Main article: Blockchain
Europe Market
Main article: Blockchain (European market)
Investment in blockchain
Main article: Investment in blockchain
2023
The volume of the global blockchain technology market for the year reached $17.57 billion. Leaders
In 2023, the global blockchain technology market reached $17.57 billion. At the same time, almost half of the total costs fell on North America. This is stated in a study by Fortune Business Insights, the results of which were released on July 8, 2024.
It is noted that the growth of demand for blockchain technologies in various industries is facilitated by a rapidly developing digital environment. The COVID-19 pandemic has led to the closure of most industries, disrupting the economy and investment in digital solutions. In addition, the coronavirus outbreak has had a significant impact on digital registry technology. At the same time, the pandemic has accelerated digitalization in all sectors - from public administration to retail. There are many opportunities for expanding cloud services and introducing blockchain systems. Among the main stimulating factors are named: the evolution of decentralized finance (DeFi), innovations in the field of non-replaceable tokens (NFT), improvements in security and privacy, the introduction of artificial intelligence, the development of decentralized autonomous organizations.
In 2023, North America provided about $8.18 billion in the total market volume. This dominance is explained by the fact that a number of leading players in the industry are based in the United States - IBM, Microsoft, Oracle, AWS and Digital Asset Holdings. Europe in terms of costs for blockchain solutions takes the second position. The study says that governments and private businesses in France, Germany, Italy, Spain, Luxembourg, the Netherlands and other European countries are actively investing in digital currencies. The companies focus on expanding their geographical footprint by providing digital registry services to customers around the world. The Asia-Pacific region has the highest average annual growth rate, with companies in China, Japan, Oceania, South Korea and Southeast Asia actively increasing investment in technology. At the same time, the Middle East and Africa market is at an early stage of development: key players are focused on developing advanced solutions for the oil and gas sector, IT and transport.
If we consider the blockchain market by industry, the largest costs fall on the BFSI sector (banking, financial services and insurance) - approximately 32.2% at the end of 2023. Telecommunications, media and entertainment, production segment, healthcare also make a significant contribution. At the same time, as noted in the Fortune Business Insights survey, the retail and consumer goods industry is showing the highest CAGR due to the active transition to digital technologies. Rapid development is also expected in the IoT segment as blockchain technologies enhance the security of such platforms and provide transparency to the relevant ecosystem.
Analysts believe that in the period from 2024 to 2032, the global blockchain technology industry will demonstrate a CAGR (average annual growth rate in complex percentages) at 52.8%. As a result, by the end of this period, expenses can reach $825.93 billion. The key deterrent is the lack of qualified specialists. Because of this, the introduction of technologically advanced solutions is relatively slow. In addition, developing countries such as,, and India Peru Mexico others face a lack of awareness of the risks associated with data protection.[1]
7 main trends in the blockchain market named
Blockchain technologies help in solving a number of important tasks, such as ensuring information security, reducing costs and maintaining the sustainability of enterprises. Companies and governments recognize that blockchain-based solutions can accelerate innovation as well as help in the digital transformation of business and society. Against this background, mass introduction of the technology in all industries is expected, as stated in the AMBCrypto study, the results of which were released in early September 2023. In total, seven key trends in the blockchain market stand out.
1. Implementation of blockchain in the corporate segment
According to a PwC survey, more than 50% of companies with a global presence implement one or another blockchain initiative. The key advantages of the technology are cost savings, security, transparency and increased efficiency. Large corporations like Walmart, Amazon, JP Morgan and Facebook use blockchain to manage supply chains, digital identification, payments and other tasks.
2. Development of Decentralized Financial Services (DeFi)
The advantage of such platforms is the availability and minimization of counterparty risks. DeFi applications provide digital financial services using smart contracts on blockchain networks such as Ethereum. In 2022, the total value of assets on DeFi platforms exceeded $100 billion, and will continue to grow in the future.
3. Non-interchangeable tokens (NFTs)
New NFT use cases are expected in various industries. The technology in particular can transform supply chain management by providing unique identifiers to track the origins of physical products. NFTs can also be applied to confirm the authenticity of legally relevant documents, such as patents and licenses. In games, NFTs can give users exclusive ownership of digital assets.
4. Blockchain Scalability and Compatibility
Large blockchains, including Ethereum, can process only 10-20 transactions per second, which is not enough to build large-scale systems. However, there has already been progress in solving this problem. In a similar way, tools are being developed to ensure the possibility of interaction between various blockchain platforms.
5. Integration with traditional systems
While blockchain technology promises massive changes in many industries, it cannot replace outdated systems overnight. Companies have formed established business processes based on traditional approaches. Therefore, the development of the blockchain market requires effective integration of technology with the existing IT infrastructure of enterprises. We are talking about the introduction of solutions for connecting blockchain systems with traditional databases, workflows, ERP platforms, etc.
6. Development of the concept of "blockchain as a service" (BaaS)
Developing blockchain applications requires specialized skills. However, various BaaS platforms are emerging that provide faster and easier deployment of such solutions. These services provide out-of-the-box templates, tools, pre-created components and infrastructure to develop and host blockchain applications.
7. State Blockchain Initiatives
Blockchain technology is attracting interest from governments around the world. Government agencies see various advantages from the introduction of blockchain, including reducing administrative costs, reducing fraud, increasing transparency and improving confidence in public processes. Use cases range from citizens' ID cards and taxation to voting and land registry.[2]
2022: Cryptocurrency trading is a major trend on Gartner's blockchain technology maturity curve
In July 2022, 2022, Gartner updated its blockchain and Web3 technology maturity curve. Cryptocurrency and token prices have collapsed, but coin prices should not be mixed with the value of the technology, according to the study. Consumer applications such as NFT games and e-commerce are driving innovation as businesses gradually begin to recognize the value of the business. A tipping point in the adoption of cryptocurrencies will soon be reached, as risks are managed proactively. At the same time, cryptocurrency trading has become the main trend in the market, researchers say.
Corruption has prevailed
Recent cryptocurrency crashes have largely been caused by corrupt gamblers who have lied to customers or creditors about what they do with their money. In contrast, DeFi protocols did not fail - smart contracts were closed automatically when collateral was insufficient or other conditions were met.
According to Gartner analysts, the market collapse caused by corrupt players could be avoided if everyone used decentralized finances, where neither side has control.
It is easy to splash out a child with water, so it is important for market observers to unravel the facts and recognize the value of blockchain innovations that did not exist before.
Smart contracts and tokens are just computer code that is independent of the greed and corruption of the "centralized" bad players who took advantage of them.
In fact, bad guys are experimenting with new technology much faster and sooner than good guys. This is a historical fact. It takes time for "good use cases" to catch up with them, and even more time is needed to deploy anti-fraud and security controls.
