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Posted   |     |   blockchain

What is the future of blockchain?

Video: Gartner survey: Only 1 percent of enterprises use blockchain tech

According to Gartner, the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030. Gartner does not expect large returns on blockchain until 2025.

Most current uses of blockchain are not disruptive, because, according to Gartner, “the majority of organizations that undertake blockchain projects find it hard to conceive of systems that are outside of their legacy, centralized models (both business models and technology platforms).” Yet a Gartner survey shows that 66 percent of business leaders believe blockchain is a business disruption and have set budgets accordingly; and 5 percent of those surveyed said they will spend over $10 million on blockchain. But a 2018 Gartner CIO survey of 3,000 CIOs from 98 countries found that “only 1 percent of CIOs indicated any kind of blockchain adoption within their organizations.”

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Must read: Executive’s guide to implementing blockchain technology

According to IDC, worldwide spending on blockchain solutions is forecast to reach $2.1 billion in 2018, more than double the $945 million spent in 2017. IDC expects blockchain spending to grow at a robust pace over the 2016 to 2021 forecast period with a five-year compound annual growth rate (CAGR) of 81.2 percent and total spending of $9.7 billion in 2021. “The United States will see the largest blockchain investments and deliver more than 40 percent of worldwide spending throughout the forecast. Western Europe will be the next largest region for blockchain spending, followed by China and Asia/Pacific (excluding Japan and China)(APeJC). All nine regions covered in the spending guide will see phenomenal spending growth over the 2016 to 2021 forecast period with Latin America and Japan leading the way with CAGRs of 152.5 percent and 127.3 percent, respectively,” per IDC.

Blockchain spending will be led by the financial sector ($754 million…

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