The blockchain sector matures with each passing year. Positive sentiment is increasing, as both consumers and businesses are becoming more aware of and confident in the underlying blockchain technology.

Deloitte released a study in March 2020 that surveyed 1400 professionals and discovered the following fascinating findings. 55% of organizations rank blockchain technology as one of their top five objectives. A blockchain is no longer just a tool for increasing efficiency; it is increasingly recognized as a means of improving processes and other tasks. 80% of businesses polled said that any delay in blockchain implementation would hurt their market competitiveness.

On the contrary, according to the Deloitte survey, 50% of respondents believe blockchain is “overhyped,” up from 40% in 2018. 
On the contrary, according to the Deloitte survey, 50% of respondents believe blockchain is “overhyped,” up from 40% in 2018. Another diminishing trend discovered was that 65% of respondents believed blockchain will provide more security over their present IT systems, down from 70% the previous year.

Deloitte’s survey also addressed blockchain adoption, with a growing number of organizations putting blockchain solutions into production. This proportion increased from 23% in 2019 to 39% in 2020.
It was also discovered that the higher the corporate revenue, the higher the rate of blockchain use.

Blockchain investment by businesses is increasing.

Spending on blockchain technology is predicted to reach $4.3 billion in 2020, representing a nearly 60% increase over 2019. According to projections, company blockchain investment will exceed $15 billion by 2023.

Current Blockchains’ Expensive Scaling Issues

Since April 2020, the cost of using the Ethereum blockchain has climbed 500%, with an average gas price of 16 Gwei (about 0.000003712 USD) (See Converter). Then we add up all the fees on the Ethereum blockchain and divide them by the number of transactions to get the “Median Transaction Fee” that regular people pay. It was also discovered that the higher the corporate revenue, the higher the rate of blockchain use.

To address the issue of gas prices, EIP-1559 has been proposed, which will implement a dynamic pricing structure. This Ethereum Improvement Proposal (EIP) is still in the early stages of development.

Will it be a user-friendly coin and wallet app?

To address the issue of gas prices, EIP-1559 has been proposed, which will implement a dynamic pricing structure. This Ethereum Improvement Proposal (EIP) is still in the early stages of development.

Ethereum is not only pricey, but it is also slow to process, with transactions lasting 10 to 15 seconds (currently 13.28s). These scaling issues will be addressed with Ethereum 2.0. The only issue is that it will take two years to complete. Vitalik recommends using ZK-Rollups as an intermediate Layer-2 scaling option for the next two years to boost data throughput. Following this period, there will be another upgrade.

Building the Next Billion User Blockchain Application Will the Kin ecosystem scale to a billion users?

Libra “represents a new blockchain-based financial infrastructure aimed at simplifying global money flow and business, as well as fostering financial inclusion among individuals on the banking system’s periphery.” de will provide the possibility to boost computation.
Perhaps the next Billion User software will be a coin collection game, a gambling app, or even a De-Fi program. Some app user stats may be found at DappRadar, where the highest-ranking app has over 80k users per month!

When will Blockchain Apps surpass Traditional Apps in terms of acceptance and usage?

This will most likely be a long process as technology catches up and worldwide users gain confidence in the blockchain. As indicated in the Deloitte case above, with over half of firms concentrating on blockchain to improve operational efficiency and a 60% increase in blockchain investment, it may only take 5 years before Blockchain Apps become mainstream. Solana has solved the scaling of blockchain infrastructure; now the race is on for app developers to serve the next billion users.