There are no killer examples of use
At the same time, apart from cryptocurrency trading, analysts still have not seen revolutionary scenarios for using blockchain and Web3 technologies. They must outperform existing apps in terms of improving our lives. For example, wouldn't it be helpful if the user got into a car accident and received an insurance payment for damage within ten minutes. This can happen thanks to a combination of Web3 and other technologies such as AI and IoT. It's just a matter of time.
Incremental improvements
Users are witnessing a gradual improvement in blockchain technologies. Enterprise applications, from aircraft maintenance to food safety, use tokenized real assets and smart contracts to manage them and reap benefits that are beginning to materialize. Hybrid identification systems using blockchain will soon allow football fans in Spain to enjoy special privileges at matches. Teachers will soon be able to innovate by owning and selling their online content without being tied to a specific platform or service provider.
Current risks
Nevertheless, the risks are high, acute problems remain, and "killer applications" that stimulate the mass introduction of projects in the field of blockchain and Web3 have not yet appeared by July 2022. And most regulators don't seem set to accelerate the pace of protection and regulation of parts of the market that should and can be regulated.[3]
2021
The global blockchain technology market was estimated at $4.9 billion
The volume of the global blockchain technology market in 2021 reached $4.9 billion, according to research company ResearchAndMarkets in May 2022. Experts did not disclose the dynamics in comparison with 2020 and only noted that blockchain costs are on the rise and will remain so in subsequent years.
According to analysts, the blockchain market will grow by an average of 68.4% annually and will amount to $67.4 billion by 2026. Growth, as indicated by the study, is facilitated by several factors, including:
- growing venture capital investment in blockchain projects:
- the widespread use of such technologies in the banking sector and in the field of information security;
- active application of blockchain for payments, smart contracts and digital ID documents;
- an increase in the number of government projects in the blockchain sector;
- combining blockchain, IoT, and artificial intelligence technologies;
- growing demand for real-time data analysis and predictive system maintenance.
The researchers also noted several barriers to the development of the blockchain market:
- uncertain market regulatory environment;
- High technology implementation costs.
As noted in ResearchAndMarkets, more companies are realizing the advantages of blockchain platforms, such as security, faster operations, automation of processes (for example, payroll, billing and inventory) and lower costs for value chains.
Analysts also pay attention to the growing demand for blockchain services, including integration and consulting.
Experts call the United States the largest blockchain market. At the same time, the countries of Europe will demonstrate the highest growth rates of spending on such technologies as predicted.[4]
6 main trends in the blockchain technology market
In mid-March 2021, Forbes magazine spoke about the 6 main trends in the use of blockchain in 2021, which will cover numerous areas of activity.
"'Blockchain for Tracking and Distributing Vaccines
It is likely that in 2021 the blockchain will be used to track the delivery of vaccines from the place of production to the patient. At each stage of the path, blockchain allows you to create permanent, non-falsifiable records about the location of each batch. But to implement this technology, it is also necessary to develop processes for forecasting demand, supply chain management and authentication. The leader in deploying blockchain-based solutions to these problems is IBM, which is already in talks with pharmaceutical companies to launch a pilot project.
Continued growth of corporate blockchain
Corporate blockchain, also called private or permitted blockchain, implies control of a centralized "owner" - usually the company that provided the blockchain platform. Relevant banking and financial services will become leaders in their industry due to the convenience of accounting. In addition, enterprise blockchain applications will increasingly be used in healthcare, manufacturing and professional services. According to the study, Gartner 14% of corporate blockchain projects moved to the stage of industrial implementation in 2020, while in 2019 this share was only 5%.
Growth in NFT adoption
Non-interchangeable tokens (NFT, non-fungible token) are essentially digital assets (images, music, code, contracts), the value of which is justified by their uniqueness. Some call them "digital collectibles" because, unlike most digital files, these assets cannot simply be duplicated and copied.
NFTs provide digital asset owners with proof of ownership. In addition to unique artworks, NFTs can be used to track land and property ownership, which now often requires time-consuming and expensive registry searches, or to track used vehicles when previous owner data can affect price.
Blockchain as a service
This distribution model has enabled the rapid adoption of a number of technological innovations, including cloud computing, [[Internet Internet of Things () IoT |]][[Internet of Things (IoT)|Internet of Things (IoT)]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] and (artificial intelligence AI), and Amazon IBM has already Microsoft begun to develop tools and platforms to enable enterprises to use blockchain technology as a service, i.e. without prior investment in infrastructure and special skills training. They "smart contracts" will create other decentralized architectures that can be used for a wide variety of purposes, and cloud platforms will make this technology available to many organizations.
The demand for blockchain skills
The development of blockchain technologies can be hampered by an acute shortage of specialists who own the latest technologies. Developing skills in the design, deployment or maintenance of blockchain solutions may well provide a bright future for the specialist. When blockchain solutions begin to take over the market, and the number of projects being developed grows rapidly, specialists who decide to improve their qualifications will gain real control over the employment market.
The rise of stablecoins
cryptocurrencies Volatility still presents a major sticking point for banks and financial services, which value the stability and long-term utility of their assets. The popularity of stablecoins is growing precisely because they can save owners from crazy fluctuations in value. In cryptocurrencies this case, cryptocurrencies such as Tether, TrueUSD and USDCoin bind their values to real centralized () fiat currencies. Thus, they provide the stability that is needed for the currency used as a means of saving and exchanging funds.[5]
Dissolution of IBM blockchain unit team due to failed tasks
In early February 2021, it became known that IBM almost completely dissolved the blockchain technology team, as most of the tasks were failed. CoinDesk sources familiar with the situation at IBM claim that the company will no longer have a blockchain team. Read more here.
2020
PwC: blockchain will lead to $1.76 trillion growth in the global economy
In mid-October 2020, PwC presented a new analysis, according to which by 2030 blockchain technologies will ensure the growth of the global economy by $1.7 trillion. The analysis is part of a series of PwC studies that focus on scenarios for the use of new technologies and their impact on the economy. PwC believes that "blockchain is able to help many organizations rebuild and reorganize their structure" in the new conditions.
PwC noted five key blockchain application areas and assessed their potential for value creation using economic analysis and industry research. These five key areas include cash flow tracking; payments and financial services; Identity management contracts and settlement of disputes; interaction with customers.
The PwC report also noted that blockchain technologies can be used in a wide range of industries, from heavy industry to fashion labels. According to analysts, the most profitable application of blockchain in industries such as public administration, education and. health care According to PwC, by 2030, revenue growth in these areas will be $28.5 billion, which as a result will also benefit wholesale and retail, to trade communications companies and, MEDIA as well as a wider range of business services.
PwC analysts added that for the most successful development of blockchain technologies, the market needs a favorable political environment, as well as a business ecosystem ready to use new opportunities. This applies to both internal and external processes, explained Steve Davies, head of PwC's international blockchain division. He believes that at the stage of introducing new technologies, the support of senior management is absolutely necessary, which will be able to set strategic goals.[6]
Gartner: The main mistakes in the implementation of blockchain projects in companies
In mid-August 2020, Gartner analysts named the main mistakes of companies in the implementation of blockchain solutions. According to experts, companies are carefully mastering new technologies, trying to increase the efficiency of business processes with their help, but make mistakes.
