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Blockchain technology market to exceed $ 57 million by 2025

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Blockchain in the manufacturing market to be worth $30mln by 2020, $566mln by 2025

Blockchain technology market to exceed $ 57 million by 2025

Blockchain technology market to exceed $ 57 million by 2025
CONTENT

  • The blockchain market will continue to grow rapidly

  • Exchanges and crypto exchangers will remain the main consumers of blockchain technologies

  • Blockchain is developing in Russia, but it is intentionally not decentralized

International consortium of news organizations developing transparency standards.

According to Million Insights analysts, the blockchain technology market will exceed $ 57 million by 2025 and will grow by an average of 69.4% annually.

Blockchain technology market to exceed $ 57 million by 2025

Blockchain is ubiquitous

Analysts at Million Insights have prepared a report according to which by 2025 the blockchain technology market will exceed $ 57 million and will grow rapidly every year. The main consumers of blockchain services will be such sectors as healthcare, finance, international settlements, media, logistics and government..

“The market is expected to evolve at a rapid pace due to various benefits such as minimizing errors, eliminating the need for reconciliation and ensuring confidentiality. Blockchains, in fact, create a universal database available to all participants in the process, thereby increasing the efficiency of the system, ”the report says..

Also, analysts are confident that blockchain technologies will be actively implemented in small and medium-sized businesses. In this segment, the maximum growth will be observed at the level of 70.7% per year. The leaders in the implementation of blockchain technologies will be the countries of the Asia-Pacific region, and the most widespread blockchain will be in the field of finance, including solutions for currency exchange, electronic payments, borrowing and lending, and others..

Blockchain technology market to exceed $ 57 million by 2025

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Nowadays, companies that specialize in the provision of services in the field of personal identification, cryptocurrency trading, electronic payments, the development of smart contracts, as well as in the field of logistics and supply chain tracking are using the new technology most actively..

Russia is interested in the development of blockchain

Despite the fact that Russia does not appear in the Million Insights report at all, domestic financiers and government officials are already considering the possibility of introducing blockchain technologies into many areas of activity. The Federal Tax Service of Russia is thinking about introducing blockchain solutions to eliminate risks associated with inaccurate or irrelevant information about a client.

“In it [the blockchain platform] it was necessary to combine banks, the Ministry of Economics, VEB.RF, the Accounts Chamber and the data of the Federal Tax Service in one information space. As a result, 40 credit institutions were connected to the platform, more than 600 thousand applications for 500 billion rubles were filed, “said the new head of the Federal Tax Service, Daniil Egorov..

And the World Trade Organization (WTO) has included the Russian blockchain project Factorin in the list of regional leaders in the category of supply chain financing (SCF) projects. In particular, the WTO noted that new developments are aimed not so much at the global as at the local market..

However, as Russian experts note, the blockchain in Russia is not deliberately decentralized. Sergey Golubitsky, author of the minoa.biz and vcollege.biz projects, wrote about this in the author’s column for Novaya Gazeta. According to Golubitsky, the created Russian variants of the blockchain are in fact an ordinary corporate distributed network:

Blockchain technology market to exceed $ 57 million by 2025

“It cannot be otherwise, because otherwise the state will completely lose control over the voting results, which, as you understand, is absolutely unacceptable for the authorities that govern an archaic society without democratic traditions,” Golubitsky said..

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