Many companies use blockchain to rapidly scale up and out their solutions and build more robust processes and financial models. In the modern world, there are 10,000+ cryptocurrency systems running in the technology. However, it turns out, the system is also a reliable means of storing data about other types of transactions.
Some examples of blockchain implementations in businesses are Pfizer, Walmart, Unilever, Siemens, etc. Many companies in various industries adopt the technology because they expect it to provide the following:
Secure transactions that are recorded and cannot be altered;
Instant and transparent transactions;
Automatically updated system;
No intermediation fee is required;
Authentication of transactions that are verified and confirmed by participants.
Many businesses require improved blockchain architecture, prompting a surge in investment. By 2024, the worldwide blockchain technology industry is expected to be worth $7.59 billion. Industries such as healthcare, finance, retail and agriculture aim to increase their investment in the technology to be ready for the future.