Specialists of the analytical company IDC prepared a forecast according to which the cost of blocking this year will amount to 4.3 billion dollars. This figure corresponds to an increase of 57.7% compared to 2019, when blockchain spending amounted to $ 2.7 billion.
An increase of 57.7% is significantly lower than that projected for this year last year. However, the forecast had to be adjusted due to the COVID-19 pandemic and the resulting marked reduction in IT costs and the worsening economic situation in recent months.
If we take a slightly broader perspective and include the period from 2018 to 2023, the average annual growth will be 57.1%. This means that in 2023, the cost of decisions based on blockchain technology will reach $ 14.4 billion.
The main applications of the technology include cross-border payments and settlements, trade finance and post-trade / transaction settlements. According to analysts, companies using blockchain technology in the first months of the COVID-19 pandemic felt its advantages. Allegedly, she “helped enterprises in many industries overcome the difficulties associated with managing supply chains, verifying medical data and tracking insurance claims.”