1. Non-use of blockchain to create immutable data audit logs
According to Gartner, IT executives mainly deploy blockchain to solve problems that a regular database could handle. As a result, companies ignore key features such as decentralized consensus, tokenization and smart contracts. According to researchers, 90% of blockchain projects will have to be redesigned in the next 18 months.
2. Technology Maturity Misconception
Companies suggest that blockchain technology is ready for commercial use, although the market still consists mainly of fragmented platforms too immature for full-scale implementation into the enterprise. Some platforms focus on privacy, others on tokenization, and still others are for universal transactions. According to Gartner, most of them do not yet meet relevant security standards, and also do not have an architecture compatible with most modern network management tools.
3. Companies mistakenly consider blockchain a business solution
Companies confuse the protocol with a business solution, and blockchain is a basic level technology that requires the creation of applications to meet specific business needs. Although blockchain is used in a variety of scenarios, from supply chain management to data sharing in medical information systems, applications are needed to use it, which must also include a user interface, business logic, data storage mechanisms and interactions.
4. Misconceptions about the extent of use
Companies often believe that blockchain should be considered solely as a database or storage system. However, the technology is still poorly scaled, as each node in the peer-to-peer network receives a full copy of the distributed registry each time it is updated, and performance decreases as it grows. Therefore, experts recommend that IT professionals reconsider the requirements for data management in blockchain systems and, possibly, use traditional solutions in some cases.
5. False expectations about technology compatibility
Companies suggest that the blockchain universe already includes compatibility standards. But it is still difficult to imagine the possibility of full interaction, because most platforms and their basic protocols are still being developed. Gartner experts believe that you should not choose a blockchain solution based on its compatibility with the technology of another manufacturer.
6. Smart contracts have not yet been finalized
Companies are also wrong to talk about the maturity of smart contract technology. While this is one of the most attractive aspects of blockchain, its problems are far from completely solved. But in a decentralized system, smart contracts are executed by all nodes in a peer-to-peer network, which leaves the scalability and manageability of the technology in question. Analysts recommend that companies not plan large projects for the introduction of smart contracts, but conduct only small experiments.
7. Lack of understanding of management
In a private blockchain, the issue of network management is usually decided by the creator. However, with public blockchains, the situation is different. Managing public blockchains such as Ethereum and Bitcoin is mainly aimed at solving technical problems. Human behavior or motivation is rarely considered. Chief information officer must therefore be aware of the risk that blockchain management problems may pose to the success of their project.[7]
Deloitte: How blockchain becomes a real strategic priority
In early July 2020, the consulting company Deloitte summed up the global survey and came to the conclusion that blockchain from experimental technology is turning into a strategic priority for organizations.
Almost 1,500 senior executives in 14 countries took part in the survey, with 39% of companies already moving their pilot blockchain projects into production, while in 2019 this figure was only 23%. Moreover, 83% of respondents in the Deloitte survey believe they will lose their competitive advantage if they do not use blockchain. In 2019, only 77% of respondents thought so.
The study revealed that blockchain projects are becoming an investment and strategic priority for many companies. Nearly 90% of those surveyed said digital assets would become "very important" or "somewhat important" to the development of their own industry in the next three years. At the same time, 82% of respondents said that they hire or plan to hire staff who have already worked with blockchain projects.
Respondents in, Brazil, and began Hong Kong Israel UAE to note the scalability of blockchain projects, while respondents in, and are To Canada China Ireland more likely to believe that not using blockchain could be a loss of competitive advantage. The difference in opinion may be due to the number of blockchain projects launched, and country averages vary greatly. For example, 59% of respondents in China said they use blockchain in production, while USA this share was 31%.
Skeptics remain: the share of those who consider the growth of blockchain excessive has grown to 54% of respondents (in 2019 their share was 43%). But it is believed that it is not large projects like Faceboook Libra that can win trust, but smaller initiatives that are likely to be more successful on their scale.[8]
2019
BaaS market reaches $420.5 billion - ResearchAndMarket
The global market for blockchain technologies provided as a service (BaaS) in 2019 amounted to $420.5 billion, according to research company ResearchAndMarket. Analysts did not specify the dynamics regarding 2018. but said the costs of such decisions were increasing.
How BaaS refers to solutions that allow users to create, host and use their own blockchain applications, smart contracts and features on the blockchain through cloud platforms. The cloud provider controls all necessary tasks and actions to maintain the flexibility and health of the infrastructure.[9]
Among the disadvantages of the BaaS model that are holding back the development of this market, analysts attribute the fact that the cloud blockchain implies a certain degree of centralization, since transactions within the block chain are directed through the host.
But for many companies, it is much more important to reduce the cost of developing their own distributed technology, which makes it possible to make a cloud service. The company does not need to reinvent the wheel if for the purposes of its business, if there is already a ready-made blockchain solution. Except in cases where a company cannot trust the service of its network to another company, albeit a well-known one, is indicated in the study.
ResearchAndMarket says BaaS solutions are transforming the financial sector amid banks how other financial institutions are actively exploring blockchain for use in practice.
The largest growth rates of the BaaS market are taking place in the Asia-Pacific region thanks to blockchain projects in the public sector.
The following companies are called the leaders in the blockchain technology market provided as a service by analysts:
What blockchain will be like in the corporate sector in 2020
At the end of December 2019, the founder and CEO R3 of the company, David Rutter, presented his forecast for the development of - blockchain technology in the corporate sector in 2020.
By the standards of most technologies, blockchain should still be in its infancy, but in fact is developing at an unprecedented rate. After a surge of interest and innovation in the first few years, company leaders are introduced to the benefits of the technology and looking for ways to implement them.
The industry is gradually consolidating as the most efficient models that meet the needs of the enterprise come forward. Corporate blockchain will be front and center in 2020, and R3 experts argue that the deployment of the technology can be ensured by following the "simplify, connect, trade" principle.
Simplify
Complexity is the enemy of corporate technology. Blockchain must be a practical and scalable solution used by different organizations with different goals and resources, so basic platforms must strive for simplicity and flexibility.
Organizations want to make the process as accessible as possible, so deploying a host and connecting to a network must be simple and painless, whether the host is deployed locally or across multiple networks. The leading blockchain platform in 2020 should "roll out anywhere at any time" with minimal effort, allowing customers to focus on the benefits of blockchain to the business rather than the challenges of deploying it. Corporate blockchains will also gain an advantage over publicly available blockchains in 2020, as they will provide combat-simple solutions.
Connect
The second key trend in 2020 will be a reorientation to network effects. It will include downloading new networks and reviving interoperability as a priority to allow those networks to expand audience reach.
