Breakthroughs made in 2017, but still plenty of room to grow
Newswire: Dec. 26, 2017.
Dateline: New York.
The blockchain gold rush has only begun.
Analysts expect 2018 will be another big year for the it-technology of financial services, following a 2017 in which growing acceptance of blockchain powered advancements in cross-border payments and smart contracts, and highlighted uses in areas of public health and supply chain management.
Blockchain, an essential component of cryptocurrencies like Bitcoin, may now be more valuable than the currency itself. “Building out traditional finance infrastructure for crypto[currency] as an asset class is a very clear theam of 2018,” wrote one analyst for Autonomous Research.
Analytsts at Statista say there’s still plenty of upside for blockchain in fintech, with more than $4.7 billion in new investment expected for 2018 and blockchain driving most of that buzz. Another firm, OmniScience Capital, sees plenty of headroom in the smart contracts field too, saying that sector will continue to drive demand for blockchain technology solutions in 2018.
All told, this report argues that the global blockchain market is expected to grow at a compound annual growth rate of 79.6 percent by 2022, from a $411.5 million industry last year to a $7.6 billion industry. The report sees lots of potential in furthering blockchain’s means of delivering faster transactions, simplified business processes and transparency, but notes that uncertainty in government’s regulatory acceptance of the technology, plus the overall need for a common set of standards, might slow the overall growth of the market.
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