Will Blockchain Revenue Reach the $10.6 Billion Mark by 2023?

The decision-makers that enable integration and acceptance of technology within the business units are the CIOs and CTOs. The common trait of these leaders is the responsibility towards their respective businesses when it comes to adapting the latest technology solutions like Blockchain.

Blockchain, which was earlier considered just a decentralized currency technology, is now being used as a technology in many fields like supply chain management, retail and consumer, arts and entertainment, and public services. The demand for blockchain services is expected to rise continuously, with logistics being one of the main drivers.

Development of Blockchain Application Market

ABI Research revealed that – $10.6 billion revenue will be generated in software and services for all the combined blockchain related markets globally by 2023. Michela Menting, research director at ABI Research, added – “The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries. Tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services”.

Various multinational organizations are showing keen interest and are investing in blockchain technology. Blockchain resolves the issues pertaining to transparency, efficiency, and cost. Regardless of the challenges, in a few years, blockchain-based applications will become a default essential to a wide range of industries. Blockchain removes the middlemen involved in any kind of production process; thereby making processes cheaper and highly efficient.

According to the ABI assessment, the successful transition of these test cases to commercialization in such a global industry will in turn drive efforts to deploy blockchain to address barriers and risks in other sectors too – especially within adjacent industrial markets.

The latest discoveries from the ABI Research’s blockchain market dataset and related market study reports state that Blockfreight, Modum, OriginTrail, Skuchain, Sweetbridge, SyncFab, and T-Mining are some of the highly innovative companies that are tackling the supply chain space. Blockchain technology empowers the delivery process by providing better visibility into tracking and monitoring the product from to order stage to final delivery.

Must read: Industries That Will Embrace Blockchain to Transform

We are pretty sure that blockchain isn’t just an industry disruptor. Blockchain is a highly advanced technology that will revolutionize the way people do business. In the near future, when blockchain and IoT converge, the result will never be the same again after its adaption into the transportation and logistics industry.