Blockchain, as a technology, is powerful enough to change or disrupt business models in almost every industry. Currently, the financial services industry, which processes trillions of dollars’ worth of transactions every day, is evaluating how blockchain can address the inefficiencies and loopholes in the present system. On the other hand, a recent report released by a leading market research agency states that blockchain technology in the telecom market will grow from $46.6 million in 2018 to $993.8 million by 2023.

Blockchain, the technology that supported the incredibly-hyped Bitcoin ecosystem, managed to pique the interest of the financial sector. It’s one of those industries that witness millions of transactions worth trillions of dollars every day. Today, they started experimenting with blockchain to see how they can leverage the concept of the “decentralized ledger containing all transactions that take place across the network” to transform the global financial system.

Blockchain is creating equally intriguing and possible groundbreaking ripples in the telecom industry. According to the experts of a leading market research agency, blockchain in the telecom market was at $46.6 million in 2018. They believe that it will increase to $993.8 million by 2023 at a Compound Annual Growth Rate or CAGR of 84.4%.

Explore More: https://www.moontechnolabs.com/blog/blockchain-revolution-accelerated-telecom-and-finance-segment/

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