Blockchain and cryptocurrency have established a good foundation in the US, and the recent report states that the blockchain market alone will cross $41 billion in the spending by 2025. The latest report was announced on March 25.
The report researcher had included 11 unique places where the use of blockchain was advancing fast. The report is named as United States Blockchain Business Opportunities and Outlook Databook (2016-2025).
The report has predicted that the blockchain expenditure in the US will result in a compound annual growth rate (CAGR) of around 44.5 percent which will be increased to $41.1 million from $3.1 million by the year 2025.
The report has also mentioned that in the year 2018, the blockchain expenditure in the US was increased by 110 percent and almost crossed $1.6 billion. In order to create the report, the firm apparently examined the market opportunities and also the risks related to blockchain in more than 75 locations which included 11 industries in the US. The report also says that the US is ahead in the global blockchain plan. In-spite of the fact that the US is much more ahead than the forecast and the US is expected to continue to lead the industry.
On the basis of geographic condition, the US is expected to set the largest blockchain spending to 1.1 billion dollars, which will be followed by Western Europe and then China. They are estimated to make an investment of 674 million dollars and 319 million dollars respectively.
However, Acting Under Secretary of State for Economic Growth, Energy and the Environment of US, Manisha Singh, said that as of now the agency is in research stage which is looking to understand the blockchain technology in the best way. Blockchain tech is now becoming a global fact. It is now becoming even more important to understand this cutting-edge technology in a better way, as it is widely being used in our economy.
The banking and financial sector of the US will be implementing blockchain technology in KYC data and in trade finance, capital markets, cross border payments, initial coin offering, loan management and in others. In the insurance sector, the blockchain will be used in product development, claims processing and others.
The report also says that the retail sector will be using blockchain heavily in virtual warranty management and supply chain management. In the automotive sector, the blockchain will be implemented in the auto financing sector, supply chain management, automotive spare parts and in automotive asset transfer.
In the month of March, the data was published by the research which said that the global blockchain spending will see a fast growth from 2018 to 2022.
An economist, Nouriel Roubini, said that the blockchain has nothing to do with the financial services. He also removed the blockchain technology from the list of leading technologies which includes artificial intelligence, Internet of Things, Machine learning and big data.
