The world is being transformed due to the spread of cryptocurrency based on blockchain technology. As a world without cash is coming, payment methods are changing. A key part of any society is the capital market. Large global enterprises are already betting on the blockchain technology to begin dominating the capital market. About 10 giant enterprises including Facebook, JPMorgan, Amazon, Samsung, Tencent, and Google have created their own cryptocurrencies.
Facebook is reportedly completing the release of its own digital currency, Libra. Due to large scale of Facebook, not only 2.3 billion facebook users, but the impact of their networks are also likely to result in Libra being used by almost every human being.
The global use of blockchain technology is expected to grow at an annual average rate of 60.2 percent by 2023, which is expected to be worth $16 billion. Uncertainty over blockchain regulation still exists, but the number of companies adopting blockchain technology continues to rise.
Next, even traditional manufacturers such as automobiles, electronics, and oil account for 20 percent of blockchain. The banking industry will also facilitate spending on two of the largest blockchain-based use cases: an inter-country remittances and trade finances and post-trade/payment agreements.
According to the IDC report, blockchain spending in 2019 is forecast to increase 80 percent higher than last year. In the process, banks and financial-related institutions have allocated 30 percent of their investment portfolios for blockchain investments. Because of the increasing adoption of blockchain in financial services, identity verification, trade, and other markets, companies are recognizing the value of early pilot programs and applying the project to production.
The first half of this year was filled with the development of blockchain led by large companies in almost all important areas, including insurance, financial services, supply chains, health care, and trade finance. Large cryptocurrency projects from large enterprises are now taking up all the media space, and this gives positive expectations about blockchain as well.
Cryptocurrency based on blockchain will create simple payment methods that people can use globally. The capital market shows the world's biggest companies are investing heavily in cryptocurrency. The transforming digital capital market will ensure worldwide payment revolution with the fast spread of blockchain.