More businesses and organizations are adopting blockchain technology. The expenditure on this technology is forecasted to rise ten times between this year to 2022, says an international research firm.
Based on International Data Corporation’s market research, this year alone, blockchain expenditure is forecasted to reach $1.5 billion. Globally, this new tech solution is at a compounded annual growth rate of 73.2% and is expected to reach $11.7 billion in 2022.
The United States has the biggest investment in blockchain at 36% within a five-year period. Next is Western Europe, and the third is China.
However, the fastest country that adopted blockchain is Japan with a compounded annual growth rate (CAGR) of 108.7% during the forecast period. Canada is next with its CAGR of 86.7%.
In terms of industries that are tapping the blockchain, the financial sector is on top with a forecast of $552 million. Second is the distribution and services industry with $379 million while third is the manufacturing and resources sector at $334 million.
In the Philippines, there are a number of fintech startups that are utilizing blockchain technology, ranging from remittance solutions to real estate.