Blockchain technology is one of the most promising developments of this decade. Blockchains are decentralized digital ledgers that record and enable secure peer-to-peer transactions without third-party intermediaries. This technology is enabling new forms of businesses that are innovating in numerous sectors.
While the internet ushered in the digitization and proliferation of information on a global scale until now, it lacked the ability to digitize and transfer assets without trusted third parties (banks, exchanges, governments, etc.) Blockchains have solved this problem and are ushering in an age of asset digitization and transfer. They are changing the way we invest, by creating a new set of digital assets, and even transforming legacy assets into digital assets through a process known as tokenization.
According to International Data Corp, total corporate and government spending on blockchain technology was close to $2.9 billion in 2019, an increase of 89% over the previous year, and is expected to reach $12.4 billion by 2022. The forecast for the blockchain industry is expected by many to grow exponentially in the next years, creating unseen investment opportunities.
Blockchain technology can be divided into distinct verticals or potential use cases such as:
- Digital Currencies: Digital currencies, the most well-known, have already proven successful for online transactions, global payments, e-commerce, remittance, P2P lending, microfinance, and a store of value.
- Smart Contracts: Smart contracts utilize transparent open ledger blockchains, such as Ethereum, to enable the creation of platforms for digital rights, escrow, and settlement.
- Internet of Things (IOT): IoT typically refers to a network of connected devices that are capable of collecting and exchanging data. Traditional IoT systems are dependent on a centralized architecture; however, blockchain connected IoT devices can function securely and autonomously by creating blockchain-based agreements and rules that are only executed upon completion of specific requirements. This peer-to-peer architecture should allow for greater scalability, remove the risk of a single point of failure, and potentially drive wide-scale adoption.
- Data Storage: Instead of storing files and information on a centralized server, such as a Google Drive, Dropbox, Microsoft OneDrive, platforms like Sia or Storj have begun using Blockchain technology to decentralize data storage. By breaking up files into multiple pieces, encrypting, and sending them to hard drives located all around the world, individuals and private businesses can rent their unused hard drive space to generate income, and users can store their data anonymously without a single point of failure.
The importance of these verticals is to highlight the wide range of use cases blockchain technology has to offer. Unlike the internet, it is possible to gain exposure to the business logic layer of these verticals through the acquisition of certain tokens that are the fuel of their respective blockchains. BTCS Inc. (OTCQB: BTCS) has identified this opportunity in the market and is focused exclusively on digital assets and blockchain technologies. For the past six years, this company has been focusing on developing a deep understanding of the industry and creating strategic relationships with key players in the blockchain industry, gaining invaluable insight and knowledge in the process. This company is one of the first U.S. publicly traded companies to focus on digital assets and blockchain technology exclusively.
BTCS has already established a portfolio of digital assets and is now planning on expanding it in key verticals while also seeking acquisition opportunities in the blockchain space. This company has over six years of experience in the field and has a deep understanding of this sector, placing them in a unique position to identify business opportunities and digital assets in the blockchain industry.
Additionally, BTCS is developing its own digital asset data analytics platform aimed at providing crucial information to users, enabling the tracking of multiple digital asset exchanges and wallets to aggregate portfolio holdings into a single platform to view and analyze performance, risk metrics, and potential tax implications.
Blockchain technology is expected to play a massive role in the tech industry in the coming years. This has already been seen in 2019, with major companies adopting this tech at some level. That’s the reason why BTCS plans on leveraging its position to offer investors the opportunity to obtain indirect exposure to digital assets. If you wish to know more about BTCS, please visit their website.