Planet Storyline

Blockchain technology is still in its infancy but has shown tremendous promise in recent years. The global blockchain technology, estimated at $5.85 billion in 2021, is growing by leaps and bounds at a CAGR of 82.8 percent and is forecast to reach $1,235.71 billion by 2030. Numerous businesses and startups are implementing blockchain technology. With this innovation, companies can create applications that boost security and productivity. Blockchain technology is a cutting-edge digital ledger that securely and irreversibly stores and records data. It employs decentralized networks and cryptography to process and store data. This capability ensures that no data in the network has been altered or falsified. The Bitcoin cryptocurrency’s underlying infrastructure was the initial use case for this technology. Later, blockchain was embraced for different use cases, including smart contracts, identity management, loan origination, supply chain tracking, and more. The way that blockchain functions is by cryptographically connecting blocks of transactions. New blocks are uploaded to this blockchain every 10 minutes thus it is constantly being updated. Miners confirm transactions using powerful computers to solve challenging mathematical riddles and create new blocks. The blockchain is also decentralized, which implies that the government or the organization has no control over it. Instead, it depends on computers located worldwide to uphold their security and integrity. Overall, blockchain technology is opening new possibilities for businesses and individuals. As blockchain technology develops over time, additional applications appear, creating greater chances for growth and innovation. In the upcoming years, there will be a steady rise in the number of businesses and startups utilizing blockchain technology. In this edition of Planet Storyline, we will look at a few of the successful blockchain technology companies from various verticals under the category ‘Innovative Blockchain Leaders 2023’. We bring to you the Cigniti Technologies, FP Complete, Chainyard, and Web3 Pro companies and how they turned out to be one of the leading players in the global blockchain ecosystem.