Blockchain technology market size worldwide 2018-2023
Forecasts suggest that global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over 23.3 billion U.S. dollars in size by 2023. The financial sector has been one of the quickest to invest in blockchain, with over 60 percent of the technology’s market value concentrated in this field.
How is blockchain used?
Given its nature as a tamper-evident distributed ledger, the technology offers many possible uses to business ventures spanning across different industries. As of 2018, the most common use cases for blockchain within organizations include supply chain management and Internet of Things (IoT). The technology has also proven itself to have great promise in the field of digital currency and payments, with the most successful cryptocurrencies in the world built using the platform and many businesses using some type of blockchain system for inter-company transactions.
The business of blockchain
Given the potential of the technology and the widespread business interest in the capabilities it can provide, blockchain has become an industry in its own right, even at this relatively early stage of its 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.
How is blockchain used?
Given its nature as a tamper-evident distributed ledger, the technology offers many possible uses to business ventures spanning across different industries. As of 2018, the most common use cases for blockchain within organizations include supply chain management and Internet of Things (IoT). The technology has also proven itself to have great promise in the field of digital currency and payments, with the most successful cryptocurrencies in the world built using the platform and many businesses using some type of blockchain system for inter-company transactions.
The business of blockchain
Given the potential of the technology and the widespread business interest in the capabilities it can provide, blockchain has become an industry in its own right, even at this relatively early stage of its 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.
