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Blockchain: Use Cases Expand Beyond Cryptocurrencies

By Dick Weisinger

Bitcoin have plummeted after reaching a price of nearly $20,000 in December 2017. But the Blockchain technology that powers Bitcoin is still drawing a lot of interest.

$1.5 billion was spent on developing blockchain solutions in 2018, according to IDC. This year that number is expected to jump 88 percent to $2.9 billion, and to grow to $12.4 billion by 2022.

Jessica Goepfert, IDC Vice President, said that “the use cases that comprise the blockchain opportunity are developing as swiftly as the technologies enabling it. While spending for more developed use cases in the financial sector like trade finance and cross-border payments is still healthy and growing strong, relative to six months ago we’ve seen an acceleration in spending across a variety of other areas, such as energy settlements and warranty claims.”

Stacey Soohoo, research manager with IDC, said that “enthusiasm for blockchain continues to be universally shared across regions as businesses and organizations alike continue to explore the technology’s potential business application… Cross-business collaboration and blockchain interoperability are emerging as key aspects in the growth of the distributed ledger technology (DLT).”

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