Global spending on blockchain expected to rise sharply in 2021

Global spending on blockchain solutions will rise to US$6.6 billion this year, an increase of more than 50% compared to the pandemic year, the technology analyst firm IDC says.

The company said there would be strong spending growth from 2020 to 2024. with a five-year compound annual growth rate of 48.0%.

The leading use case is forecast to be cross-border payments and settlements, lot lineage/provenance — verifying the origin and authenticity of a product as it travels the value chain — trade finance and post-trade/transaction settlements, asset-goods management and ID management.

“This is an important time in the blockchain market as enterprises across markets and industries continue to increase their investment in the technology,” said James Wester, research director, Worldwide Blockchain Strategies.

“The pandemic highlighted the need for more resilient, more transparent supply chains, healthcare delivery, financial services, and so much more, and enterprises around the world have been investing in blockchain to provide that resiliency and transparency.”What is also very important right now is that we are seeing real interest and investment by corporations, financial institutions, and even governments in areas they previously viewed with some uncertainty such as cryptocurrencies, digital assets, central bank digital currencies, decentralised finance and stablecoins. This investment will have major implications in a very short time on everything from retail to financial services to capital markets.”

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Source: iTWire – Global spending on blockchain expected to rise sharply in 2021