Blockchain will be worth $2tn by 2030, analyst says
As blockchain projects continue to come online, the market for the technology could be worth as much as $2tn by 2030, said a London-based analyst on Wednesday.
Speaking at Wednesday’s Blockchain 360 event – part of London Tech Week – Don Tait, blockchain and cryptocurrency analyst at IHS Markit, said that large companies in key areas such as finance, supply chain and identity data already embrace and use the technology.
Furthermore, a significant percentage of blockchain projects go straight from trial to being live and commercially deployed.
“We are still at the early stage of the development of blockchain,” Tait said. “It’s a nascent market and the use cases and business models will evolve.”
In the financial industry, blockchain technology is being used in payment systems. Meanwhile, supply chain operators are using distributed ledgers to solve cash-flow problems in transportation, replacing slow and – often – disputed paper-based proof of delivery ledgers with digital blockchain-based records.
Commercial deployment grows
“There is currently only a small percentage of projects which are commercially deployed – perhaps between 2%-4%,” Tait said. He added, however, that given the efficiencies and cost savings available through blockchain projects, “I am currently forecasting the market blockchain could reach $2tn by 2030”.
While the cryptocurrencies that are mined and transacted using blockchain ledgers may come and go, blockchain technology will persist, although no single blockchain solution will win.
“The more credible blockchain projects which have realistic business plans and solve a current problem are more likely to be here in 5-10 years time,” Tait said.