A new authoritative market report by a team of academic experts and business leaders reveals that blockchain will have a USD $120 billion economic impact by 2024.
The report the first of its kind to integrate robust econometrics models to calculate economic impacts such as the reduction of cost in an industry, revealing startling opportunities.
The research reveals that the global blockchain market size is also calculated towill grow from USD $548.2 million in 2018 to USD $10.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 62.61% during the forecast period.
Of the 1800 business professionals surveyed 79% believe Blockchain technology is broadly scalable and will eventually achieve mainstream adoption.
The ”Future of the Blockchain Market” report details how Blockchain is set to disrupt 44 different industries, including the Banking, Logistics, Charity, Education, Healthcare, Human Resources, Public Sector, Music, Law Enforcement and Sports sectors, Social Media, Gaming etc.
Jeremy Baker, BBC Commentator, Affiliate Professor ESCP Europe, says: “This is not a report written by a junior analyst regurgitating internet facts. This is for the first time a report on blockchain by academic experts and business leaders that includes original research and robust economic models.”
“Reading this report made me realize Blockchain technology introduces a new paradigm. The World Wide Web is merely Internet 1.0 in terms of our online communication. Blockchain is, in a sense, Internet 2.0 and represents the internet of value, ownership and trust – as the extensive market research contained in this report so clearly demonstrates. 8 out of 10 business people now see blockchain as going mainstream – that is highly significant.”
The report reveals why the blockchain industry is growing at a rapid pace and how it has garnered serious attention and participation from leaders in key sectors including enterprise companies, venture capitalists, and regulatory bodies.
This participation has resulted in legislation in a number of jurisdictions around the globe, where policymakers hope to ensure safeguards for users whilst not stifling innovation. As a result, the report concludes that this cross-industry collaboration has increased confidence and secured the future of the Blockchain industry.
Baker adds: “Reading this enlightening report, it is clear that Blockchain is here to stay. The report made me understand Blockchain’s specific impact’simpacts across various industries, in the same kind of way the World Wide Web did. It will have a profound effect on society, as it creates a global network of trust, allowing individuals, organizations and even machines to transact with each other, but — for the first time in history — without having to trust each other.”