Blockchain in Manufacturing Market to Reach Valuation of Over $14 Billion by 2028
Blockchain technology has the potential to revolutionize the traditional manufacturing sector by lowering energy consumption and reducing downtime; it also allows businesses to use real-time data to easily develop solutions, track high-value equipment, monitor consumer purchase patterns, and find issues before they become serious. The blockchain in the manufacturing sector may also improve supply chain security by making operations more transparent.
It should come as no surprise that the rising demand for blockchain in the industrial manufacturing sector will lead to growth over the next several years. By 2028, the global manufacturing blockchain market is anticipated to reach over $14 billion in annual revenue, up from $544 million in 2021, according to a Washington DC-based market research firm Vantage Research.
The blockchain in manufacturing is currently hampered by inconsistent business terminology and data ownership disputes. Lack of awareness among the manufacturers about Blockchain’s potential, high cost of implementation and data storage; and concerns surrounding privacy, security, and control will stifle the growth of Blockchain in the industry in coming years.
Manufacturers, as well as Blockchain as a Service providers, are developing blockchain implementations that will foster trust among competitors who must nonetheless cooperate within common ecosystems. Blockchain in manufacturing is rewriting how firms interact.
Proposal Limiting Proof-of-Work Is Rejected in EU Parliament Committee Vote
The European Union has abandoned a proposal to effectively ban cryptocurrencies throughout the region that are powered by the energy-intensive computing method dubbed proof-of-work (PoW). The proposal was met with harsh criticism from industry groups and advocates, who called it an attack on digital innovation in Europe.The proposal suggested switching from traditional proof-of-work methods to proof-of-stake with an emphasis on energy efficiency.
PoW, a consensus mechanism used by many cryptocurrencies to validate transactions, such as Bitcoin and Ethereum, is highly energy-intensive. Due to worries about energy use, the computing process has come under closer scrutiny recently. While crypto popularity continues to grow, concerns about its energy consumption and environmental harm have heightened.
Some of the biggest cryptocurrencies, such as Ethereum and Dogecoin, have expressed interest in moving from Proof of Work (PoW) to Proof of Stake (PoS) crypto consensus technology. The term “Proof of Stake” refers to the process of executing transactions and establishing new blocks on a blockchain in an environmentally friendly and efficient manner.
However, there is still no agreement in the crypto sector about whether Proof of Stake (PoS) is superior to Proof of Work (PoW). Some users and well-known personalities in the market have stated that the new procedure does not provide as much security for the network as proof of work. Meanwhile, there is no indication that Bitcoin, the world’s most valuable cryptocurrency, will switch to PoS.
Crypto’s Unregulated DeFi Boom Raises Shadow Banking Comparisons
Many of the negative characteristics of shadow banking have already permeated into the world of decentralized finance. The potential for fraud and manipulation in cryptocurrency exchanges has increased significantly, putting the wider financial system at risk. The shadow banking system comprises unofficial lenders, brokers, and other middlemen who operate outside of the purview of regular banks.
The dangers are real, but DeFi advocates say the sector is a hotbed of innovation making companies cheaper and quicker. It might be costly to maneuver digital coins around in order for them to become fiat currency, and decentralized apps run by neighborhoods rather than one person or entity makes things more trusted too!
DeFi apps often fall into the hands of a small number of developers or venture capitalists with major stakes. Regulators in the United States have taken a mostly hands-off approach so far. President Joe Biden’s March executive order on digital assets highlighted his commitment to crypto’s technological innovation while also emphasizing consumer protection.
The negative characteristics of shadow banking have already begun to influence the world of decentralized finance. The potential for fraud and manipulation in cryptocurrency exchanges is significant, putting all financial institutions at risk including banks themselves who may not know what they are doing behind closed doors while drawing straws on imaginary money! The shadow banking system comprises unofficial lenders, brokers, and other middlemen who operate outside of the purview of regular banks.
The dangers are real, but DeFi advocates say the sector is a hotbed of innovation making companies cheaper and quicker. It might be costly to maneuver digital coins around in order for them become fiat currency — and decentralized apps run by neighborhoods rather than one person or entity makes things more trusted too!
The United States has been largely hands off in its approach to regulating digital assets so far. President Joe Biden’s March executive order on cryptocurrencies highlighted his commitment for crypto technology while also emphasizing consumer protection, though there are some concerns about how this will play out legally with current law.
Argentine Congress Approves IMF Debt Deal That Would Discourage Crypto Usage
The Argentine Senate has approved a $45 billion debt agreement with the International Monetary Fund (IMF) that includes provisions to discourage bitcoin and other virtual currencies. The cryptocurrency provision was included in an agreement signed by Argentina on March 3, which has to be approved by IMF board members before it can go into effect.
If you’re wondering what this development means for the future of cryptocurrency in the country, you’re not alone!
For the time being, crypto firms and organizations are still trying to work out the possible ramifications of discouraging cryptocurrencies. Argentina’s high inflation and foreign currency restrictions have encouraged people to invest in cryptocurrencies in recent years, turning Buenos Aires into a major blockchain development and innovation center. Local exchanges reported a sixfold increase in stablecoin purchases in 2020. The country ranked 10th on Chainalysis’ latest Global Crypto Adoption Index.
The enabling provision, entitled “Strengthening financial resilience,” states the implementation of significant measures to discourage the use of cryptocurrencies with a view to preventing money laundering, informality, and disintermediation. With inflation in Argentina reaching 52%, it’s no wonder that the government is expediting its payment digitization initiative.
Austin Mayor Embraces Web3 and Crypto Payments
The city of Austin, in the US state of Texas, aims to enable its residents to legally pay their bills using bitcoin and other cryptocurrencies.
The city has started looking into policy tools that would allow crypto payments and incorporate other Web3 apps. The mayor of Austin has announced two proposals as a sign of his support for crypto payments and blockchain technology which can bring new opportunities for the region.
The first project aims to make sure that the fourth-largest city in Texas promotes the advantages of blockchain technology and “encourages equity, diversity, accessibility, and inclusion” in the tech. ecosystem. To that end, the city manager has been instructed to research how the city may utilize Web3 and blockchain in 20 different areas, including smart contracts, supply chain management, and insurance. The Mayor’s second initiative instructs the city manager to carry out a “fact-finding study” on how to implement Bitcoin (BTC) and cryptocurrency-related rules in Austin.
The success of the two initiatives will be determined by how much new applications impact the daily lives of Austin residents. The city council is scheduled to vote on the proposals on March 24.
VezTek has been an expert in the field of innovation consulting and on-demand talent for emerging technologies like 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 and the 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞. We build digital products for tomorrow’s technologies today.
VezTek is where your ideas meet reality.
Schedule a call with us TODAY!