs of value. Education, communication, & information servicesД«lockchain and banking are just the beginning.Here are the latest innovative ways companies are harnessing the power of blockchain. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless - especially since blockchains operate through a decentralized platform requiring no central supervision, making them resistant to fraud.ДЄs companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, theyвЂ™re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Industries from insurance to gaming to cannabis are seeing blockchain applications.Д«itcoinвЂ™s popularity helped demonstrate blockchainвЂ™s application in finance, but entrepreneurs have come to believe the tech could transform many more industries. Annual spending on blockchain solutions will reach nearly $16B by 2023, according to CB InsightsвЂ™ Market Sizing Tool. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology - essentially a virtual ledger capable of recording and verifying a high volume of digital transactions - is now spreading across a wave of industries.Д«lockchain has gone far beyond its beginnings in banking and cryptocurrency: Annual funding to blockchain companies, despite falling from 2018вЂ™s record high, more than doubled in 2020В compared to 2017.

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