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Global blockchain market predicted to reach $424mn by 2023

Global blockchain market predicted to reach $424mn by 2023

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According to a report from IndustryARC, the global blockchain market is forecasted to reach $424(S$ 317)m by 2023 with growth attributed to rising interest of companies in incorporating such technologies into their logistics operations.

While North America accounts for majority of this growth ($131.65m), Asia Pacific is expected to grow faster with a 56.1% compound annual growth rate. Contributing to growth rates are increasing prevalence of smart contracts, transparency of technology and growing use of data in logistics.

Lastly, developing economies such as Brazil, Africa are seeing more government initiatives concentrating on blockchain due to rising demands for digitisation.