Since the blockchain and crypto industry is unprecedentedly changing, one trend replaces another, every year seems like a year of something: like 2016 is the year of everything blockchain, 2017 is all about ICOs, 2018 is Stable coins, etc. So, how will the blockchain industry landscape look like in 2021? In this blog post, we will reveal the 5 critical predictions from IT experts around the world.
1. Global blockchain market size will rapidly expand No one thought that the blockchain industry would have exploded in popularity in this notable time. Companies in many industries are showing interest in adopting blockchain technology due to the benefit it brings. The COVID-19 has surely sped up the digital transformation drive in many fields, especially through the use of blockchain technology or a distributed ledger. Resulting in the global blockchain market size is expected to grow from $3.0 billion in 2020 to $39.7 billion by 2025, at an efficient CAGR of 67.3% in the period of 2020 - 2025. 25 percent of the Forbes Global 2000 will be expected to apply blockchain technology as a foundation for digital trust. 2. Long-term strategic projects will be put on hold The volatility and uncertainty caused by COVID-19 have led many companies to withdraw from some of their longer-term distributed-ledger-technology-related projects. These strategic projects mostly operate with extended schedules now, especially those requiring changes in market structure or regulation. The budgets for experimental projects, and research and development projects, that run in isolation from businesses, are becoming rarer to obtain and are being cut down this year. Leading to a large number of these types of projects being put on hold. 3. Corporates need to speed up their digital transformation Digital transformation is not a choice anymore, it is essential for any businesses that want to survive in this industry 4.0 era. Because the COVID-19 pandemic has put stress on today’s businesses, companies have an urgent need to speed up their digital transformation to emerge stronger. And blockchain technology seems to make the most dramatic changes in the way businesses operate in the next few years. As a result, many industries are looking at blockchain as a useful tool to become more digital. TP&P Technology has a strong team of blockchain developer in Vietnam with years of experience you can count on. Leave us a comment and we will get back to you right away
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November 2020
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