According to the data analytics firm specializing in the fields of finance and technology, IHS Market, published a new report in July which estimates that, by 2030, blockchain technology will spike in terms of how much value businesses put on them.
How much value? The report suggests that it will reach $2 Trillion by that year. The report itself takes into consideration all blockchain-related values as an entire vertical instead of a market cap.
Is $2 Trillion Still A Pessimistic Figure?
The study itself dove into the depths of blockchain's value, this included “…primary research interviews with strategic blockchain specialists.” But for many, while $2 trillion sounds impressive, 2030 is a long way off and the market is still expanding.
The number of startups from the advent of blockchain technology has only increased annually, and the ways in which it's being applied are becoming increasingly diverse: with electrical grids being just one element startups want to see decentralized thanks to blockchain.
While 2018 has been seen as a year of recuperation and re-adjustment for the cryptocurrency market, the same is definitely not true of blockchain developers. In the late stages of 2017, blockchain as a whole market reached a valuation of $1 trillion.
According to the report, key sectors driving blockchain business value include:
- Banks and financial institutions
- Supply chain and logistics suppliers
- Advertising and media companies
- Government and public-sector institutions
- Power and energy companies
- Retail and e-commerce
- Software specialists and developers
- Telecom operators and MNOs
- ICOs and cryptocurrency experts
More Than Just A Fad – Blockchain As A Job Creator
While the volume of patents has exploded over the last few years, blockchain has been far more than just an ever-growing collection of ideas, it's become an increasingly powerful job creator.
Before it's development, titles like ‘Meme-specialist' to ‘Blockchain developer' did not exist in any way. And many countries are attempting to pull these jobs towards them, including easing regulations and taking a more positive approach to blockchain and cryptocurrency.
While the report gives a perspective into how developed the market will be, it's one that continues to grow at a break-neck pace, potentially rendering the $2 trillion estimate, old news before the ink is dry. With new and interesting patents and startups being introduced week-by-week, 2030 may see a far more valuable blockchain industry.
Employers, in particular, are currently trying to get their otherwise highly experienced employees up to speed with the developments and underlying functions of blockchain and cryptocurrency. This includes universities like Oxford in the UK, including Stanford and IBM which have launched blockchain specific courses.
What looks set to muddy the waters is the looming requirements for, as of yet, uncertain levels of regulatory policy and compliance. Governments must get up to speed in order to effectively provide a regulatory framework that supports and protects both users and the business owners, while making sure not to strangle the effectiveness of these flourishing businesses.