Menu

Search

Menu

Search

Projections of Expenditures in Blockchain Projects for 2019 likely to Surge

When it comes to Blockchain as technology and cryptocurrencies as a currency system, then it comes forward as the most probable solution to get rid of bottlenecks that exist in the current system. 

The current trade finance and foreign exchange seem to be exorbitant and not that swift in processing which also involves a series of intermediaries. With the deployment of Blockchain technology, we can have an ecosystem which is from the involvement of intermediary and at the same time, it also reduces the cost of processing — thus making the foreign exchange and cross-border transaction cost-effective and time-saving.

As per a report from advisory services firm International Data Corporation (IDC), global spending on blockchain solutions may hit $2.9 billion in 2019 with a considerable spike of 88.7% from the $1.5 billion spent in 2018. 

The report comprises of the emerging blockchain market evaluating spending data for 10 technologies across 19 industries and 15 use cases in nine geographic regions and also projects a compound annual growth rate (CAGR) of 76 percent, with total spending reaching the $12.4 billion mark in 2022.

The information on trends and developments focuses on markets and materials, capacities, technologies, CAPEX cycle and the changing structure of the Global Blockchain for every industry is getting interesting.

Evidently, the predominant driving force of such massive growth has been the needs of the trade finance sector, with an investment volume of more than $1.1 billion. While the manufacturing and the retail industries, which will likely foresee spending of $653 million and $642 million this year, respectively.

We’ve explicitly reported overseas payments while covering ripple’s traction in the trade finance transaction, which will also have the most investment in this year (approximately about $453 million). 

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing 40 (which is mildly bullish), while the hourly USD spot index was at 72 levels (bullish) at 12:27 GMT. 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 786239786239m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 786239786239m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 774419774419m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.