Last Updated on February 23, 2024 by Hamza Khan
Let’s see why blockchain is the future?Agile Dynamics, a distinguished research-based consultancy specializing in digital transformation, has recently published an insightful paper titled “Embrace Disruption: Unleashing the Potential of Blockchain.” This comprehensive report delves deep into the realm of layer 1 blockchain protocols and their profound implications for emerging markets. With a mission to empower businesses by harnessing transformative capabilities of advancing technologies, Agile Dynamics aims to shed light on the untapped potential of blockchain applications and their ability to revolutionize industries.
The report highlights the advantages of customizing layer 1 blockchain protocols, showcasing how they can drive significant advancements in various sectors. One of the key findings centers around enhanced financial inclusion, as blockchain enables previously underserved populations in emerging countries to access secure and transparent financial services. Transparency emerges as another crucial benefit, enabling stakeholders to gain unprecedented visibility into transactions and supply chains.
Web 3.0 And Blockchain Applications: Driving Global Growth Across Industries
Blockchain technology empowers entities, fostering data ownership, control, and safeguarding sovereignty while reducing reliance on external entities and enhancing international competitiveness. Moreover, it plays a pivotal role in supporting domestic technology companies. With Web 3.0 and blockchain gaining momentum, their expanding applications across industries demonstrate their enduring value to the global economy. Notably, the report highlights the estimated US$2.1 trillion boost to global gross domestic product (GDP) from blockchain technology in 2030. Nearly half of this substantial figure will originate from growing markets. Cryptocurrencies owe their existence to blockchain technology. The report reveals that crypto ownership rates will average 4.2% in 2023, encompassing over 420 million users worldwide. This includes approximately 7.5% hailing from developing markets like the UAE, India, China, and Egypt.
Unlocking Value: Cost Reduction, Revenue Generation, And Capital Relief With Blockchain
Blockchain technology delivers immediate cost reduction benefits, positioning it as a strategic value driver. It also enables revenue generation and capital relief, prompting over 90% of major banks in Europe, North America, and Australia to invest in blockchain applications. Achieving long-term value hinges on the successful deployment of commercially viable solutions at scale, a milestone expected to be reached within 3-5 years, according to Agile Dynamics’ report. However, realizing the technology’s full potential requires overcoming the ‘Blockchain Trilemma,’ which entails making trade-offs between security, scalability, and decentralization.
Understanding Blockchain Platforms: TVL, Active Users, And Technical Insights
When analyzing a blockchain platform, numerous factors come into play. Agile Dynamics’ report incorporates parameters like Total Value Locked (TVL), total active users, technical metrics, and properties. Additionally, insights into the future landscape of smart contracting platforms are gleaned from considering technical designs, blockchain, and ecosystem data, as well as the individuals and organizations involved in each platform. By examining these elements, a comprehensive understanding of the broader smart contracting platform ecosystem and its potential trajectory can be achieved.