Global blockchain technologies, especially for the Asia Pacific market, are expected to grow tremendously as a slew of new investments that are lined-up in the coming days. The market is poised to reach $16 billion growth mark by 2024 with the market revenue reaching an all-time high of $20.3 billion by 2025.
The report said that the venture capitalists have invested hugely on blockchain technology which ultimately led to its massive growth in the Asia Pacific region. In 2016, the investment in blockchain space was around $545 million with 135 investors pumping in the cash flow in startups and enterprising units based on the blockchain. The market saw an approximate growth of 50 percent as around $1billion and more investment with 185 deals worldwide was made in this space.
Since the investors are very much keen to invest in blockchain technology, the major players from the wide range of industries are also quickly adopting this technology to accelerate their revenue growth. Interestingly, the digital ledger technology (DLT) that was founded in 2008 and works on the basis of blockchain technology that has seen a rapid adoption by both startups and established players in the market.
Some of the major vendors in the global blockchain technologies market include SAP, IBM, R3, Microsoft, Ripple, Amazon Web Services, Abra, Alphapoint, Blockstream, Blocko, Bitfury, Bacoor, Asta Solutions, and more, said Entrepreneur Asia Pacific.
One of the businesses that can gain incredibly from this technology is logistics. With De Beers successfully implementing blockchain for tracking its first diamonds through supply chain using Tracr, a blockchain platform. It is the time that all other biggies in the logistics field follow suit. The electronics giant from Korea, Samsung, stated recently that the technology can save around 20 percent of all the shipping costs, said Techcabal.
The global blockchain technologies are now slowly becoming a regular feature of all the shipping and logistics tracking. With big names like IBM estimating that this technology can save around $38 billion for the logistics industry. It should not be surprising if all the companies in the field sooner or later embrace the technology in the upcoming few years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]