Blockchain News

Report: The U.S banking sector will contribute to blockchain spending reaching $41 billion by 2025

Blockchain spending in the United States will reach slightly over 41 billion U.S dollars from the current 3 billion U.S dollars. This is according to a new report by Research and Markets.

The report anticipates that blockchain spending in the U.S will record roughly 45 percent of compounded annual growth rate which will propel the spending from the current 3.1 billion U.S dollars to 41.1 billion U.S dollars in the next six years. The report which has been named ‘United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)’ concentrated on 11 industries including banking & finance, construction, insurance, healthcare & Pharmaceuticals, e.t.c.

Last year blockchain spending reached over 100%

In 2018, blockchain spending in the United Stated surpassed other years by over 100 percent a move that saw 1.6 billion U.S dollars spent on blockchain applications. Apart from the United States, International Data Corporation, a market research firm, recently released a reported predicting that blockchain spending on a global scale will also increase rapidly in the next 3 years.

According to the market research firm, the United States is expected to lead in blockchain spending followed by Western Europe and China respectively.

According to Research and Markets, the U.S banking & finance sector will majorly use blockchain technology in KYC data and due diligence, trade finance, capital markets, initial coin offerings, cross border payments, loan management, among others.  In the insurance sector, blockchain will be applied in product development, claims processing, underwriting, etc. 

The report also includes the retail and automotive sectors. Among other applications, the retail sector will heavily use blockchain in virtual warranty management and supply chain management while the automotive sector will use blockchain in automotive spare parts, auto financing, supply chain management, and automotive asset transfer.

As blockchain spending increases, do you think the quality of blockchain applications being developed will also increase?

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Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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