Blockchain to generate more than $10.6B in revenue by 2023

Driven mainly by financial technology (fintech) investments, blockchain has seen a fast uptick in adoption for application development and pilot tests in a number of industries and will generate more than $10.6 billion in revenue by 2023, according to a new report from ABI Research in New York. 

That revenue figure is expected to come mainly from software sales and services.

Driving much of the interest in blockchain are multinational corporations rolling out proofs-of-concept and pilot programs, moves that have bolstered the credibility of and investment in the distributed ledger technology, according to ABI Research director Michela Menting, the report’s lead author.

Menting also pointed to tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, who are pushing Blockchain-as-as-Service (BaaS) for first-time enterprise adopters, often enabling integration with existing enterprise software and cloud services.

Most notably, Menting said, use cases for tackling endemic problems in the global supply chain are proving particularly popular.

“Blockchain is being leveraged to resolve complex issues around transparency, efficiency and cost,” Menting said in a statement. “Successful pilots run by the likes of Walmart and Maersk in tracking and monitoring products on a global scale are emerging into commercialized platforms that will be market-ready in the next few months.”

As pilots succeed and become commercialized, they will drive efforts to deploy blockchain to address barriers and risks in other sectors too – especially in adjacent industrial markets, Menting said.

“The blockchain startup scene is dynamically rising to the challenge, with the brunt of activity concentrated in North America, Europe and selected Asia-Pacific countries,” Menting said. “Some highly innovative companies tackling the supply chain space include Blockfreight, Modum, OriginTrail, Skuchain, Sweetbridge, SyncFab, and T-Mining.”

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