Global blockchain spending to hit US$12.4b by 2022

blockchain
Blockchain spending is on track to reach US$12.4b by 2022 (Image MF3d/iStockphoto)

The largest chunk of worldwide spending on new blockchain networks – nearly US$2.9 billion this year – will come from the financial sector, where banking, securities and investment services, and insurance industries will invest more than US$1.1 billion, according to a new IDC report.

The research firm also noted that blockchain implementations are moving quickly beyond the pilot and proof-of-concept phase to real-world production systems.

For example, last fall, Walmart and Sam's Club, both of whom were piloting a supply chain management system based on blockchain, told their produce suppliers to get on board the distributed ledger network within a year so they can track vegetables from farm to shelf. That deadline: September 2019.

And J.P. Morgan Chase recently announced it plans to launch what is considered to be the first cryptocurrency backed by a major bank, a move that could legitimize blockchain as a vehicle for fiat cryptocurrencies.

J.P. Morgan's JPM Coin will basically be a way of using a permissioned blockchain ledger to keep track of balance transfers within the bank's business, and internationally between institutional clients.

Computerworld (US)

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