Factors driving the exponential growth in blockchain technology implementation include, AI, blockchain-as-a-Service (BaaS), a spike in venture capital investments, an increase in initial coin offerings (ICOS) and an uptick in real time data analysis, as well as the emergence of of operational technology (OT) and information technology (IT).
For example, within pharmaceuticals the blockchain will likely be used for tracking prescription drugs as a means of transparently tracking prescription medicine distribution.
In the auto industry, blockchain technology will make ‘the connected car’ possible. By 2020, it is estimated that approximately $250,000,000 connected cars will be on roads across the globe, each equipped with at least 200 smart sensors for car informatics, infotainment systems and the like.
Within the energy and power industries, the blockchain will expedite energy futures compliance and trading. It will help energy companies by helping to log their resources and maintain regulatory compliance.
- Storj Labs Inc. (US);
- Cloud Technology Partners, Inc. (US);
- NVIDIA Corporation (US);
- Chronicled (US);
- LO3 Energy (US)
For example, companies like NVDIA supply graphics processing units (GPUs) not only for gaming but for the chip units for the mobile computing and automotive market, including blockchain.