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Spending on Blockchain solutions could reach US$19 billion by 2024— up almost 300% from 2020
HomeNewsSpending on Blockchain solutions could reach US$19 billion by 2024— up almost 300% from 2020

Spending on Blockchain solutions could reach US$19 billion by 2024— up almost 300% from 2020

CryptocurrencyBlockchain
Amala Pillai
Amala Pillai
January 31st, 2023
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  • Spending on Blockchain solutions could go up more than 300% from 2020 levels in the next two years
  • Investments in Blockchain solutions could reach $19 billion by 2024

New data suggests that spending by global businesses on Blockchain solutions could go up more than 300% from 2020 levels in the next two years.

Blockchain is a digital ‘ledger’ or collection of transactions that are duplicated and distributed across a network of computer systems, making them difficult or even impossible to hack or alter. Its features make the technology ideal for data validation, access, and identity protection. There are many companies, even several major publicly listed ones, which use the technology and others that are heavily invested in cryptocurrencies like Bitcoin which are built on the Blockchain.

According to Statista, globally, corporations have begun to adopt private blockchain for internal purposes such as record keeping and intra-company transactions, and even public blockchain like Bitcoins in their payment processes.

Data from Statista’s Research Department have forecasted that spending on blockchain solutions could reach almost $19 billion by 2024— an increase of over 322%.

Contributors

Amala Pillai
Amala Pillai
Senior Content Editor
Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.