We all know that blockchain technology is on the rise in many ways. But is there a fact that proves that officially?
Well, according to a new report from the International Data Corporation, the worldwide spending on blockchain solutions which was valued at $945 million in 2017 is coming closer to $9.7 billion in 2018. The 81.2% percent growth definitely scratches the surface of the rapid adoption of the technology in many sectors.
One of the most significant sectors is the financial one. Here, the blockchain technology is meant to aid the regulatory compliance, cross-border payments and settlements, custody, and asset tracking as well as trade finance and post-trade and transaction settlements.
Aside from the financial, the distribution sector may also benefit from blockchain. The projected investments for 2018 are around $510 million. According to Stacey Soohoo who is a research manager (and part of the Customer Insights & Analysis team) at IDC, this year is going to be crucial for blockchain technology.
In her own words, Soohoo said:
“2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain. 2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments. As a leader in blockchain innovation and integration, the U.S. will continue to invest in blockchain throughout the forecast, spending heavily in financial services, manufacturing, and other industries. The U.S. will look to improve efficiencies in existing operations while promoting new applications in others, creating new streams of revenue and areas of spend. With increased investments driven by pressures to keep up with the accelerating pace in innovation, the world will continue to look to the U.S. for guidance as other regions forge ahead in their own blockchain projects and initiatives.”
With many recent acquisitions and plans for moving ahead with the blockchain technology, more and more companies are considering its use in their modern infrastructure.
Limitless Blockchain is only one of the companies that represent a dynamic addition to the growing portfolio of emerging technology companies. It is also a company that was recently acquired by Victory Square Technologies Inc. (an established blockchain solution provider) for $5 million.
The big question here is – will this guide us into a new era of blockchain solutions?
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