A new report says that the blockchain technology market will reach $21 Billion by 2025. While unemployment and economic worry have grown due to the COVID-19 pandemic, businesses with blockchain projects see an opportunity to expand.
The report written by Fortune Business Insights said that large companies are adding momentum to the blockchain market through new investment. This is curious because new blockchain deals have been on a declining trend since 2019. Venture capital investments have been thinning, with some exceptions, like Medici Ventures doubling down on their projects. This could suggest that enterprise blockchain is starting to mature by weeding out smaller start-ups, leaving a landscape where company scale and experience matters more.
“Government and public authorities are showing more interest in gaining regulatory and research approvals for their products.”, stated in the analysis. And goes on to show, “The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.”
Not surprisingly, the Report says that IBM is considered to be the dominant player in this landscape, but the following companies also continue to develop in blockchain:
· The Linux Foundation, Chain Inc.
· Oracle Corporation
· Fintech & Blockchain Software House
· Consensus Systems
· Microsoft Corporation
· Schvey, Inc. (Axoni)
· Bits, Inc. (Tendermint, Inc.)
COVID-19 has changed the way we as consumers interact with our suppliers and retail shops. If blockchain-based research and investment demonstrate an ability to streamline and add trust to supplier networks constrained by COVID-19 restrictions, then blockchain may achieve its adoption ignition across business networks.