Spending on blockchain solutions is on the up as more industries adopt the technology to tackle challenges.
Worldwide spending on blockchain solutions is expected to rise to $11.7 Billion in 2022, with a five-year compound annual growth rate of 73.2%. This is according to a new report from the International Data Corporation (IDC).
Blockchain technology creates a decentralised ledger that keeps a record of all transactions. The technology also allows for asset transfers without using a trusted intermediary.
Blockchain has potential applications in finance, healthcare, supply chain and distribution sectors, as well as smart cities. The financial sector has led blockchain value in 2018, with IDC calculating a spend of $754 million in this area so far.
Jessica Goepfert, Programme Vice President at IDC’s Customer Insights and Analysis, said: "We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management. Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas.
"End to end, the stakeholders have a vested interest in solving these issues. Manufacturers want to ensure products arrive where they are supposed to arrive. Retailers and wholesalers seek assurance around the validity and quality of the products they are selling. And consumers are demanding greater transparency from providers."
Blockchain for smarter cities
We are seeing more use cases in smart cities too.
At Smart Cities World, we are currently running a survey to understand the rate of adoption of blockchain technologies in smart city projects, and the impact so far. Take the survey.