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The adoption of technologies is paramount for enterprises striving to gain a competitive advantage. Blockchain technologies have farreaching applications across many industries due to key features such as elimination of intermediaries, data security, and transparency. Adoption of blockchain technologies by the financial and banking sector shows that they are mature enough to be adopted by industry. Insider Intelligence, a market research company, estimated that global spending on blockchain technology will reach USD19 billion in 2024. Blockchain technologies enable globalization, streamline business operations across value chains, and reduce overall operation costs. As their adoption is in the nascent stage, blockchain technologies offer a range of opportunities for businesses to innovate and enhance productivity for overall growth and profitability.
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