Insights

It seems impossible not to hear about blockchain these days. Best known for its role as the technology behind cryptocurrencies, blockchain has many other potential uses, and its development is driving frenzied business activity worldwide. In fact, its explosive growth is expected to maintain its hockey-stick trajectory well into the future. Market research firm International Data Corp. expects global spending on blockchain to have reached $2.7 billion in 2019, an 80 percent leap from $1.5 billion in 2018. By 2023, spending should rocket to $15.9 billion, nearly a 1,000 percent gain from 2018, equating to a sizzling 60.2 percent five-year annualized growth rate.