In 2020, the distribution of the global blockchain market revenue was heavily distributed towards the banking industry, which has a market share of almost 30 percent. While process manufacturing accounted for 11.4 percent of worldwide blockchain spending. Overall, the global spending on blockchain solutions is continued to grow in the upcoming years.
Simply put, blockchain is a distributed ledger technology, which creates assurance between trading partners, especially in trades that occur with cryptocurrency. For example, in the case of Bitcoin and Ethereum, blockchain is the technology that allows for the transfer of these cryptocurrencies, providing confidence in financial transactions. This additional confidence through the usage of blockchain comes from the reduced fraud, increased financial inclusion, and decreased costs. This leads to the simplification of cross-border payments and settlements, which has the potential to change the global banking industry as we know it.
Blockchain and Bitcoin
Blockchain and Bitcoin have a symbiotic relationship as blockchain technology was created to be a database structured into “blocks” of data that is linked, or in other words, “chained”, to other sets of data. The blockchain technology stores the Bitcoin transactions in a continuous linked structure, that continues to increase with time and each transaction. Hence, with the increased popularity of Bitcoin comes the increased importance of the growing Bitcoin blockchain, which is visible in the increased number of blockchain wallet users worldwide in the past few years alone.
Distribution of blockchain market value worldwide in 2020, by vertical
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IDC. (September 14, 2020). Distribution of blockchain market value worldwide in 2020, by vertical [Graph]. In Statista. Retrieved November 29, 2021, from https://www.statista.com/statistics/804775/worldwide-market-share-of-blockchain-by-sector/
IDC. "Distribution of blockchain market value worldwide in 2020, by vertical ." Chart. September 14, 2020. Statista. Accessed November 29, 2021. https://www.statista.com/statistics/804775/worldwide-market-share-of-blockchain-by-sector/
IDC. (2020). Distribution of blockchain market value worldwide in 2020, by vertical . Statista. Statista Inc.. Accessed: November 29, 2021. https://www.statista.com/statistics/804775/worldwide-market-share-of-blockchain-by-sector/
IDC. "Distribution of Blockchain Market Value Worldwide in 2020, by Vertical ." Statista, Statista Inc., 14 Sep 2020, https://www.statista.com/statistics/804775/worldwide-market-share-of-blockchain-by-sector/
IDC, Distribution of blockchain market value worldwide in 2020, by vertical Statista, https://www.statista.com/statistics/804775/worldwide-market-share-of-blockchain-by-sector/ (last visited November 29, 2021)