The Growing Adoption of Blockchain Technology in Businesses: Insights and Trends

The adoption of blockchain technology among businesses is on the rise, with companies like FedEx, Burger King Russia, IBM, Walmart, Microsoft, and Mastercard already incorporating it into their processes. According to a report by Hashed Emergent, India’s Web3 Landscape Report 2023, public-private partnerships, large and mid-sized companies, and startups are showing interest in blockchain technology to enhance transparency and drive innovation.

Experts in the field emphasize the importance of understanding the need for blockchain adoption in businesses. Raghu Mohan, Co-Founder of BuidlersTribe, suggests that companies operating at scale with high trust requirements should consider building on a blockchain. Tarun Katial, Founder & CEO of coto, highlights the importance of clarity in bringing transparency, decentralization, and shared ownership to businesses and stakeholders.

Jeremy Lim of GFR fund advocates for using blockchain as a technology enabler to improve inefficiencies in traditional businesses. He advises businesses to assess if blockchain can enhance their operations before diving into Web3 technology. Industries leading in blockchain adoption include life sciences, government, banking, and manufacturing.

Dr. Amit Raj of Plexus MedCare believes that blockchain will revolutionize medical practices but acknowledges that it will take time. Use cases in the medical industry include supply chain transparency, patient-centric electronic health records, credential verification of medical staff, and smart contract settlements in insurance and supply chain management.

The blockchain technology market is projected to reach USD 137.8 billion by 2030, indicating significant growth and potential in the industry. Jeremy Lim envisions a future where the distinction between Web3 and Web 2 technologies becomes obsolete, signaling the success of blockchain integration in businesses.