FINANCIAL SERVICES
RECENT ANALYSIS SHOWS THE SEISMIC GROWTH WITHIN THE BLOCKCHAIN ECONOMY , WITH 2021 ITS ANNUS MIRABILIS . WHAT IS THE KEY NOW TO INCREASING BLOCKCHAIN UPTAKE ?
WRITTEN BY : ALEX CLERE
The increasing adoption of blockchain and the advance towards Web3 mean that the practical applications of blockchain are becoming more and more exciting . In fact , according to CB Insights ’ State of Blockchain report , funding in blockchain companies grew by 713 % year-over-year in 2021 to reach more than US $ 25bn . At the same time , funding in NFTs soared by almost 13,000 % ( yes – thirteen thousand ) to US $ 4.8bn .
It ’ s no surprise that the New York-based market research company called it “ a breakthrough year ” for the blockchain economy , with venture funding to blockchain startups hitting new record highs and the volume of blockchain deals growing by 88 % to reach 1,247 .
Global blockchain market experiencing seismic growth In 2022 , experts predict that slightly more than half ( 51 %) of global blockchain funding will come from the US , with expected market growth from US $ 7.18bn to US $ 67.4bn by 2026 . Some of the primary factors driving this rapid expansion of the blockchain market include an increase in venture capital funding and investments ; adoption of blockchain technology in cybersecurity applications ; easy access to smart contracts and digital identities thanks to the widespread use of blockchain technology ; and conscious efforts from governments .
The US has the largest blockchain market share . The region ' s early adoption of blockchain and the fact that various manufacturers offer security have provided fuel to the fire .
Jonathan Merry , CEO of BanklessTimes , which conducted the research , explains : “ Businesses are increasingly implementing security and vulnerability management solutions in this region . It prevents phishing , commercial espionage , and enables data security . In addition , it ensures privacy , continuity of business , and data security .”
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