According to a report published by ABI Research in New York, as blockchain continues to tackle numerous different industries, the technology is on track to reach $10.6 billion USD in revenue by 2023. Retail and consumer, arts and entertainment, public services, online stock trading, and retail and supply chain management are just a few of the many sectors that blockchain is revolutionizing outside the financial world.
How are companies using blockchain?
“The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries. Tech giants…are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services,” said Michela Menting, Research Director and lead author of the report.
Who is leading the market change with blockchain?
Companies partaking in the adaptation of blockchain outside the fintech space include Microsoft, Amazon, SAP, IBM, Oracle and HPE. Also, as blockchain is instrumental in tackling issues of cost, efficiency and transparency, we’ve seen programs deployed by Walmart and Maersk with the hopes of monitoring the transportation and sales of products worldwide.
This wave of blockchain innovation, according to ABI Research, is mainly focused in North America, Europe, and certain Asia-Pacific countries. They highlight specific companies leading the startup initiative, including T-Mining, Skuchain, Sweetbridge, and OriginTrail. These early movers are tackling issues that deal with integrating blockchain into an industrial industry and setting the standard that will go forward as other companies experiment with the technology.
Where does ABI Research gather their data from?
ABI Research pulls their information from their datasets Blockchain and Distributed Ledger Technologies and Blockchain In the Supply Chain: Reducing Friction for Faster And more Efficient Logistics reports.
This article was written by Ben Jones