Recent analysis shows the seismic growth within the blockchain economy, with 2021 its annus mirabilis. What is the key now to increasing blockchain uptake?
The increasing adoption of blockchain and the advance towards Web3 mean that the practical applications of blockchain are becoming more and more exciting. In fact, according to CB Insights’ State of Blockchain report, funding in blockchain companies grew by 713% year-over-year in 2021 to reach more than US$25bn. At the same time, funding in NFTs soared by almost 13,000% (yes – thirteen thousand) to US$4.8bn.
It’s no surprise that the New York-based market research company called it “a breakthrough year” for the blockchain economy, with venture funding to blockchain startups hitting new record highs and the volume of blockchain deals growing by 88% to reach 1,247.
Global blockchain market experiencing seismic growth
In 2022, experts predict that slightly more than half (51%) of global blockchain funding will come from the US, with expected market growth from US$7.18bn to US$67.4bn by 2026. Some of the primary factors driving this rapid expansion of the blockchain market include an increase in venture capital funding and investments; adoption of blockchain technology in cybersecurity applications; easy access to smart contracts and digital identities thanks to the widespread use of blockchain technology; and conscious efforts from governments.
The US has the largest blockchain market share. The region's early adoption of blockchain and the fact that various manufacturers offer security have provided fuel to the fire.
Continue reading: https://fintechmagazine.com/articles/blockchain-where-does-fintech-go-from-here
The increasing adoption of blockchain and the advance towards Web3 mean that the practical applications of blockchain are becoming more and more exciting. In fact, according to CB Insights’ State of Blockchain report, funding in blockchain companies grew by 713% year-over-year in 2021 to reach more than US$25bn. At the same time, funding in NFTs soared by almost 13,000% (yes – thirteen thousand) to US$4.8bn.
It’s no surprise that the New York-based market research company called it “a breakthrough year” for the blockchain economy, with venture funding to blockchain startups hitting new record highs and the volume of blockchain deals growing by 88% to reach 1,247.
Global blockchain market experiencing seismic growth
In 2022, experts predict that slightly more than half (51%) of global blockchain funding will come from the US, with expected market growth from US$7.18bn to US$67.4bn by 2026. Some of the primary factors driving this rapid expansion of the blockchain market include an increase in venture capital funding and investments; adoption of blockchain technology in cybersecurity applications; easy access to smart contracts and digital identities thanks to the widespread use of blockchain technology; and conscious efforts from governments.
The US has the largest blockchain market share. The region's early adoption of blockchain and the fact that various manufacturers offer security have provided fuel to the fire.
Continue reading: https://fintechmagazine.com/articles/blockchain-where-does-fintech-go-from-here
