Blockchain will have $120bn impact on economy by 2024

Blockchain technology will potentially disrupt 44 different industries in the next six years, reduce costs and create 'startling opportunities'

A new report on the future of blockchain suggests the technology will have a $120 billion impact on the economy in the next six years.

The study by Critical Future firm entitled “The Future of the Blockchain Market” also states that it will disrupt “44 different industries and eight out of ten business professionals are confident blockchain is about to move to the mainstream”.

The industries that will be disrupted include banking, logistics, charity, education, healthcare, public sector, justice and music. “The report, the first of its kind to integrate robust econometrics models to calculate economic impacts such as the reduction of cost in an industry, reveals startling opportunities,” the firm states on its website.

Here to stay – the future of blockchain technology

The global blockchain market will grow from $548 million this year to an estimated $10.1 billion by 2024, at a CAGR of 62.61%. “Of the 1800 business professionals surveyed, 79% believe blockchain technology is broadly scalable and will eventually achieve mainstream adoption,” Critical Future says.

“The report reveals why the blockchain industry is growing at a rapid pace and how it has garnered serious attention and participation from leaders in key sectors including enterprise companies, venture capitalists, and regulatory bodies,” Critical Future adds.

Critical Future Managing Director Adam Riccoboni says the study also reflects how much money can be saved by using this new tech. The company spoke with 1,800 business figures around the globe to get a more in-depth understanding of where the blockchain market is headed. Of those surveyed, 80% say they believe blockchain is here to stay.

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