Blockchain is growing in spite of the crisis

Blockchain is growing in spite of the crisis

The current economic crisis has put a major strain on most industries. However, Blockchain is an exception. Expenditure on Blockchain technologies will grow by 50% - experts estimate that this implies investments amounting to 4.1 billion dollars - which would result in an annual income of 17.9 billion dollars until 2024, according to the latest guide from the consultancy firm IDC.

Although the pandemic has also led to the restraint of expenditure in some of the sectors working with Blockchain, the loss has been compensated by the boost from the banking sector. As a result, blockchain has exceeded the previous estimates of annual growth.

One of the keys to this growth are the companies that have re-evaluated their processes; this has entailed an increase in investment in distributed accounting and blockchain technologies. James Wester, research director at Worldwide Blockchain Strategies (IDC) believes that many industries' processes were inefficient, and the pandemic has only brought these shortcomings to light, revealing the need for more efficient models, based on Blockchain.

Banking and process manufacturing are the main areas of blockchain spending. According to IDC, the banking industry will account for more than a quarter of global spending, a percentage that is close to that of the discrete manufacturing and process manufacturing sector as well.

At IoT DIH we support companies that implement new technologies such as blockchain, and we work on the growth and improvement of systems based on Blockchain.

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