Customers will again need an easy and convenient way to start or join a partner network. User experience should not be limited to technical considerations, and the services themselves should provide simple management and a "consortium economy" that will allow companies to do business more efficiently and wisely with multiple partners.
Trade
In 2020, blockchain will prove its advantage in the field of transactions, and the key point will be the deployment of high-quality digital assets. The introduction of a regulated asset network will accelerate the pace of innovation in digital values, especially digital currencies, which are regulated or supported by the central bank. The current reactionary movement against private or cryptocurrency stable coins will gain momentum as the public sector seeks to recode cryptocurrencies through accelerated experiments with digital currencies.
In 2020, blockchain technologies will reach the necessary maturity. In the past few years, companies have been at the center of an incredible hurricane of innovation and experimentation and have put forward many different models in order to best deploy and control blockchain networks in an enterprise environment. However, many of the debates are already being addressed as the industry consolidates around the most appropriate models. In 2020, those who can simplify the process of deploying blockchain, establish connections between networks and ensure uninterrupted transactions in real time will come forward.[10]
What to expect from blockchain in 2020
In early December 2019, Gartner analysts presented a number of forecasts related to the application of blockchain in 2020. Blockchain is gradually gaining market confidence, so this technology is beginning to be used in areas that have not even been considered before. However, experts believe that before conquering the market, the new technology still needs to mature both technically and as part of a more powerful ecosystem.
1. Identifying fake news
Articles and other content based on knowingly false information often attract more users than real news - beneficial to advertisers and ratings, but remains a major challenge to society. By 2023, the reality of 30% of the world's news and video content will be confirmed with blockchain systems opposing Deep Fake technology.
2. Digital exchanges
Securities settlements are carried out by central private institutions, and although the process of moving shares and bonds between buyers and sellers should take up to three days, there are often long delays. Blockchain technologies provide the necessary transparency and reliability of operations, so that the need for multi-level checks disappears by itself.
3. Blockchain revolution to lead China, leaving US far behind
The Chinese government recently announced a blockchain-focused development strategy. This decision affects both the initiatives of the state apparatus of the whole of China and the expenses of various regional governments. Conversely, American and European regulators do not hide the cautious approach to blockchain technologies.
4. Identification
It is assumed that the fastest blockchain will be introduced into the financial services sector, since it will be able to ensure system security and identity management - first for individual enterprises, and then for consumers.
5. Hybrid blockchains will dominate the market
Analysts reckon that the future lies with hybrid blockchains, which combine the best sides of both private and public blockchains. Ideally, a hybrid blockchain would provide controlled access and freedom at the same time. [11]
Companies leading in blockchain patents named
In November 2019, the China Academy for Information and Communications Technology (CAICT) published the results of a global study on patents in blockchain technology.
At the end of 2018, the British company Nchain turned out to be the leader in the number of applications for registration of patents related to blockchain, which sent 469 applications to the competent authorities around the world. Next are with Alibaba Mastercard 262 and 184 applications, respectively.
Blockchain patents are concentrated in companies from China, the United States, Canada, South Korea and Britain. From 2013 to December 20, 2018, 4435 blockchain patents were registered in the Chinese business, which is 48% of the total in the world. The share of the United States was 21% (1833 patents).
 | The rapid growth in the number of patents for Chinese blockchain technologies not only reflects the country's emphasis on promoting the technology, but also indicates that the PRC will have a greater international influence in the blockchain market, the CAICT report says. |  |
China has also seen a surge in the number of blockchain technology companies. There were 27,784 in June 2019. Analysts from the Middle Kingdom claim that only 1,430 blockchain companies are registered in the United States, and in Britain there are even fewer - 465.
However, the state television channel of China CCTV reports only that in the country only 10% of companies that consider themselves to be a block market are actually engaged in the development of technology.
Chinese President Xi Jinping called for accelerating the introduction of blockchain in the country, calling the latest technologies "the basis for transformations in industry, finance and other industries." After that, interest in blockchain in the country increased greatly.[12]
Where the government should implement blockchain. 8 tips from Gartner
In early September 2019, analysts Gartner published a list of recommendations on which areas government bodies need to implement. blockchain
According to the researchers, by 2025 blockchain technologies will become an interoperable basis for a global decentralized identification system. Government officials who are considering using blockchain already face a number of promising and practical uses for the technology.
1. Elections
The use of blockchain in elections is of interest to many governments, although few use the technology nationally. Various startups have already conducted pilot projects in the United States, Ukraine and Sierra Leone, although this system could not be fully called decentralized everywhere. Overall, none of the pilots have so far been able to present a safe option for voter authentication or address the bigger issues surrounding fraud and intimidation.
2. Humanitarian and social services
Another reason for the introduction of blockchain may be the improvement of services that are provided to the needy population without documents. Such projects include the United Nations World Food Program, the United Nations Development Program, the Refugee Assistance Program in Finland, the MyPass initiative in Austin, Texas, and the New York Homeless Services Branch.
3. Digital Asset Markets
Governments are also interested in using blockchain to trade purely digital assets or digital representations of tangible assets. This allows them to act as a supplier in various industries such as insurance, utilities, healthcare, fishing, agriculture, mining and water rights.
4. Improved efficiency
Efficiency initiatives are based on the idea that the transaction system can be optimized with blockchain. This may come in handy for governments that must ensure interactions and transactions between different government organizations or involving larger public/private ecosystems.
5. Workflow
The governments of some countries announced the creation of blockchain-based documentation management systems, and Dubai and the US states of Vermont and Delaware demonstrated pilot blockchain platforms.
6. Traceable Transactions
Decentralized applications, or Dapps, are software applications that allow members of a peer-to-peer network to communicate with each other with full tracking of all transactions. The government can track supply chains, improve customs operations or increase transparency about the origin and composition of products.
7. Complex data
Blockchain can be used in strategies involving the processing of complex data. Examples include medical records, intellectual property rights, large amounts of related unstructured data and documents, and typically real estate records.
8. Self Sovereign records
Self Sovereign means that the user owns credentials, as well as Credentials, which are a set of attributes, such as a diploma of education, passport number, medical book, etc., received and signed digitally from trusted/authoritative sources (for example, passport office, university, bank). These records are kept by the owner and transferred to other participants only if necessary. Such a system combines trusted sources with a secure way to exchange information and allows individuals to collect and manage their records from multiple sources.[13]
IDC: In 2019, the blockchain market will grow by 80%
Analyst firm IDC released the Worldwide Semiannual Blockchain Spending Guide in the summer of 2019, which contains an analysis of data on the costs of blockchain projects in the sections of regional and vertical integration, use cases, buyers and technological prospects. Analysts believe that the industry is waiting for rapid development. Thus, this year its volume will reach approximately $2.7 billion, having increased by an impressive 80% compared to 2018. After that, the market growth rate will decrease slightly, annually amounting to approximately 60.2%. In 2023, the blockchain market will amount to $15.9 billion[14] will[15]
The champion among blockchain investors will be the United States - $1.1 billion in 2019. The second place will be taken by the countries of Western Europe with a total investment of $661 million. The third place will go to China, which will invest $304 million. Russia will also contribute to the general contribution, where the population's interest in blockchain technologies and bitcoin mining does not fade away. And in the rate of cost growth of all competitors, Canada will overtake, the growth of investments in blockchain technologies by 2023 will be 73.3%. In general, the growth rate in all nine regions analyzed is regarded by IDC experts as phenomenal.
