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2.4 Market Opportunity
The trend in the global cryptocurrency market shows that there is an increase in the purchase of digital currencies and the number of transactions across decentralized networks on blockchain technology. However, it is the increase in digitization, the legitimization of digital currency, and the widespread acceptance of cryptocurrencies as legal tender that has spurred the growth of the market. As a digital peer-to-peer network, Zenith Chain will efficiently utilize the ethereum blockchain to secure the transfer of digital curries and assets between parties.
Blockchain technology brings simplification in business functionality. It involves systematic arrangements of business processes, discovering complex sources, and erasing them permanently. Process changes are implemented to reduce wastage and optimize resources. Blockchain substitutes intermediaries by providing a cryptographic database, where a third-party cannot change or alter data. Moreover, process simplification in blockchain technology records transactions and assists in cutting operational costs; this will accelerate the growth of the global blockchain market in the forecast period. Growing adoption of blockchain technology in IoT & cyber-security will create enormous opportunities for the global blockchain market. IoT and cybersecurity systems perform better when paired with blockchain technology. Blockchain is a distributed ledger that facilitates such as identification of devices, authentication, and secure data transfer. Blockchain technology strengthens IoT and cyber-security systems as it prevents duplication of data. Moreover, the operational costs of IoT systems are also reduced after utilizing blockchain technology. Increasing adoption of blockchain technology in IoT and cyber-security management systems is foreseen to create tremendous opportunities for the growth of the global 19 blockchain market in the predicted time.