A new report issued by the technology company ReportLinker is in the latest crypto news – showing that blockchain technology in the US manufacturing sector is about to grow substantially from 2020 to 2025, eventually reaching the $500 million margin.
While preparing the report, the authors split blockchain usage by application, end use, as well as territory. The study also divided the blockchain in manufacturing market based on its end use into energy and power, industrial, automotive, pharmaceuticals, aerospace and defense, food and beverages, textile and clothing as well as other sensors.
As the researchers noted, the blockchain technology in manufacturing is expected to be worth $30 million by 2020 and grow at a compound annual growth rate of 80% to $566 million by 2025. According to the report, blockchain will simplify business processes and ensure transparency and immutability while cutting down all the intermediaries in logistics and supply chains.
The authors also cited different factors that could drive the growth. The most important one of them according to them is the growth of blockchain-as-a-service (BaaS) and the similar solutions for businesses – as well as the significant increases in venture capital investment and Initial Coin Offerings (ICO).
Still, the report also pointed out to the uncertain regulatory landscape and the absence of a uniform set of standards which are holding back the growth of the blockchain in the manufacturing market.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
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