Global blockchain solutions spending 2017-2023

By the end of 2019, global spending on blockchain solutions is projected to reach 2.7 billion dollars annually. Increasingly used within businesses around the world, annual spending has nearly tripled since 2017. Forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching nearly 16 billion U.S. dollars annually by 2023.

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.