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30. January 2019Five facts on Blockchain we just can’t ignore

Zug/Bocholt, 28 January 2019 – The Blockchain has been in development for 20 years now and, in 2019 is not yet established either. In the meantime, more and more critical voices are asking when the technology will finally pick up speed. According to Gartner, the year of the Blockchain will not be long in coming. “Although the industry still has a lot of fundamental things to clarify, all the signs are already pointing to standardisation,” explains TEAL-CMO Michael Pruban. The TEAL team has compiled five facts that even Blockchain doubters can no longer ignore.

1. In 2024 the Blockchain will become a standard
Blockchain is now more than ten years in the making but has still not completely arrived in everyday life. That’s not surprising when you compare it to the World Wide Web – which has been in development since the 1970s. Fortunately, the decentralized storage and transaction structure will establish the distributed ledger much faster: Gartner’s Hype Cycle predicts that the Blockchain will leave the Valley of Tears in 2024 and will finally be established.

2. The economy has the Blockchain firmly in sight
The possible applications of the Blockchain are manifold, which is why 84 percent of the companies are already intensively involved with the infrastructure. According to Bitkom, 36 percent of large companies even assume that the influence of the Blockchain on society and the economy will be as strong as the influence of the Internet.

3. The Blockchain is an innovation driver
The Blockchain can not only change processes and business models, it also offers completely new possibilities for innovation, even outside of the economy. The UN World Food Programme (WFP), for example, uses Ethereum to provide financial aid for the needy people to purchase food in Jordan. Another example is the travel provider TUI. With the help of the Blockchain they are hoping to abandon travel agencies entirely.

4. Blockchain is global
One of the advantages of the infrastructure is that it can be used and applied anywhere in the world. This is also confirmed by the global Blockchain study by PwC. According to the study, as many as 84 percent of the organizations surveyed already have points of contact with the Blockchain.

5. The value of the Blockchain is enormous
The business value added by the Blockchain will increase to slightly more than 176 billion US dollars by 2025. By 2030, it will reach a total of over 3.1 trillion US dollars. This is the result of Gartner’s business value forecasting methodology, which quantifies the value of technology innovation.

Michael Pruban, founder and CMO of TEAL: “The Blockchain will clearly establish itself as the standard and change our society. Signs of this are already clearly visible. Those who still don’t want to admit that and don’t at least start to get to grips with the infrastructure, are running out of time.”