It’s always interesting to review predictions about technological advancements from a couple of decades ago. According to a recent market research project, the auto and aerospace fields will be heavily impacted by blockchain tech by 2029. Blockchain spending, will simply go through the roof.
The report states that the blockchain market is projected to grow above $20 billion in just 10 years. This will be mainly due to the fact that blockchain apps in both sectors will grow over 60% between 2019 and 2029. Transparency, transaction speed and fraud minimalization will be the biggest factors responsible for the large increase.
It’s also mentioned that the private blockchain segment will most likely keep its dominant position. This is largely due to the many advantages that private blockchains hold over their public and hybrid counterparts. Private blockchains provide the fastest transactions and also offer the most secure networks.
Blockchain spending will not magically solve every issue
There will also be many regulatory and regional issues that will inevitably arise over the coming years. In terms of regional adoption, it’s expected that North America will undoubtedly take the lead in blockchain application in aerospace and automotive market.
Lack of regulatory framework, very low technical expertise and possible recessions will be key issues in the next 10 years.
It’s completely possible that the numbers far exceed the projected $20 billion. The research company International Data Corporation (IDC) released a report earlier this year.
The report revealed that by the end of this year, global blockchain spending would go over $2.9 billion. This makes a staggering 88.7% growth in blockchain spending for less than 1 year and during the height of the bear market.
IDC also projects that manufacturing and distribution services will each spend more than $600 million on blockchain. The increase in blockchain spending will not stop with just a handful of companies and sectors.
The report also revealed that the United States government is planning to increase its blockchain spending up to $123 million by 2022. Comparing the numbers to 2017, this is a 1000% increase.
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Tags:blockchain aero industryblockchain auto industryblockchain spendingIDC blockchain reportprivate blockchain domination