BIS Research Study Predicts Automotive Blockchain Sector at $1.6 Billion Market Value by 2026
Study Predicts $1.6 Billion Market Value For The Automotive Blockchain Sector In 2026
According to a report published online by the Business Intelligence and strategy Research, the volume of the global automotive blockchain sector will hit the $1.6 billion mark by 2026. Precisely, this estimation projects that the automotive blockchain industry will grow at a Compound Annual Growth Rate of 65.8%, and there for reaching $1.6 billion within the next eight years. The survey analyzed the financial trends of the key influencers of the sector, namely Ripple Labs Inc., IBM Corporation, Ethereum, R3, BigChain DB, and many others.
The report attributes this significant growth to the increasing popularity of blockchain technology and the potential benefits of adopting this disruptive technology. The most notable advantages of distributed ledger technology include speedy transactions, transparency, dependability, security, and inalterability. Specifically, the report mentions that the integration of blockchain technology will result in the creation of innovative applications that revolutionize the entire automotive sector.
While the revelations of this study are mere projections, they affirm the increasing popularity and the enormous potential of blockchain technology. Last month, the Chinese ministry of industry and information technology and Tencent Holdings released a report detailing the impact of distributed ledger technology in the country’s financial sector. Earlier in August, the Tezos Foundation donated financial grants to the Cornell University, France-IOI, University of Illinois, and the University of Beira Interior. The funds are to be used to further the research on the development of smart contracts and blockchain solutions.