Blockchain Use Cases and Adoption Report
March 2023 - Cointelegraph Research
blockchain, cryptocurrency, research, crypto adoption, use cases, defi,
Overview of the Blockchain Industry
The blockchain industry has been in existence for a little over a decade. In that time, there have been some fantastic market adoptions and innovations in the space. While much of the adoption of these new technologies has been focused on DeFi, banking the unbanked and nonfungible tokens (NFTs),2 there are still many use cases that have been tried — and not all of them succeeded. This is to be expected with new industries, but it is essential to separate the projects that are coming to life today versus those that may come to fruition tomorrow. At the time of this writing, the market capitalization of all cryptocurrencies is over $1 trillion across over 22,000 different blockchain protocols.
There are some big names and brands that have incorporated Web3 and blockchain technology into their business ecosystems. From giants in the financial services sector, such as Goldman Sachs, to McDonald’s releasing NFTs, to countries like El Salvador adopting Bitcoin as legal tender, the future adoption by other big names seems promising. But there is more to the utilization of what is collectively called blockchain technology than just finance and digital collectibles. There are projects being built to disrupt different businesses, including evolutions in technology, that can overturn what seems today to be staples in the blockchain industry itself. Increasing interest from a broader audience will push the acceleration of both technology and utilization to places no one can fully predict at this time.
The Purpose of This Report
Cointelegraph Research analyzed not only the current state of the adoption of the “blockchain revolution” and its use in financial matters but also other ways it is being used in the real world today. From technologies that go beyond blockchain tech, like tangles and hashgraphs, to applications in insurance, capital fundraising, environmental sustainability, entertainment, gambling and even how firms organize themselves, this report should give a good overview of how this technology is rapidly changing the game.