Data analytics company report states blockchain will have a deep impact on the global economy

Blockchain’s global economic impact is projected to reach a staggering USD120 billion by 2024, according to a report by AI and blockchain consultancy Critical Future.

With a compound annual growth rate (CAGR) of 62.61 percent, the global blockchain market is set to grow to USD10.1 billion within six years, up from USD548.2 million this year, revealed the Future of Blockchain Market report.

Around 44 different industries are set to be disrupted, from banking and the public sector to social media, the report added. The wallets & money service and the capital markets & financial service industries currently account for more than half of the investment share in blockchain.

The Asia-Pacific region will show the highest growth rate during this forecast period. Although North America and Europe generates 70 percent of revenues in the blockchain industry, major Asia-Pacific economies such as Australia, China, India, and New Zealand are investing into blockchain-based solutions to enhance and streamline traditional business processes.

Surveying 1,800 business professionals, the report found that 79 percent of respondents believe blockchain technology is broadly scalable and will thereby go mainstream.

“Understanding these trends can inform direct investment in new blockchain applications and create huge scale opportunities,” said Adam Riccoboni, managing director at Critical Future.

Blockchain technology introduces “a new paradigm,” said Jeremy Baker, BBC commentator and affiliate professor. “The World Wide Web is merely Internet 1.0 in terms of our online communication. Blockchain is, in a sense, Internet 2.0 and represents the internet of value, ownership and trust.

“It will have a profound effect on society, as it creates a global network of trust, allowing individuals, organisations and even machines to transact with each other, but — for the first time in history — without having to trust each other.”