A list of evolving records which use cryptography to link back to each other and contain transactional data, Blockchain is a technology that has taken the business world by storm. Blockchain data is meant to be resistant to modification and secure as a record of transaction. The intricacies of the technology itself may be hard to grasp even for tech enthusiasts, but the growing popularity and prevalence of the technology is clear for all to see. Blockchain technologies can be used as public means of transactions as well as private ledgers for inter-company transactions and record keeping. Worldwide spending on blockchain solutions is expected to grow from 1.5 billion in 2018 to an estimated 15.9 billion by 2023. Companies in nearly every industry are rushing to take advantage of the perceived benefits of the blockchain phenomenon and many are seeking to adopt their own private versions of blockchain and cryptocurrency. The financial sector accounts for over 60 percent of the market value of blockchain worldwide in 2018, but the technology has spread to nearly every industry from healthcare to agriculture.
Given the massive interest in this technology, increasing numbers of blockchain startup companies have been springing up each year. In 2018 EOS, a blockchain protocol, generated a massive 4.2 billion U.S. dollars’ worth of investment in its initial coin offering. North America, and more specifically, the United States, currently leads the market in terms of venture capital funding, with numerous major firms investing millions each year. Although the United States is currently seen as the clear leader in terms of blockchain technology, China is expected to take over this role by the early 2020s. China’s spending on blockchain technology is nearly doubling each year, and an increasing number of Chinese startups are vying for shares of the country’s massive market.
A recent survey of European business decision-makers found that nearly 50 percent of them expected blockchain to add to their current businesses operating model, with another 33 percent stating that they expected blockchain to entirely replace their current operating model. Around 66 percent of global organizations have some level of interest in blockchain, with nearly 10 percent currently in the experimentation or deployment stage. The Automotive, Oil & Gas, and Life Sciences industries are some of the most affected, with over 70 percent of respondents from each expecting their industry to be disrupted by blockchain technology.
One major use of blockchain technology that has garnered perhaps the most attention is cryptocurrency, with the biggest name among these being Bitcoin. As of the fourth quarter of 2018, the Bitcoin blockchain had grown to nearly 200 gigabytes in size, and in the fourth quarter of 2017 Bitcoin reached an all-time high market cap of 237.6 billion U.S. dollars. Although Bitcoin is without a doubt the largest, other cryptocurrencies such as Ethereum and Ripple have also carved out significant market shares for themselves. Many people believe that blockchain and its use in cryptocurrency technology could replace traditional monetary transactions in the future.
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In the following 6 chapters, you will quickly find the 29 most important statistics relating to "Blockchain".