Blockchain is a key technology of the Fourth Industrial Revolution, blurring the lines between physical and digital spaces. It creates new innovative opportunities and disrupts existing businesses by enabling decentralized digital transformation. This decentralization is achieved by creating trust between parties and eliminating intermediaries, to facilitate efficient data sharing and value exchange. Blockchain is commonly associated with bitcoin and other cryptocurrencies, but its use cases go beyond financial applications to include various business domains such as agriculture, mining, manufacturing, energy, supply chains and healthcare. However, while blockchain technology utilizes security primitives, such as cryptography, additional efforts must be made to secure its large-scale architecture and mitigate cyber threats. With 61% of companies ranking digital transformation as a top priority, blockchain is becoming an essential technology in achieving that objective by providing means of sharing data and exchanging value securely between organizations. Blockchain use cases are expanding due to its unique set of features, with its global market size expected to reach US$1.43 trillion by 2030, with a compound annual growth rate (CAGR) of 85.9%. Blockchain is mainly used to facilitate information sharing and value exchange between parties, which can be utilized for various domains (see below).
Full story : Is blockchain really secure? Here are four pressing cyber threats you must consider.
