Statistics, Facts And Trends Related To Blockchain Technology

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Statistics, Facts And Trends Related To Blockchain Technology

Blockchain technology developed at a highly rapid rate since its launch in the market. Due to its effectiveness, technology has taken the entire business by storm. Blockchain data resist modification. Its complexity can be difficult to grasp for technological enthusiasts.

The omnipresent nature of technology and expanding popularity can be clearly seen everywhere. Let us look at the major statistics, trends, and facts of Blockchain technology in the near future.

Growth in the Bitcoin market

The capitalization of the bitcoin market witnesses a huge rise from 1.48 billion USD in third quarter of 2013 to 144.96 billion USD in the third quarter of 2019. By the end of third quarter of 2019, there were 17.97 million bitcoins throughout the world.

By September 2019, the index value of Bitcoin will amount to around 8.085.71 USD. To match with the increasing use of Bitcoins, there were around 3,500 bitcoin ATMs only in the US in September 2019.

At the beginning of July 2019, the total number of users of Blockchain wallet users reached 40 million. In addition to it, there was also seen a sudden development in the size of the Bitcoin Blockchain. As per the study, it was recorded that from Q3 of 2013 to Q3 of 2019, the size of Bitcoin Blockchain increased from 1gigabyte to 242.386 gigabytes.

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Predictions for Blockchain market for 2019 and Beyond

Here are some of the predictions estimated for growth of blockchain operations in 2019

  • The market value of the entire blockchain industry will reach $60.7 bn by the end of 2024.
  • The total global spending on blockchain solutions will be estimated to reach 2.7 billion USD by 2019.
  • By 2022, the total expense by the U.S on blockchain solutions is estimated to reach around 4.2 billion USD. This makes it the largest spender throughout the globe.
  • The total blockchain market value in the area of agriculture and food, on a global level, is estimated to reach 1.4 billion USD by 2028.
  • Thirty percent of respondents consider China to lead the blockchain technology development in the period between 2021 and 2023.
  • The total amount of investment by China on blockchain market China is predicted to reach 1.42 billion USD by the end of 2022.
  • The market value of blockchain technology in South Korea is estimated to reach 356.2 billion by 2022.
  • It is also predicted that by 2025, around fifty-five percentage of healthcare applications will implement blockchain technology for commercial usage.

Blockchain Trends Projected in 2019

  • Blockchain as a service (BaaS)
  • Migrating from crypto to electronic assets
  • Increased number of Security Tokens
  • More electronic asset services offered by financial institutions
  • UX Development and its scalability
  • More promising regulations throughout the globe
  • Stable coins

Conclusion

Bitcoin has significantly revolutionized the market. In the above way, the market of Bitcoin has observed drastic expansion over the last ten years. The increasing trend is expected to continue in the coming years too.

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