The research made by Fortune Business Insight, the firm specializing on reporting and consulting, shows that the world blockchain industry will increase to the enormous turnover of $21 billion in the next five years.
The global stimulus for blockchain.
The report considers the companies dealing with financial technologies and blockchains that aim at getting the financial accessibility and focus on the developing countries and regions where the technology may be useful. Besides, there has been a surge in the number of well-educated and gifted talents in such regions, and they perfectly fit for cooperation and mastering the blockchain principles.
The report mentions that in 2017 the blockchain market was worth only $1.67 billion. But with the growth of institutional acceptance, the developed countries have introduced law and financial regulations, and the massive public interest in crypto has contributed to the growth of the industry.
As the companies developing software and the financial companies launch new projects and blockchain units, it is essential to increase the volume of related service and products. Fortune underlines that internal investments in blockchain projects are also growing, and now the significant percentage of annual budgets is allocating to the industry.
The research says, “The blockchain market’s volume in 2017 was $1.64 billion, and by the end of 2025 it is expected to reach $21.07 billion demonstrating the 38.4% average growth rate in 2018-2025”.
Governmental projects contributes to the acceptance. Governmental and regulator’s interests are mentioned as another important issue stimulating the blockchain growth. Fortune says that the approval of regulators and calls for studying the technology being seen in such countries as China will speed up the distributed ledger acceptance on the international level.
Public bank of China has recently announced the development of a platform for trade financing on the basis of blockchain. The platform will enable banks to securely exchange information concerning cross-border trading via a reliable source. Blockchain is considered as its decentralized function that eliminates the necessity for intermediaries while sharing information therefore ensuring the higher level of security.
The report also mentions the support for innovation technologies including blockchain, large data and artificial intelligence (AI). It is added that the development of financial technologies (FinTech) will integrate the support of more effective e-payments in RMB in mainland China. Non-banking financial entities will get support in case of expansion to Hong-Kong and Macao.
“In general, the number of job opportunities in blockchain industry continues growing due to the quick development. Earlier this week Blockchain. News reported the similar predictions. The market of “identity management” in blockchain will become a sector with $11 billion turnover. The research shows that the growing necessity in authenticity and reliability is a global need, and the distributed systems may help to meet it.