Research: Global Automotive Blockchain Market Set to Reach $1.6 Billion by 2026

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The volume of the global automotive blockchain market is set to reach $1.6 billion by 2026. This estimation comes from a PR Newswire article published August 21, citing a report by Business Intelligence and Strategy Research (BIS Research).

The BIS Research report forecasts that during the period from 2018 to 2026, the automotive blockchain market will grow at a Compound Annual Growth Rate (CAGR) of 65.80%, reaching $1,575 million by 2026. The research was based on a financial analysis of the key market players: Ethereum (ETH), RippleLabs Inc., IBM Corporation, BigChain DB, R3, and some others.

The projected “robust growth” of the automotive blockchain market is due to the rise of the popularity of the distributed ledger technology (DLT) and “the myriad number of benefits associated with the blockchain technology,” the report says.

Among these advantages are the exchange of data, transparency, reliability & security, and immutability. All these have made blockchain tech a top contender to disrupt the