Betting big on blockchain
Blockchain has made strides in industry. It has been a revolutionary technology giving rise to innovation and superior business processes. Thus, blockchain is witnessing heavy investment around the world. In the past one year, worldwide investment in blockchain has increased from $1.8 billion to $2.9 billion, comprising 88.7% increase.
Further, according to the latest infographic from CBCA (Central Blockchain Council of America), the world wide spending on blockhain development will grow at a CAGR of 76 percent over the period from 2018-2022. This will amount to nearly $12.4 billion in 2022.
In the U.S., where blockchain has been invented, has seen far more adoption than any other country. As per the latest CBCA Infographic, spending will increase from $3.1 million to $41.1 million in 2025, recording compound annual growth of 44.5 %.
Undeniably, breakthroughs made by blockchain technology—cryptocurrency, smart contracts, digital governance, tokenization — have pushed the envelope for businesses. Further investment promises far more transparency, security, and productivity, which are major benefits of blockchain-based technology. Thus, economies are pushing to bring forth more. As adoption of blockchain increases, global and sub-continental economy are bound to foster. America, Western Europe, and China are the top three economies which will see major investment, according to the infographic released by CBCA.
In 2019, their expected contribution will be, as follows –
1. U. S — $ 1.1 billion
2. Western Europe – $ 674 million
3. China — $319 million
Blockchain beyond finance and technology
So far blockchain technology has made strides in finance. In future, besides these sectors, manufacturing and distribution sector will see more investment and blockchain-based solutions. In 2019, globally finance sector is projected to see more than $1.1 billion investment. Further, manufacturing and distribution sector will see. Finance and technology will continue to garner heavy investment. In the past, technology sector has seen humongous investment. In 2019, according to latest reports, technology sector will cover 70 percent of overall investment. Further, manufacturing and distribution sector will spend around $653 and $652 million respectively.
So far cryptocurrencies and smart contracts have led path for development in blockchain. New use-cases such as digital identity and tokenization are expected to further see breakthroughs and reach new frontiers. Other sectors like healthcare will gain prominence in use of blockchain-based solutions as the technology gains trust among industry leaders. This has also led to growing need of blockchain-skilled talent among companies. Consequently, demand for blockhain certifications which equip with blockchain-related skills are growing too.
Given the potential of blockhain and its benefits, it has attracted the interest of many industry leaders. In a matter of few years, it has developed worldwide community. Inventions like Bitcoin have paved way for online financial democratization and is further propelling the unparalleled capabilities of blockchain technology. Business interest coupled with enthusiasm among developers will further lead to betterment of this technology and more adoption. Enterprises and start-ups around the world will play equal part to push the technology forward.
As the technology is still in its infancy, proponents will play a keep role in taking blockchain ahead. Support from global open source communities and government agencies will be an integral part of blockchain growth story.
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