Among industries, the largest investments in 2019 are predicted in the financial sector (about 30% of the total). This will mainly happen due to the rapid introduction of blockchain in the banking industry and insurance. About 20% of investments are expected in the field of discrete and continuous (process) production. Blockchain costs among continuous production enterprises will grow the fastest - by 68.8% annually. Four more industries (discrete manufacturing, professional services, retail and utilities) will also grow faster than the overall market.
While IDC predicts the rapid development of the blockchain solutions market, Gartner notes weak demand for this technology among companies. 77% of Chief information officers surveyed in 2018 said there was no interest in blockchain. 43% of respondents do not plan to conduct any work and research in this area, although they follow the news in the market.
Most analytical agencies agree that blockchain is the future of e-commerce. According to forecasts published by IBM, by the end of 2020, about two-third of banking operations will be carried out through this technology.
The banking sector is not the only area that will be able to fully take advantage of all the advantages of blockchain, since the basic principles of its operation are suitable for use in almost any field of activity. According to experts, the transparency of the blockchain, as well as the ability to make transactions in real time, give reason to believe that the advantages of the technology have just begun to demonstrate their true potential.
Gartner: 7 major mistakes in the implementation of blockchain solutions
On June 12, 2019, analysts Gartner named 7 main errors in the implementation blockchain of solutions. Companies are still cautiously mastering the technology, experts said, trying to figure out how it can improve efficiency by business processes making the following mistakes.
1. Misunderstanding and use of blockchain systems
Gartner noted that by June 2019, most blockchain projects were implemented exclusively for writing data through decentralized registry (DLT) technologies. At the same time, companies ignore key functions such as decentralized consensus, tokenization and smart contracts. Since business does not take advantage of all the capabilities of blockchain, a reasonable question arises - do companies need this technology at all, says Adrian Leow, senior research director at Gartner.
| | You can start with DLT, but Chief information officers primarily need to clarify the options for using the blockchain as a whole and move on to projects that also use other blockchain components, the expert added. | |
According to researchers, 90% of blockchain projects that are developing by June 2019 are likely to have to be redesigned in the next 18 months. Fixes are needed to ensure that companies remain competitive, secure and relevant to the market.
2. Misconception that the technology is ready for commercial operation
The blockchain platform market is huge and consists mainly of fragmented offers, the creators of which want to distinguish themselves from competitors. Some focus on privacy, others on tokenization, and still others on universal computing. However, most platforms are still too immature for a complete implementation of the enterprise. This is because they do not meet appropriate security standards and also do not have an architecture that is compatible with most modern network management tools.
According to analysts, the number of offers in the market is confusing for IT decision makers. The research company also says that with the growing interest of enterprises in blockchain, the number of manufacturers of such platforms is also increasing.
According to Adrian Lio, no blockchain platform will become dominant until 2024. Many companies do not understand whether blockchain differs from other modern technologies, so they are in no hurry to implement it, the expert is sure.
| | Many Chief information officers overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals, which creates unrealistic expectations when evaluating proposals from blockchain platform developers and service providers, noted Adrian Lio. | |
3. It is a mistake to assign the status of a business solution to a protocol
Blockchain is this basic technology, not a full-fledged application that has a user interface, business logic, data storage and interaction mechanisms.
| | In the case of blockchain, there is an erroneous opinion that base-level technology is not so far from a complete solution. That's not the case. This helps to consider blockchain as a protocol for performing a specific task within a full-fledged application. It is a mistake to believe that the protocol can be the only base for the entire e-commerce system or social network, points out Adrian Lio. | |
4. Blockchain is considered a database or storage facility
By June 2019, blockchain does not include all the capabilities inherent in traditional DBMS, such as creating, reading, updating and deleting information. Instead, the blockchain only supports data creation and reading. Due to this, experts recommend that IT specialists revise the requirements for data management in blockchain systems and, possibly, resort to traditional solutions.
5. Do not believe in technology compatibility
Most blockchain platforms are under development, so developers are not yet thinking about how they will interact in the future. Do not choose on the basis of its compatibility with the technology of another manufacturer, advise in Gartner.
6. Smart contracts have not yet been finalized
Smart contracts are considered the most powerful catalyst for the development of blockchain as a technology. They add dynamic behavior to transactions. Conceptually, smart contracts can be considered retention procedures related to specific transaction records. But, unlike such a procedure in a centralized system, smart contracts are executed by all nodes in a peer-to-peer network, leading to scalability and manageability problems that have not yet been fully resolved. This takes 2-3 years, analysts say. They recommend that companies not plan large projects for the introduction of smart contracts, but conduct only small experiments.
7. Companies forget about management issues
If management issues in private blockchain platforms are decided by their creators, then in public decisions like Ethereum and Bitcoin, the situation is different.
| | People's behavior and motivation are rarely taken into account. Chief information officer should be aware of the risks that may arise from blockchain management issues. Large companies in particular should consider joining or forming consortia to help define management models for public blockchain solutions, concluded Adrian Lio.[16] | |
Flying University: Ranking countries with the best conditions for the development of blockchain projects. Russia in 18th place
In March 2019, Flying University published a rating of countries that, according to experts, have the most favorable conditions for the development and development of business projects related to blockchain and cryptocurrencies.
The study was conducted on the basis of its own methodology, which includes an assessment of legal, political and infrastructure conditions in various countries in terms of business friendliness using blockchain and cryptocurrency technologies. The authors of the report primarily focused on the changes to which the economies of different countries were influenced by blockchain and related technologies.
Russia in this list is located in 18th place out of 23. The top three included Estonia, Australia and Singapore.
The study says that by March 2019, the market for cryptocurrencies and blockchain projects in Russia is practically not regulated, and the initiatives of the authorities remain bills. As soon as they are adopted, and a stable legal practice is created, it will be possible to talk about a completely new period in relation to Russian regulators to cryptocurrencies, experts say.
Some aspects of the crypto industry are solved by analogy with taxation, but for the most part there is no legislation in the field of cryptocurrency and blockchain in the Russian Federation, the researchers clarify.
Among the events positive for the market, experts attributed the creation of the so-called sandbox in the Central Bank - a test site, within which the regulator conducted an experimental ICO.
