In 2021, global spending on blockchain solutions is projected to reach 6.6 billion dollars. Forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching almost 19 billion U.S. dollars by 2024.
What is blockchain?
Widely known for its association with cryptocurrencies such as Bitcoin, blockchain technology is simply an electronic list of connected records and verified records. Some of the benefits of this electronic “ledger” are that it is tamper-evident and can be efficiently updated online due to its nature as a decentralized network across many devices. These features make the technology perfect for data validation, data access, and identity protection, which serve as blockchain’s most common use cases. Enterprises around the world have begun to adopt private blockchain for internal purposes such as record keeping and intra-company transactions, as well as public blockchain like Bitcoins in their payment processes.
The business of blockchain
Given the potential of the technology and the widespread business interest in the capabilities it can provide, blockchain has become a huge market in its own right, even at this relatively early stage of the technology’s development. Promising blockchain startup companies regularly accumulate hundreds of millions of dollars of investment in their initial offerings, with particularly successful ones such as EOS raking in multiple billions.
Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024
(in billion U.S. dollars)
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IDC. (April 19, 2021). Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/
IDC. "Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars)." Chart. April 19, 2021. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/
IDC. (2021). Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/
IDC. "Worldwide Spending on Blockchain Solutions from 2017 to 2020, with Forecasts for 2021 and 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 19 Apr 2021, https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/
IDC, Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/ (last visited October 31, 2024)
Worldwide spending on blockchain solutions from 2017 to 2020, with forecasts for 2021 and 2024 (in billion U.S. dollars) [Graph], IDC, April 19, 2021. [Online]. Available: https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/