Blockchain technology has been establishing at an incredibly fast rate and has taken the business world by storm. Blockchain data is meant to resist modification. The complexity of the technology itself may be hard to grasp even for tech enthusiasts, but the expanding popularity and ubiquitous nature of technology is clear for all to see. Let’s have a glance at some of the key statistics, facts and some new trends which we are going to probably going to witness in the near future.
Some Interesting Facts about Blockchain from 2019
- Belorussian leader, Alexander Lukashenko, announced a large bitcoin mining center to be constructed near the country’s new nuclear power plant, expected to be operational fully by 2020
- Cryptocurrency exchange Coinbase is spreading crypto-to-crypto conversions and trading services to 11 more countries. The San Francisco-based firm announced that customers in several countries in South-America and Asia can now access crypto-to-crypto exchanging services.
- Oil tycoon Frank Timis was revealed as the biggest shareholder in Argo blockchain, a crypto mining firm that got listed on the London Stock Exchange (LSE) last summer.
- The bitcoin market capitalization compounded from nearly 1.02 billion U.S. dollars in Q1 of 2013 to approximately 72.37 billion U.S. dollars in the Q1 of 2019.
- There were 17.6 million bitcoins in the world, in the first quarter of 2019.
- By the end of March 2019, the bitcoin index value amounted to 4,081.22 U.S.
- There were 2,616 bitcoin ATMs in the United States, as of March 2019.
Blockchain Predictions for 2019 & Beyond
- Market value projection of the blockchain industry will be $60 billion by 2020.
- By the end of 2019, global spending on blockchain solutions is projected to reach about 2.9 billion U.S. dollars and also projected to reach 11.7 billion by 2022.
- In 2022, the U.S’ expenditures on blockchain solutions is projected to reach 4.2 billion U.S. dollars, thus making it the largest spender.
- Finance is the biggest Blockchain value sector with a market share of 60.5 percent.
- The market value of blockchain in the food and agriculture market, globally, is projected to climb 1.4 billion U.S. dollars by 2028.
- In a research, 30 percent of respondents considered China to be the territory leader in blockchain technology development from 2021-2023.
- The blockchain spending of China is forecasted to grow to 1.42 billion U.S. dollars by 2022.
- The blockchain market value in South Korea is forecasted to reach 356.2 billion by 2022.
- It is projected that, by 2025, 55 percent of healthcare applications will adopt blockchain for commercial deployment.
Here are some blockchain trends expected to be seen in 2019
Blockchain as a service (BaaS)
Since startups and enterprises are working on their own blockchain solution, it’s not always feasible to create and manage one. That’s where BaaS comes in handy. Blockchain as a Service (BaaS) is basically an offering that allows customers to leverage cloud-based solutions to build, host and use their own blockchain applications, functions and smart contracts on the blockchain.
Moving from crypto to digital assets
With various indicators pointing towards the possibility of a global slowdown this year, investors are looking for alternate asset class. With the market developing for security tokens, there are tremendous possibilities in tokenization of well-performing assets which previously lacked liquidity.
More Security Tokens
In 2018, the utility token market witnessed a slowdown, so the arrival of security tokens will be one of the hot topics this year. The market has waited for the grand entrance of institutional investors for a long time, but they haven’t yet somewhat entered the scene. The success of security tokens is contingent on digital asset exchange being up and running.
More digital asset services by financial institutions
This trend initiated last year and, most likely, will continue in 2019. The user experience of managing your own assets might be scary for a lot of people, also there is a tenacious desire from a business point of view to have custodial services for digital assets. While many businesses are eyeing for new blockchain use cases, some are circumfusing cryptocurrency market.
UX Development and scalability
Both enterprise and public adoption are affected by scalability and performance hurdles. Promising solutions, like innovative platforms or sidechains, are expected to follow sophistication and are likely to be adopted this year. Furthermore, many blockchain apps mostly have a complex user interface, which isn’t very intuitive for a non-tech user. Thus, in 2019 expectations are to see more user-friendly solutions, which are capable of promoting mass adoption both in technology and design.
More favorable regulations around the world
European countries like Switzerland, Lithuania, Malta, and Liechtenstein will see competition around the world heating up as various states will push forward for additional favorable regulations around blockchain and crypto-ventures. Malaysia, for instance, is planning to review its crypto and ICO (Initial Coin Offering) regulations in Q1.
Stablecoins could also witness a boost in 2019. Cryptocurrency is the side product of blockchain, but they are volatile in nature. That gives more market propulsion to Stablecoins. Stablecoins have stable prices, unlike cryptocurrencies. It’s not affected by the market condition thus ensuring a maintained stability at all times.
Recommended For You: