A study from CB Insights indicates that the blockchain sector should continue to grow by 2023. The analysis also reveals unexpected sectors that could benefit from these new technologies.
The blockchain sector in strong growth by 2023
Blockchain sector to surpass study $ 16 billion over three years. Since 2017, expenses related to this industry have already tripled, as traditional companies are turning to these new tools. What was originally a simple payment register, carried by Bitcoin, became an extremely varied industry, with fields of application that go far beyond settlement services. And even if the financial crisis linked to Covid-19 will force the sector to slow down, it will be one of the most rapidly deployed, according to CB Insights.
👉 Also read: 38% of companies plan to adopt blockchain in 2020
Unexpected fields of application
Analysis released 52 fields of application of the blockchain, which should progress strongly in the coming years. Some are already very present in the ecosystem, for example trading solutions, or decentralized finance. But others are less expected.
At the seventh position in this ranking, CB Insights thus evokes applications vehicle sharings, which would be based on the blockchain and would allow the decentralization of systems like those offered by Lyft and Uber. Tenth place is occupied by the education sector, in particular the issue of diplomas and their certification. This sector is still very manual and time consuming.
In the vast majority of cases, the analysis indicates that blockchain will be used to ensure the reliability and inviolability of the records. With uses which have not yet been democratized but which are promising. The law enforcement CB Insights will therefore be able to use the distributed registers to permanently record the evidence related to an investigation. Blockchain can also allow to follow works – musicals, videos, or even articles – in order to fight against “fake news” and protect the authors.
Among the unexpected sectors that will be able to use blockchain, we also note fishing (in order to fight against illegal fishing), cannabis (to legitimize this emerging industry in the USA), or even postal services (to better track parcels and letters ).
These possible fields of application of the blockchain therefore show the full potential of the sector. However, this momentum must be delayed: in 2020, the word “blockchain” is still often used as a keyword by companies wishing to ride the wave. The coming years should therefore make it possible to make a welcome sorting and to allow solutions that have real usefulness to emerge.
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