Critical Future Blockchain Market Report Says Adoption To Add $120 Billion To Global Economy
Some recent reports suggest that the blockchain technology could add more than $12 billion USD to the global economy in the next few years. According to the Future of the Blockchain Market Report, the distributed ledger technology (DLT) will contribute with this sum to the world’s economy until 2024.
This study has found out that there is a high probability that the blockchain industry can offer benefits for the mainstream industry and that this contribution can range from $87 to $120 billion USD by 2024 depending on the rate of adoption from the industries.
Adam Riccoboni, the managing director of Critical Future, a London-based tech company which has commissioned the report, affirms that it calculated the economic impact of blockchain and it reflects how much money can be saved by using this new tech.
The research was made during six months in which the researchers talked to 1800 business figures around the world in an effort to get a wide view of the market. 80% of the participants believed that the blockchain is here to stay, which leads them to believe that there is a high level of acceptance in the business community and that the blockchain is more than a fad.
Some industries, in special, can feel the impact even more than others as it is the case with 44 industries, which include the financial and the public sectors as well as the entertainment field. These 44 industries could be disrupted by the technology and apply the technology to get its benefits.
Also, according to the report, four specific areas can apply the distributed ledger technology “almost immediately” to their systems: identity fraud prevention, cross-border transactions, AML and KYC.
Will The Blockchain Affect All?
Other studies also show that the distributed ledger technology can have a positive impact in many industries. One of them is a study made by the CBI Insights. which suggested that 42 industries could change a lot if they started to use the blockchain. The study mentions mostly the same sectors that the Critical Future study does.
There are many other examples. For instance, a TED Talk at the end of 2016 with Bettina Warburg highlighted how a decentralized ledger can help in the collaboration between parties and provide a nice background for interaction.
Some other studies like one that highlights how blockchain adoption can be a net benefit can be cited. Among them, there is a study published in July that found out that the blockchain technology could benefit in $5 billion USD the Indian economy and a report from Accenture that affirmed that the financial sector could save about $12 billion USD with transaction costs diminished.
However, this report may be the first one to admit that the reach of the blockchain technology in the economy can be so wide and so soon, which is a very positive view of how the technology will fare in the market.