The global blockchain market is expected to be worth $67.4 billion by 2026, growing at a compounded annual growth rate of 68.4%, according to market research intelligence company MarketsandMarkets.com.
The opportunity in the markets of Banking, Financial Services and Insurance (BFSI), retail and e-commerce, government and transportation and logistics is expected to be worth $24-$26 billion by 2025. Out of these verticals, blockchain in the BFSI domain is expected to clock $10.3 billion by 2025, followed by e-commerce at $6.6 billion, public sector at 5.8 billion and logistics at $3 billion.
In terms of the most growth, MarketsandMarkets’ market Intelligence cloud- KnowledgeStore, revealed that blockchain in the retail market will see the highest uptick, growing by 96.4% from $0.16 billion in 2019 to $17.72 billion 2026. Other major growth areas which are expected to clock over 80% compounded growth are Insurance, government, identity management and telecommunications domains.
In terms of the total revenues, Blockchain in energy is expected to be worth $40.32 billion, followed by financial technologies at $33.9 billion and the government at $21.72 billion.
Back here, the apex regulatory body, the Reserve Bank of India said on Monday that it is working on a plan to introduce a central bank digital currency in phases.
In October this year, the government received an RBI proposal for amending the Reserve Bank of India Act, 1934, mainly to include currency in a digital format.
The backbone of cryptocurrencies consists of blockchain technology. While blockchains are usually used to store data such as cryptocurrency transaction histories, other data such as legal contracts or product inventories can also be stored.