According to experts, most countries have a "rather positive attitude" towards cryptocurrencies and blockchain, but the development of regulation will depend on how effectively the crypto industry can demonstrate "its reliability and transparency."[17]
McKinsey: Blockchain remains in the early stages of development, but attracts innovative companies
In early January 2019, the consulting company McKinsey published a report on the trends in the development of the blockchain industry. The study says that the number of investments attracted to this area does not correspond to the level of its development. So far, blockchain cannot dictate its own rules of the game, but it is able to become a valuable means - it is enough only to apply blockchain technologies where they are the simplest of the available solutions.
During 2017-2018, the blockchain market became a focal point for many investors. According to CoinSchedule, in 2018 alone, this technology attracted $21.4 billion in funding from large corporations, venture capital firms and private investors.
However, according to McKinsey analysts, blockchain is not developing quickly enough and real progress in the industry is insignificant, which means that it does not justify huge investments. Experts are confident that this technology should make fundamental changes in many areas, but so far there is very little evidence of practically significant and scalable blockchain use cases, despite the media hype.
According to market experts, by the beginning of 2019, blockchain is still at an early stage of development. Like all barely originated technologies, blockchain solutions are relatively complex, expensive and unstable. They still do not have a satisfactory regulatory system, and public confidence in them is small, according to the report.
Blockchain innovations have yet to emerge from the early stages of development in order to expand their influence and achieve acceptance in the mass market. Despite the fact that by 2019 a lot of pilot blockchain projects have been created, they are far from being implemented on an industrial scale. In general, the prospects for the industry, as analysts say, look uncertain.
The main catch, according to McKinsey, is that not all areas need relatively difficult blockchain-based solutions to implement. According to the methodology principle of Occam's razor, the best, as a rule, is the simplest solution. McKinsey notes that from the point of view of economic theory, any technology goes through an initial phase, when investments far exceed the practical return, and the first attempts to apply new technologies often seem unreasonably complicated or too expensive. In the end, the new technology should conquer the market and become available to a wide range of users.
However, in the case of blockchain, everything is complicated by the fact that in most cases these projects are trying to win a place in fairly developed markets, where there are enough other solutions and alternative technologies aimed at solving similar problems. Based on this, many blockchain projects may not meet investor expectations.
However, McKinsey analysts acknowledge that in some industries blockchain technology can be extremely useful and do well. Some niche uses of this technology have no equivalent alternatives. Blockchain is quite suitable for integration into logistics, insurance, capital markets and product supply channels. In all of these industries, transparency and traceability are important, preventing fraud and significantly improving efficiency.
In addition, blockchain is often attracted to industries that are strategically focused on modernization. Their participants see the blockchain as a tool for developing digital technologies, simplifying processes and cooperation based on trust. In particular, blockchain has gained popularity among companies that conclude global contracts for the delivery of goods that provide trade financing and develop payment applications.
However, in many cases, blockchain technologies provide only a small fraction of the required changes and cannot independently provide a breakthrough in this industry. In some cases, it is enough for power, investment and industrial companies to resume cooperation to solve problems that are completely independent of the technologies used.
Analysts also emphasize that the introduction of blockchain technologies has a positive effect on the company's image and attracts shareholders who prefer to deal with people who are ready for innovation. A growing number of companies are developing pilot blockchain projects for the sake of reputation in order to demonstrate to shareholders and competitors their flexibility and willingness to make new decisions, but without a real intention to create a commercial offer.
Blockchain developments focused on customer loyalty and without a practical application fall into this category. Nevertheless, the significance of the image cannot be denied and to a certain extent blockchain technologies justify the finances invested in them even in this case.
Given the complex position of blockchain, analysts ask natural questions about the future of this innovative technology. McKinsey estimates that by 2020 the number of devices with access to the network will reach 20 billion units, and this will require adequate technologies for managing, storing and searching data. Modern blockchain is not considered an effective means of managing data, since the number of transactions cannot exceed the limit of an individual block. Blockchain, according to McKinsey specialists, cannot become an elegant solution to all the problems that some companies see it. However, with the right application, this technology is still capable of changing the world.[18]
2018
WinterGreen Research for IBM
According to IBM, by 2024, investments in blockchain-based solutions will reach $60 billion, adding more than 230% per year[19].
IDC: $1.5 billion market size
Global spending on blockchain solutions in 2018 reached $1.5 billion, according to the analytical company IDC. Excerpts from the study were published on March 4, 2019.
According to experts, in 2019 the volume of the global blockchain market will grow by 88.7%, amounting to $2.9 billion, and in 2022 it will be measured at $12.4 billion. The average annual growth rate of the market in question is expected at 76%.
| | Blockchain is developing rapidly, and we have already reached a tipping point in which projects quickly leave the pilot and conceptual stages, says James Wester, director of research at Worldwide Blockchain Strategies at IDC. - Data on the actual costs of the technology are important, and here's why: they reveal the contextual environment in which blockchain develops. Understanding how and where companies put their money gives suppliers a better idea of where they need to provide products and services, and also offers technology buyers an understanding of how their counterparts implement blockchain. It also provides insight into where the new technology can change the way enterprise software is distributed. | |
Most and most often, representatives of the financial industry invest in blockchain, including banks, insurance companies and providers of investment and securities management services.
The second place in terms of blockchain costs is occupied by enterprises representing industrial production and the mining industry. The top three are retail and professional services markets.
As for the countries, the United States remains the leader in the cost of blockchain solutions. Western European states and China are following, but Japan and Canada are leading in terms of investment growth, the study says.[20]
DataArt: What awaits the blockchain market in 2019
At the end of October 2018, DataArt, specializing in outsourcing software development and areas such as Internet applications, corporate databases and industrial automation tools, presented a forecast for the development of the blockchain market in 2019. Experts based their research on their own observations of leading companies in several industries that rely on the development of technology.
Moving innovative solutions beyond the original purpose of blockchain
| | We will see more projects using blockchain in processes that are not directly related to payments or cryptocurrencies. For example, in the insurance market, we expect a surge in research, development and implementation aimed at studying controlled blockchains and applying smart contracts to solve problems of low efficiency and delays in business processes related to inspections, control and coordination, DataArt said. | |
Great emphasis on machine learning and blockchain synergies
Blockchain will interact with machine learning capabilities, so that complex decisions (for example, when approving insurance payments) can be made automatically. Such integration can also be used in contract placement, insurance indemnity evaluation , trigger-based invoicing, technical invoice handling, and loss settlement.
Data Management Will Get More Attention
According to DataArt forecasts, in 2019 there will be new solutions in the financial services market that will use the principles of smart contracts for management and data transfer. This is especially true in areas where information was previously limited to PDF documents, such as financial statements or loan agreements.
The growing influence of the big players
In 2019, solutions from larger players and communities, such as the insurance group B3i (The Blockchain Insurance Industry Initiative), are expected to appear. Their work could have a long-term impact on industry standards and ways of doing business in the future.
