The global spending on blockchain solutions is expected to rise by 235 percent by year 2023. This year the spending is expected to increase 58 percent. The figure by 2023 is estimated to be over 14 billion dollars, according to a study by stock website Buyshares. 

Buysharespublish the findings on their website

As one of the most significant innovations to come out of the cryptocurrency boom, blockchain technology completely changed the way companies across different industries operate, make transactions, and manage their assets.

According to data gathered by BuyShares.co.nz, the global spending on blockchain solutions is expected to surge by 235% and reach $14.4bn by 2023.

A 185 jump percent in two years

By allowing digital information to be distributed but not copied, the blockchain technology created the groundwork for the new type of internet. Although initially invented for the cryptocurrency Bitcoin, by improving online security and streamlining fundraising and payment options, the blockchain technology was adopted by many companies across different industries.

In 2017, the global spending on blockchain solutions amounted to $950 million, revealed Statista data and IDC 2020 Worldwide Semiannual Blockchain Spending Report. In the next twelve months, this figure rose to $1.5bn. Statistics show the surge in the global blockchain solutions spending continued in 2019, with the amount rising to $2.7bn, a 185% jump in two years.

Like all technology investments, spending on blockchain projects has also been affected by the impacts of the COVID-19 pandemic. According to the IDC data, the global spending on blockchain solutions is expected to reach $4.3bn in 2020, a 6% drop compared to the pre-COVID-19 forecast. Nevertheless, this figure represents a 57.7% jump compared to 2019 figures. The IDC report also revealed that all regions are expected to witness double-digit spending growth in the next three years, led by Europe with a combined five-year CAGR of over 63%.

ANNONS
ANNONS

As one of the most significant innovations to come out of the cryptocurrency boom, blockchain technology completely changed the way companies across different industries operate, make transactions, and manage their assets.

According to data gathered by BuyShares.co.nz, the global spending on blockchain solutions is expected to surge by 235% and reach $14.4bn by 2023.

57.7 percent expected yearly growth

By allowing digital information to be distributed but not copied, the blockchain technology created the groundwork for the new type of internet. Although initially invented for the cryptocurrency Bitcoin, by improving online security and streamlining fundraising and payment options, the blockchain technology was adopted by many companies across different industries.

In 2017, the global spending on blockchain solutions amounted to $950 million, revealed Statista data and IDC 2020 Worldwide Semiannual Blockchain Spending Report. In the next twelve months, this figure rose to $1.5bn. Statistics show the surge in the global blockchain solutions spending continued in 2019, with the amount rising to $2.7bn, a 185% jump in two years.

Like all technology investments, spending on blockchain projects has also been affected by the impacts of the COVID-19 pandemic. According to the IDC data, the global spending on blockchain solutions is expected to reach $4.3bn in 2020, a 6% drop compared to the pre-COVID-19 forecast. Nevertheless, this figure represents a 57.7% jump compared to 2019 figures. The IDC report also revealed that all regions are expected to witness double-digit spending growth in the next three years, led by Europe with a combined five-year CAGR of over 63%.

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