worldwide spending on blockchain will hit US$1.5 billion this year — twice as much as in 2017 — and it will total nearly $12 billion in 2022, according to IDC. The technology is expected to have a five-year compound annual growth rate of 73.2 percent. Cross-business collaboration and interoperability have emerged as key aspects in the technology’s growth. The financial sector will lead the spending on blockchain — $550 million this year — driven largely by rapid adoption in the banking industry.”Bank of America has filed more blockchain-related patents than any other company,” noted Shidan Gouran, CEO of Global Blockchain.”While they are not exactly using blockchain at the moment, these patents foreshadow future use in the banking industry,” he told the E-Commerce Times. The distribution and services sector, which will spend about $380 million this year on the blockchain, will come next, led by retail and professional service. Discrete and process manufacturing will lead this year’s spend of $334 million in the manufacturing and resources sector.

Reference: E-commerce times


Amin Lalani is a subject matter specialist in Internet Retailer with several articles and research paper published so far. He has done M.Phil from IoBM in Marketing with emphasis on Internet Retailing. Besides academia he has various other certification like SAP, Google Analytic, Microsoft Small Business Solution Provider and more.

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