Blockchain is one of the most recent contributors to Hypercapitalism. Speed and intensity is one of the core features of Hypercapitalism.
Blockchain, indeed, has been a great success so far as Cryptocurrency is concerned. The growth and acceptance of Cryptocurrency are attributed to Blockchain. Want to try your hand at Crypto trading?
You could bank on Bitcoin Loophole, an app that is your gateway to buying and selling Cryptocurrency. In this article, we are going to focus on ten Blockchain statistics and facts that represent the dawn of Hypercapitalism.
Hypercapitalism: What Exactly Is This?
Hypercapitalism is a term coined by Marxist scholars. While critiquing the political economy, they made reference to a new form of capitalism which is marked by global flows, that is, speed and intensity.
It is also termed corporate capitalism, always marked by urgency and pace. This penetrates each and every aspect of human life and gobbles it completely. This robs freedom and peace; it mars work-life balance and servitude to the greed, expansionist policy of the ruling class.
Advantages Of Blockchain?
It is inferred from the following facts that Blockchain technology works to transform the entire dynamics of buying and selling. It definitely has certain advantages. So let’s have a look at the advantage of using Blockchain technology.
1. Greater Transparency
Blockchain uses distributed Ledger. Transactions of data are recorded in multiple locations. All the network participants with access can view the information simultaneously. Hence there is no hide and seek to it. Transparency is thus achieved.
2. Security
Data security is one area that is an issue with the present business. Remember that your data is vulnerable. Scammers are all around.
Using Blockchain records can’t be altered and end-to-end encrypted. Here information is stored across a network of computers rather than one angle server. This makes it difficult for hackers to view data.
3. Instant Traceability
Consumers are concerned about environmental or human rights issues surrounding a product in sectors and industries.
Therefore, companies provide proof of how the product is manufactured using norms and guidelines. Blockchain helps provide the datasheet and shares it directly with the customers.
4. Automation
If you need to manufacture fast, you need to go for automation. Through smart contracts, we are able to generate automation. Blockchain creates that ecosystem that helps feed automation.
5. Payment system
In continents like Africa, where the infrastructure of payment is extremely weak, Blockchain could provide a good alternative to them.
In Africa, there is a strong ecosystem being built that is deemed to strengthen Blockchain in the coming days.
However, there are areas like real estate and others that require a stimulus of large quantities of funds. If the processing of funds takes time, it becomes extremely difficult for companies to operate.
How Blockchain Perfectly Feeds Hyper Capitalism?
Don’t you think that your work-life is disrupted completely, and you have turned into a mechanical tool? That you need everything fast:
Ordering fast; manufacturing fast, creating demand fast, buying fast, paying fast? We all need everything, and right now. That’s Hyper.
1. According to the erudite of economy, Blockchain spending will reach a massive 19 billion US dollars in the year 2024.
2. Again, the financial sector contributed to around 30 percent of the market value of Blockchain in the year 2020.
3. About 90% of the US and European banks started exploring Blockchain potential by 2018.
4. Around 74% of the tech-savvy executive teams believe that there is potential for Blockchain technology.
5. Blockchain could reduce the infrastructure cost of the Investment banks to around 30%.
6. It has been found that by the end of 2024, the Blockchain market will invest around $20 Trillion in its annual revenues.
7. Companies like Walmart partnered with Nestle, Dole, Unilever, and Tyson Foods so that they could implement Blockchain.
8. If Blockchain is used properly, it will be able to generate around $700 million in increased productivity.
9. More than $270 billion in terms of assets have been distributed successfully in Blockchain.
10. Around 23% of companies in medical devices, pharma, and biotech use Blockchain.
Conclusion
It can be easily deduced through the facts why Blockchain is preferred by the corporate sector.
The Corporate needs Blockchain at this point in time. It is also found from the statistics that Blockchain is the potential answer to increasing market size in the days to come.