By 2024, spending on blockchain solutions could reach  billion – a nearly 300% increase from 2020

By 2024, spending on blockchain solutions could reach $19 billion – a nearly 300% increase from 2020

  • Spending on blockchain solutions could increase by more than 300% over the next two years compared to 2020.
  • Investments could reach a volume of 19 billion US dollars in this period.

New data suggests that spending by global companies on blockchain solutions could increase by more than 300% over the next two years compared to 2020.

As all crypto enthusiasts know, a blockchain is a “ledger” – a digital “ledger”. In it, all transactions are recorded, then duplicated and distributed over a network of computer systems. This makes it difficult or even impossible to hack the system and change the information about these transactions. The characteristics of the technology make it ideal for validating data. This is what enabled the rise of cryptocurrencies , as it created a financial resource that cannot be duplicated or counterfeited.

There are also other use cases of blockchains. For example, they are used by large companies to control their supply chains. There are many large companies, even several public ones, that use this technology for their purposes. Of course, there are also plenty of companies that are heavily invested in cryptocurrencies like Bitcoin that are built on top of the blockchain.

According to Statista, companies around the world have started using private blockchains for internal purposes such as record keeping and intra-company transactions. The statistics also include those companies that use public blockchains such as Bitcoin for their payment processes.

Data from Statista’s research department has forecast that spending on blockchain solutions could reach nearly $19 billion by 2024. That would be an increase of over 322% from current levels.

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