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Blockchain’s commercial impact estimated at $80 to $110bn by 2021

BlockSmiths empowers various sectors to become part of the Billion Dollar Tech Revolution 

There’s a widespread acceptance of Blockchain across the world as people are now realizing the revolutionary potential of this technology to maximize the efficiency of various processes across several industries. As per McKinsey’s report, Blockchain is expected to generate $80B to $110B in impact by 2021. Such a huge impact is possible because of the potential blockchain applications and use cases across multiple segments and sectors.

A Blockchain conference hosted by BlockSmiths, last Friday, in association with IBM Bluemix saw many top Management executives, CxOs, start-up founders, independent consultants and senior journalists. Blocksmiths is an Gurgaon(India) based blockchain consultancy that enables businesses to leverage Blockchain technology. The aim of the conference was to spread awareness and help industry leaders realize the potential benefits of Blockchain in streamlining various processes across several industries and maximizing the efficiency.

Harmeet Singh Monga, Chief Business Officer at Blocksmiths, said, “We see this conference as a wonderful opportunity to develop and promote the Blockchain community in India. We strongly believe that India has the potential to lead the Blockchain revolution in the South East Asian region. Through this conference, we aim to spread knowledge and help businesses understand the efficiency benefits offered by Blockchain”

During the conference, many use cases were discussed across industries such as banking, logistics, manufacturing, IoT and cyber security.

Sameer Garg, Vice President – New Economy Group, Axis Bank, said, “Thank you Team Blocksmiths for organising this very successful conference on Blockchain. Your conference has been a great success in all possible respects & extensively covered used cases as well .  I hope you continue the series and I wish you all the best with that.”

This year is going to be great for Blockchain as many countries and organizations are successfully incorporating Blockchain with their infrastructure such as Georgia becoming the first country to secure land titles through Blockchain and Dubai initiating plans to become the first city built on Blockchain. The big four are investing heavily in the R&D of Blockchain use cases and even inter-governmental organizations such as the United Nations are helping refugees in Jordan get access to food rations using the Ethereum Blockchain.

Several companies in the private sector have developed and are working on their own Blockchains for seamless execution of processes requiring the coordination of multiple departments. In the coming years, Blockchain will soon be integrated with every aspect of our lives without us realizing it.

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