The global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024.
According to a study by Transparency Market Research (TMR), this is largely down to the rapidly rising interest among several giant companies in leveraging the disruptive potential of blockchain.
This, in turn, has created an increasingly competitive vendor landscape. Furthermore, the continuous entry of new players capitalising on the use of the process for practical business applications is expected to intensify the level of competition in the blockchain technology market over the coming years.
Among the broad types of applications of blockchain technology, the financial services sector has emerged as the most promising segment in recent years. The share of the segment in the overall blockchain tech market is attributed to the proliferating use of the technology in the banking industry, supported by mammoth investments.
The technology is also now commonly used to facilitate identity management, smart contracts, supply chain analysis, and much more. The full potential of blockchain technology likely remains to be discovered.
A Deloitte survey found that 87% of senior executives from around the world said that blockchain will allow them to enhance further integration towards touchless business processes. On the other hand, 86% think that blockchain will unlock new business functionality and revenue streams in their industry.
At Blockchain Expo Global 2021, industry insiders chewed the fat over the current state of play in the blockchain market and where it is likely heading.
Many of the hottest topics focused on crypto, including how digital currencies and traditional banking fits together in the monetary landscape.
Impact of investors
Speaking at the event, Chris Tyrer, head of digital assets Europe, Fidelity Investments, said: “We’re in the process of hiring 100 people over the next few months and that’s really to meet what we’re seeing in terms of the massive increased demand for products and services. And so I think the adoption of the technology is a world apart from where we were even just 18 months ago.
“And I think a lot of that is about the monetary and fiscal response to the global pandemic, and there’s been a lot of concern about prices. It’s driving a lot of investors to seek returns elsewhere.”
More companies get on the bandwagon
Sebastian Widmann, head of strategy, Komainu, said: “2017 was the first time I actually saw real retail participation, as well as some institutional participation. At the time, we looked at different ways we could get exposure to that. And we need to think about what role the financial services will have to play to help us service our clients.”
David Karney, head of digital assets, Worldline, commented: “Does the Central Bank Digital Currency (CBDC) need to be centralised or decentralised? It needs to be centralised. We need a safe pair of hands. New technology is coming through all the time but it’s necessary that this technology is timeless.“
Setting the CBDC price
William Lovell, head of future technology, Bank of England, said: “A CBDC will be valued pound for pound in the same way that money reserves in the Bank of England are pound for pound the same as digital bank notes. There are aspects of design that ensure that will always be true but that’s how it works.”
TechEx Global, hosted on September 6-7 at the Business Design Centre, London, is an enterprise technology exhibition and conference consisting of four co-located events covering IoT, AI & Big Data, Cyber Security & Cloud and Blockchain.