Blockchain technology is anticipated to register greater adoption levels due to its increasing potential benefits that include immutability, transparency, and safety from Cyber-attacks that supersede the traditional technologies in use.
The Blockchain Economy
Research by 6Wreseach shows that the uptake of blockchain technology will grow at a CAGR of 52.4 percent in the 2018-24 periods. The study shows that the market recorded a healthy increase of blockchain-related revenues in 2014-17 as a result of increased demand by end users in different sectors as players move from the centralized to the decentralized systems.
Blockchain technology has stood up to claim a top position as a rising force that can’t be ignored. Even though it is synonymous with cryptocurrencies and the financial sector, there is now a flood of uses that can use the blockchain technology. These include healthcare, mining, data sharing, storage, transportation and many more since blockchain can be used in all sectors that need absolute, publicly accessible data to confirm actions.
The increase in the number of blockchain startups and their giant ICOs shows an increased interest in matters of decentralization applications and services. Switzerland is leading Europe after creating what is known as “Crypto Valley” in blockchain circles and is home to cryptocurrency powerhouses like Monetas, ShapeShift, Tezos, and Melonport to name a few.
The press release by 6Wresearch says in part:
“In Europe, Switzerland holds a majority of the market share in terms of revenues due to the establishment of crypto valley and development of various blockchain projects in the country. Malta also contributed significantly to the overall blockchain technology and is anticipated to register healthy growth during the forecast period owing to the relocation of a few big company offices to Malta.”
Companies Rushing In
The most prominent use of blockchain remains to cryptocurrencies and giant corporates are burning the midnight oil and dumping millions into research and the development of the technology to remain relevant in the cryptocurrency race.
Digital currencies are a billion dollar industry and the momentum may continue as more industries and corporates become active players led by IBM, R3, Intellectsoft, Limechain, Bitfury, N-iX, Digital Asset holdings, and Microsoft.
The report critically looks at the European Blockchain Technology market by types, (Public Blockchain, Private and Permissioned Blockchain and Hybrid Blockchain) applications (Financial and Non-Financial), and end users (BFSI, Government and Public Sector, Transportation and Logistics, Healthcare and Pharmaceuticals, Real Estate and Others), in the United Kingdom, Germany, Netherland, Malta, Switzerland, Nordic Countries and Rest of Europe), and Competitive Landscape