Blockchain became widely known primarily as the foundation of Bitcoin and other cryptocurrencies, but it is transcending the boundaries of the financial and crypto-asset markets. Networks like Ethereum have introduced the use of tokens and smart contracts for payments in physical stores, gas stations, and restaurants, signaling broader and more everyday adoption of the technology.
A study by consultancy Grand View Research estimates that the blockchain market is expected to jump from $31.2 billion in 2024 to reach $1.4 trillion by 2030. This represents an annual growth of 90.1%. ‘Part of this expansion is due to the technology’s growth into areas beyond finance, driven by increasing demands for traceability and security,’ explains Cleverson Pereira, educational head at OnilX, a company that converts digital assets into liquidity for payments and transactions.
‘Blockchain’s decentralized and immutable ledger system ensures the integrity and transparency of transactions, making it particularly attractive for sectors such as finance, healthcare, and supply chain management. Companies in these segments are increasingly integrating blockchain-based solutions to enhance security and transparency in their operations,’ says the Grand View report, aligning with Pereira’s perspective.
Healthcare, government, and traceability: blockchain’s new horizons
According to Pereira, the application of blockchain technology in areas like healthcare and public services is already a reality and is expected to spread further. These developments reflect the evolution of so-called hybrid and consortium blockchains—meaning they can be shared among multiple entities, ensuring security and traceability for operations. But what does this mean for other sectors?
– Healthcare: enables secure sharing of medical records among institutions, reducing fraud and ensuring the integrity of patient data.
– Supply chain: tracks the origin of products, ensures authenticity, and combats piracy. ‘In this context, it can be applied broadly: from industry to agribusiness, especially to meet supplier requirements in foreign markets,’ emphasizes OnilX’s educational head.
– Copyright: NFTs registered on blockchain ensure fair compensation for artists and control of intellectual property in the digital space.
– Governments: countries like Dubai use blockchain for civil records and digital identification. ‘In practice, blockchain could even be used in elections, promoting transparency and security in voting,’ Pereira assesses.
New U.S. law: a global milestone for digital finance
The prospects for blockchain have recently expanded in digital finance and crypto-assets, the very areas that led to the creation of the technology. The signing of the Genius Act establishes a regulatory framework for digital assets and stablecoins—dollar-pegged cryptocurrencies—requiring them to be backed by liquid and audited assets.
According to Pereira, the new legislation brings several benefits to the sector. ‘Among them, it encourages the adoption of stablecoins as a means of everyday payment, increases trust in the technology among banks, retailers, and consumers, and expands blockchain as an infrastructure for international payments. In practice, greater understanding and application of the technology make it a more frequent presence in other sectors with legal security,’ he says.