The beginning of a new era of identity management
Block-based user identification management systems will become more popular in 2019. Open Source project communities will play an increasingly important role in helping companies build new technical components and solutions that are applicable across all industries. In particular, we are talking directly about identity management systems, libraries of smart contracts and information exchange.
Experts are confident in the existence of a huge blockchain potential in various markets and believe that it is 2019 that could be a turning point in the development of technology. Blockchain has ceased to be mysterious and has made a lot of noise with technology that few have tested. Now, industry leaders are developing its potential in an effort to transform entire industries, moving beyond the narrow original purpose of blockchain in cryptocurrencies.
Throughout 2018, DataArt experts working with blockchain watched changes in how large companies use this technology. Most organizations sought to invest in the development of blockchain potential, relied on research projects and Proof of Concept projects of corporate clients. Now these companies are trying to apply radical blockchain-inspired concepts to rethink complex, expensive and inefficient business processes.[21]
Gartner: Blockchain interest overvalued
Interest in blockchain technology is overestimated, the research company Gartner said on May 4, 2018 following a survey of 293 Chief information officers of companies. The aim of the survey was to establish the level of interest in blockchain technology.
As it turned out, blockchain is not interesting to most of the companies that took part in the study. Thus, 77% of respondents reported that they are not going to use blockchain, but in general they are monitoring the development of technology, according to the Gartner report.
In particular, 34% of respondents reported a lack of interest in blockchain. 43% indicated that they did not plan to carry out any work or research in this area, although they followed the news in this area.
Only 1% of respondents stated the use of blockchain in their business. Another 8% reported that they have experimented with blockchain and plan to integrate the technology in the near future.
18% of CIOs who started introducing blockchain admitted that it was extremely difficult for them to find specialists in this area. According to 14% of Chief information officers have implemented blockchain, the technology transforms the work of the IT department, and also causes the need to change the business model and management model of the company.
In the industry context, according to Gartner, CIOs from telecommunications, insurance and finance are showing the greatest interest in blockchain.
Commenting on the results of the study, Gartner Vice President David Furlonger expressed the opinion that excitement is massively inflating around the blockchain and its possible implementation. Frequent references to blockchain technology in the press, he said, could put business off the technology.
| | It is critically important to understand what blockchain is and what it is able to do today in terms of its ability to transform companies, industries and society tomorrow, "said David Furlonger, vice president of Gartner. | |
The introduction of blockchain into business processes, he said, requires extensive knowledge in many areas, such as security, jurisprudence, decentralized management, and organizations that decide to use blockchain will be forced to completely change their historical structure, whose traditional business processes do not correspond to the very idea of blockchain.
At the same time, as Furlonger specified, companies in a hurry to integrate blockchain may face a loss of investment or find that the technology is not suitable for them:
| | While many industries are showing initial interest in blockchain initiatives, it remains to be seen whether decentralized, distributed and tokenized networks will suit them. They have a chance to get bogged down by trying to integrate blockchain into outdated value creation flows and systems.[22] | |
However, the range of blockchain uses is extremely wide: cross-border payments, smart contracts for the sale and purchase of assets, secure accounting, medical records and simplification of supply chains, Gartner said. Interest in this technology is shown by IT companies Microsoft (the service Azure Blockchain allows the enterprise to deploy either a single network based on Hyperledger Fabric, or a multi-user network), Ethereum (Oracle Blockchain Cloud Service), (IBM optimized the solution based on developments), (Hyperledger HPE plans to release the Mission Critical platform). Blockchain[23]
2017
IHS Markit: Revenues of financial companies from the introduction of blockchain in $1.9 billion
In 2017, financial companies earned (including saved) a total of $1.9 billion thanks to blockchain, analysts at IHS Markit calculated. They published some of the calculations from their study on February 11, 2019.
According to experts, literally a day does not pass without news that banks and financial institutions use blockchain technologies to transform a significant part of their business. Given the large number of such commercial projects that have been launched by February 2019 and will be implemented in the future, it is expected that by 2030 the revenues of the financial industry from blockchain on a global scale will reach $462 billion.
| | The US Securities and Exchange Commission, the UK Financial Conduct Authority, the Hong Kong Money Circulation Authority and other regulators are responding positively to the introduction of block chain technology in the financial sector, says Don Tait, lead analyst at IHS Markit. - Support from these regulators builds confidence in blockchain by helping it become a more common technology. | |
Analysts note that there are many options for using blockchain in the financial sector: there are cross-border payments, stock trading, and syndicated lending. For the next decade, the global financial industry, which includes insurance and fintech, will remain the largest market in terms of revenues from the use of blockchain technologies, according to a study released in February 2019.
Because the financial sector includes large-volume markets, even a small percentage of cost savings and efficiencies can lead to significant financial benefits for companies and industries in general that implement blockchain. For example, the market for transactions with derivatives is estimated at about $544 trillion per year, and the market capitalization of all world stock markets is $73 trillion.
According to Don Tate, by applying blockchain to the settlement and clearing system, investment companies can save up to $12 billion in agency rewards. Blockchain can also save money to financial institutions by cutting off many traditional intermediaries involved in the financial sector, the expert added.
The modern financial accounting system requires the participation of trusted third parties, independent auditors who verify the financial information of the company. An audit is an expensive and long-term event. With the advent of blockchain technology, the need for it will disappear.
According to experts, blockchain and other various distributed registry technologies have already begun to spread widely outside of financial and insurance companies - the market in which they originally appeared. Promising projects are being tested in various industries in which digital transformation is taking place: retail, consumer goods, logistics, art, public services, entertainment, etc.
IBM predicts that by the end of 2020, about two-third of banking operations will be carried out through blockchain.
According to experts, the transparency of the blockchain, as well as the ability to make transactions in real time, will be able to radically transform many areas of the financial industry. For example, accounting can be carried out on the principle of not a double, but a triple record. Blockchain allows full and final verification without the participation of a trustee. All financial statements can be stored in the blockchain, where it is open for public access.[24]
Experts note that initially blockchain technologies were used only by financial companies, but the potential for their use was practically unlimited. While blockchain is still considered a young technology, it is expected to be particularly heavily used in the five largest areas.
1. Finance
The financial industry, which includes financial and insurance services, will primarily use blockchain to conduct international payments, trade in shares and securities, and store assets in public and private markets. Since the market capital of all global stock markets is $73 trillion, even a slight reduction in costs and increased efficiency can bring significant profits to companies using blockchain.
2. Logistics and Supply Chain Management
According to IHS Markit forecasts, the introduction of blockchain will play an important role in strengthening the position of this industry. The World Trade Organization (WTO) believes reducing barriers across the supply chain could potentially increase international gross domestic product by 5% and trade turnover by 15%.
