Although blockchain has become almost synonymous with cryptocurrency, they are, in fact, very different. Cryptocurrency are digital assets, like Bitcoin, that serve as a medium of exchange to secure financial transactions. The past few years have been a very exciting time for many traders as fortunes were made and lost before one could blink. Blockchain technology, on the other hand, is changing the world in a very different way than cryptocurrency. Many companies in all sorts of different industries are attempting to integrate blockchain technology into their daily operations in an effort to radically transform their respective fields. One industry that appears to be gaining significant traction thanks to the implementation of blockchain technology is the genomic data industry.
In order to determine what kind of impact blockchain technology can have on a particular industry, it’s important to find out what kind of demand exists for the technology. In this case, the demand is significant. According to a report published by Research and Markets, the global Genomics industry is projected to reach a total market size of approximately $24 billion by 2022. In 2017, the industry generated just under $15 billion in revenue.