Cryptocurrency and blockchain technology have been around for nearly 10 years now, and they keep finding other ways to be applied into other industries. Recently, PR Newswire and Zion Market Research decided to examine the research available on both of these markets to see how much they’ve grown since their origination. Over the years both markets have managed to surpass $1 billion in value.
The new market report concerning cryptocurrency is published by MarketsandMarkets and alleges that the cryptocurrency market will reach $1.40 billion in value by 2024, compared to the current value of $1.03 billion that they predict for 2019. The biggest causes of the growth of during this time are based on the transparency of the blockchain, increase remittance in many countries, the cost of cross-border remittance, changes and regulatory measures towards fiat currency, and the growth that it has seen in venture capital investments. However, the report also indicates that onto the issues holding the market back include the lack of regulatory measures around the world, along with the lack of the understanding of cryptocurrency itself.
Blockchain technology also has seen tremendous progress, especially because the technology can be separated from cryptocurrency to serve many other industries. The global blockchain-as-a-service market was recently evaluated by Zion Market Research, and a report from them indicates that the blockchain industry should reach approximately $30.59 billion by 2024, easily surpassing the value of cryptocurrency in the same year.
Blockchain technology and blockchain as a service are two branches of the same market. As Zion Market Research puts it, “blockchain is a technology used to store data in the form of blocks, each blank is connected with every other block forming a chain. Blockchain-as-a-service (BaaS) refers to the cloud-based services and solutions offered by big tech giants to users to develop their own applications based on the blockchain.”
The commerce industry can easily be credited with the growth that BaaS has seen. Using this type of technology has made every transaction involved more secure, fast, and reliable. Much of the market growth that will be seen in the next 5 years will be due to the increased usage of BaaS in the supply chain.