Depending on the product, the supply chain can cover hundreds of stages, several geographical points, many invoices and payments; in this case, several persons and organizations can be involved, and the entire process takes up to several months. Blockchain will make it easier to track chains and ensure their transparency, and this, in turn, will transform the market.
3. ID Card
Digital identity is one of the very first and most challenging issues on the internet. However, the World Wide Web Consortium will standardize the format of digital signatures, and public blockchain technologies will be able to provide the decentralized registration and public keys needed to verify digital signatures. This application area is used in many vertical markets. With an increase in the number of blockchain projects launched and put into commercial operation, by 2030 the cost of business in the management sector by identification and accounts will reach $200 billion.
4. Retail & E-Commerce
It is assumed that initially the use of blockchain in retail to trade and e-commerce will be stimulated by the sale of shares, decentralized markets, payments, "smart" contracts, supply chains and other applications. With an increase in the number of blockchain technologies by 2030, the cost of this vertical market should be $164 billion.
The use of blockchain technologies in the retail and e-commerce sector will facilitate direct communication with customers, and this will allow companies to better understand their needs and behavior. Blockchain and smart contracts will become tools in next-generation markets that will allow trusted trading transactions that do not need a central brokerage to exist.
5. Health care
Blockchain technologies in the health sector will be used to manage medical data, develop drugs, process complaints and bills, and for medical research. In addition, it is assumed that blockchain will minimize the use of counterfeit drugs, ensure the security of confidential data and at the same time allow the creation of a single decentralized database. Thanks to this, the benefit of pharmaceutical and medical companies will be $134 billion.[25]
Deloitte: Only 8% of open blockchain startups remain afloat
In November 2017, the consulting company Deloitte published the results of a study that showed weak performance of blockchain projects. On average, their life expectancy barely exceeds one year.
According to Deloitte, of the almost 27 thousand blockchain projects posted on the GitHub platform in 2016, only 8% are actively supported by developers a year later. At the same time, 92% of developments were actually dead.
| | The harsh reality of open-source projects is that most have stopped developing or have not reached substantial size. Unfortunately, blockchain is also not immune to this. We can call only 8% of such projects active - these are those that have been updated at least once in the last six months, according to Deloitte analysts. | |
The likelihood of folding blockchain projects is higher if they are not created by companies: by October 2017, 15% of such projects developed in organizations remained afloat, while the share of those in the case of development by private users is only 7%.
Most often, projects are closed within the first six months after the start of work. Of all copied projects ("forking" - copying the project to the working environment), only 5% survive, and the average life expectancy of a blockchain project is 1.22 years, the report says.
By October 2017, a total of about 86 thousand blockchain projects were posted on GitHub, more than 9,300 of which were created by companies, research institutes and startups.
The most active on GitHub are technology developers for: cryptocurrencies bitcoin 627 people participate in their creation, and almost 12 thousand follow the repository. Ethereum 149 people are involved in the development of the official Go protocol, whose work is constantly monitored by 5.6 thousand users of the service.[26]
IDC: Market size of nearly $1 billion
In 2017, global spending on blockchain solutions amounted to $945 million. This estimate was presented at the end of January 2018 by analysts at the research company IDC as part of the forecast for investments in distributed ledger technology (DLT) technologies until 2021.
| | Interest in blockchain and distributed registry technologies, as well as investment, is growing rapidly. Many technology companies and service providers collaborate in this area with consortia such as the Enterprise Ethereum Alliance and Hyperledger Projects, jointly developing innovative solutions to improve processes such as settlement and clearing operations, tracking cargo in the supply chain and recording transactions for audit. In addition, regulators and central banks around the world highly appreciate the potential of blockchain and DLT technologies, which helps accelerate their implementation in regulated areas - financial services and healthcare, - comments Bill Fearnley Jr., director of research at IDC in the field of blockchain. | |
Supplementing his colleague, IDC analyst Stacey Soohoo noted that 2017 was a year of experiments for which enterprises realized the advantages and difficulties associated with the use of blockchain technology. In 2018, the next, most important stage will begin: companies will move from pilot projects to full-scale implementation.
Experts call the leader in terms of investments in blockchain technologies and their use. USA"Second Violin" is played by Western countries, and in Europe third place by the China states Asia-Pacific region. The cost allocation is expected to remain roughly the same throughout the period under review, until 2021.
According to the IDC forecast, in 2018 the business will spend $2.1 billion on blockchain solutions, and in another three years the figure may reach $9.2 billion.[27]
2016: IBM tries to lead blockchain solutions market
Main article: IBM Blockchain
Notes
- ↑ Blockchain Technology Market Size, Share & Industry Analysis
- ↑ 7 Blockchain Trends Set to Take Off in 2023
- ↑ Gartner blockchain hype cycle: Crypto trading only killer use case
- ↑ Global Blockchain Market Report 2021: Market Size is Projected to Grow from $4.9 Billion in 2021 to $67.4 Billion by 2026, at a CAGR of 68.4%
- ↑ The Six Biggest Blockchain Trends Everyone Should Know About In 2021
- ↑ PwC: Blockchain technologies could boost global economy to tune of $1.7 trillion by 2030
- ↑ 7 blockchain mistakes and how to avoid them
- ↑ Deloitte’s 2020 Global Blockchain Survey: How blockchain is becoming a ‘true strategic priority’
- ↑ Blockchain-as-a-Service (BaaS) Market Outlook to 2025: Growth, Trends, Companies - ResearchAndMarkets.com
- ↑ Enterprise blockchain in 2020: simplify, connect, transact
- ↑ How blockchain will kill fake news (and four other predictions for 2020)
- ↑ China dominates global blockchain patents
- ↑ Gartner: Eight ways blockchain can support governments
- ↑ [https://www.itweek.ru/blockchain/article/detail.php?ID=208449 IDC: In 2019, the blockchain market
- ↑ grow by 80]%.
- ↑ 7 blockchain mistakes and how to avoid them
- ↑ BLOCKCHAIN & CRYPTOCURRENCIES REGULATION INDEX
- ↑ Blockchain’s Occam problem
- ↑ to Blockchain Market Shares, Market Strategies, and Market Forecasts, 2018 to 2024
- ↑ Worldwide Blockchain Spending Forecast to Reach $2.9 Billion in 2019, According to New IDC Spending Guide
- ↑ 2019 Trends: DataArt Predicts for Blockchain to Go far Beyond its Origins to Create Industries of the Future
- ↑ Gartner: Blockchain overvalued
- ↑ does not yet inspire enthusiasm among enterprises
- ↑ Finance Industry Blockchain Market to Reach $462 Billion by 2030, IHS Markit Says
- ↑ Blockchain Business Value to Reach $2 Trillion by 2030, IHS Markit Says
- ↑ Evolution of blockchain technology
- ↑ New IDC Spending Guide Sees Worldwide Blockchain Spending Growing to $9.2 Billion in 2021
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