A report released in July by IHS Market, a data analytics company in the fields of finance and technology predicts that blockchain technology could reach a business activity value of $2 trillion by 2030. The reports take into consideration all value that blockchain includes as an overall vertical.
Although the report made a detailed examination into certain parts of blockchain value such a “… primary research interviews with strategic blockchain specialists,” $2 trillion is somewhat a conventional figure and 2030 is still a long way ahead.
Moreover, regardless of the present drop in the cryptocurrency market, applications for blockchain are increasing. This includes the current patent hype and partnerships with businesses across almost all sectors of business. The growing volume of patents is an early stage of what is developing to be mass adoption in enterprise businesses.
As reported earlier in the 2017 bull cycle, the market activity ended almost at $1 trillion.
As stated in the report, important sectors boosting blockchain business value include:
- Banks and financial institutions
- Supply chain and logistics suppliers
- Advertising and media companies
- Government and public-sector
- Power and energy companies
- Retail and e-commerce
- Software specialists and developers
- Telecom operators and MNOs
- ICOs and cryptocurrency experts
In addition, the blockchain industry had added more jobs, many of which were never in existence, from “Meme Specialist” to “Blockchain Developer.” Several countries are rushing to get hold of these high-income jobs by warming up to crypto businesses and relaxing on regulations.
The blockchain vertical is yet to be fully established. Interesting patents remain to offer unique applications for the technology. The vertical might seem quite different in 2030 following early excitement turning into a more mature industry. This will result in additional jobs and job types that cannot be possible in 2018.
Enterprises are making effort sot bring employees to fully understand cryptocurrency. Given that universities are yet to catch up with the technology, places including Stanford and IBM now provide courses for educating workers outside the traditional college path. Many of which offer professional credential after finishing.
As usual, there are concerns in the background regarding regulation and central authority such as government and centralized exchanges. As the crypto industry matures, regulations usually turn up unexpected or by force.