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OYSTER BAY, NY, November 4, 2020 / PRNewswire / – Global blockchain revenues fell 35% between 2018 and 2020. Global technology consulting firm ABI research calculated the potential loss to hit US $ 2.8 billion. The crypto winter of 2018 wiped out 80% of the total aggregate market capitalization and more than 2,000 cryptocurrencies have collapsed since then. This has dampened blockchain adoption significantly in other markets, with many startups shutting down and several verticals showing a distinct lack of acceptance. Additionally, the COVID-19 pandemic has had a significant impact on investment opportunities and appetite for new blockchain applications.
This drastic decline in revenue will be short-lived. These adverse events eliminated much of the hype and effectively ended the blockchain race. “Many speculative offerings have been eliminated from the market. However, this will be relatively beneficial to the blockchain ecosystem in general, strengthening existing startups and ensuring the emergence of stronger and more valuable business models in the coming years. ABI Research yes. expects the market to return to 2018 revenue levels by 2023, “he explains Michela Menting, Director of Digital Security Research at ABI Research.
The verticals poised to take advantage of the new traction are those where successful business use cases are currently being applied. The pandemic has had some positive impacts on select blockchain applications, particularly supply chain and logistics management (partly due to the international rush for medical and healthcare equipment, such as masks, personal protective equipment (PPE), ventilators, test kits, etc.). “The pandemic has also revealed the inadequacies and flaws of existing procedures, especially in terms of transparency and quality assurance. Blockchain is now a recognized technology capable of addressing these problems. As such, interest and demand will increase revenue. for blockchain applications by focusing on manufacturing, transportation and storage, as well as retail and consumer, “says Menting.
Beyond that, interest in blockchain applications for healthcare is skyrocketing, particularly for sharing timely, relevant and authenticated information about the pandemic (including with regards to the spread of infection, containment practices, information based on hygiene, data relating to trials and research on vaccines, etc.), especially in light of the increasingly widespread disinformation online and through social media. “Blockchain projects launched by the United Nations World Health Organization, along with many National Centers for Disease Control, show the usefulness of blockchain in these circumstances. Healthcare applications are expected to grow faster than expected in light of the pandemic “, concludes Menting.
These findings come from ABI Research’s Blockchain and Distributed Ledger Technology Market Data Report. This report is part of the company’s digital security research service, which includes research, data and ABI Insights. Market Data Spreadsheets are comprised of in-depth data, market share analysis, and highly segmented service-specific forecasts to provide insights into opportunities.
About ABI Research
ABI Research provides strategic guidance to visionaries, providing actionable intelligence on transformative technologies that are radically reshaping industries, economies and workforce around the world. ABI Research’s global team of analysts publishes innovative studies often years ahead of other technology consulting firms, enabling our clients to keep up with their markets and competitors.
ABI Research provides innovative research and strategic guidance to help clients understand the ever-changing technology. Since 1990, we have established collaborative relationships with hundreds of leading technology brands, cutting-edge companies, visionary government agencies, and innovative business groups around the world. We help clients create real business results.
For more information on ABI Research services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.
contact info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
SOURCE ABI Research
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