Within the past couple of years, there has been much ado about blockchain, also known as distributed ledger technology: a distributed data verification technology wherein financial and operational transactions are recorded and validated across a network, rather than through a central authority. This technology can be confounding as enterprises wrestle with how best to utilize it, but at the same time blockchain promises radically different approaches and efficiencies for transaction processing, asset management, intra-organizational execution, and identity management.
According to a new report from Tractica, annual revenue for enterprise applications of blockchain will increase from $2.5 billion worldwide in 2016 to $19.9 billion by 2025. The market intelligence firm’s analysis indicates that this market will be composed of 29 key use cases that will touch at least 19 different industry sectors.
“Blockchain, a technology that began with Bitcoin, is enjoying a blossoming beyond cryptocurrency and the transfer of money, to an architecture able to support many types of transactions, from logging an event, to signing a document, to voting, to allocating energy between parties, and far beyond,” says principal analyst Jessica Groopman.
Groopman adds that, in the last year alone, over a hundred financial institutions, more than two dozen governments, and countless corporations and venture capitalists have invested more than $1 billion into blockchain startups. “But through the fog of hype,” she says, “lies the sobering reality that this is a market of extreme nascence and fragmentation. Despite significant hurdles, however, blockchain has the potential to impact a wide variety of industries, most notably finance, manufacturing, healthcare, energy, and insurance, among many others.”
Tractica’s report, “Blockchain for Enterprise Applications”, examines market trends, technology issues, key use cases, and industry players in the rapidly evolving enterprise blockchain sector. The study includes granular market sizing and revenue forecasts for 29 use cases spanning 19 industries, segmented by implementation category and world region, for the 10-year period from 2016 through 2025. The report also includes in-depth profiles of 22 key industry players. An Executive Summary of the report is available for free download on the firm’s website.