Blockchain spending to reach $10.6 billion by 2023


According to ABI Research, the application of blockchain in all sectors will generate up to $10.6 billion by 2023.

Following the success of the technology in the finance and insurance space, research, development, testing and full rollout of the solution is intensifying in other industries including the energy and public services.

The technology is playing a major role in these digitally transforming industries.

A number of high-profile proofs-of-concept and pilots with leading multinationals is driving both interest and increased investment in the technology.

Blockchain is being used to address complex issues around transparency, efficiency and costs.

For instance, in the energy industry to ensure consumers within a community, national or regional energy market have access to the most affordable or cheapest clean energy.

Blockchain is enabling the energy transition to clean and less polluting energy generation resources.

The technology is helping utilities to expand their portfolios of distributed energy resources and optimise their management to ensure grid reliability during times when demand is high.

Michela Menting, research director at ABI Research, said: “Tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services.”

The blockchain startup scene is dynamically rising to the challenge, with the brunt of activity concentrated in North America, Europe, and selected Asia-Pacific countries.