The Phenomenal Growth Of Blockchain Technology

Blockchain, owing to its highly secure and encrypted nature, is finding its way into mainstream enterprise adoption as progressive innovation in this nascent technology sprouts numerous real world applications. Small and Medium Enterprises (SMEs) to large enterprises and Startups are all rapidly deploying the Blockchain solutions. The demand for Blockchain solutions is phenomenally high as the cost-effective and time-efficient technology paves way to enhance existing business models and address organization’s systemic risks.

Overcoming the uncertainty of the regulatory stand over cryptocurrency trading, Blockchain has achieved tremendous appreciation and acceptance which is evident by the phenomenal growth it has achieved.
Majority of research publications expect blockchain to grow at an annual growth rate of over 50% over the next five years. This projection justifies the stellar growth blockchain has achieved this year.

Growth of Blockchain Technology in 2018

• Average number of monthly ICO went north of 200
  As more and more people realise the potential of blockchain for real world, there has been a cult of blockchain startups in recent years, to realise this potential. ICO or Initial Coin/Currency Offering is a type of investment sought by blockchain startups to back their research or project. ICOs can allow startups to avoid regulatory compliance and intermediaries such as venture capitalists, banks and stock exchanges and may sometimes fall outside existing regulations, depending on the nature of the project, or be banned altogether in some jurisdictions, such as China and South Korea.
• Ethereum ecosystem grew over 40 times
• Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.
• ICO investments zoomed to cross $6Billion in the first quarter itself.
• Initial coin offerings (ICOs) raised more money in the first three months of 2018 than the whole of 2017, according to data collected by CoinDesk.
• Blockchain in several state and central Governments
• Though many government regulations cast a shadow on the legitimacy of crytpotrading, the core technology behind it all, Blockchain, has been successfully incorporated by several governing bodies and organizations.
  Take for example the Rajasthan State in India in association with Auxesis Group Pvt. Ltd. has rolled out blockchain for Land Records.
• $2.1 billion: Global spending on blockchain solutions in 2018
• Asia/Pacific excluding Japan (APeJ) spending on blockchain solutions is forecast to reach USD 2.1 billion in 2022, according to an update of the IDC Worldwide Semiannual Blockchain Spending Guide. IDC expects blockchain spending to grow rapidly over the forecast period 2017–22, with a five-year compound annual growth rate (CAGR) of 72.6%. APeJ blockchain solutions spending is expected to reach USD 272.7 million in 2018, which is almost a 100% increase against USD 138.1 million from last year.
• 3x: The number of blockchain-related LinkedIn job postings more than tripled over the last year. Organizations in desperate need of blockchain developers are setting up training centers, outsourcing, or even nabbing talent before they’ve graduated college.
  In India, Blockchain Labs is aggressively working towards enabling ease of access of blockchain courses and have partnered with several top institutes in the country.
• 69%: Banks currently experimenting with Blockchain Technology
• Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies Blockchain brings with it. Jp Morgan is leading the pilots and is said to have widened its blockchain payments solution to over 70 banks worldwide.
• Over 30% Bankers expecting commercial blockchain adoption next year.
  FinTech is said to be the biggest beneficiary of Blockchain Technology. With several banks participating in blockchain pilots, it is believed by one third majority that commercialization of Blockchain Technology shall commence early next year.

$8 — $12 Billion: Reported potential annual savings for banks utilizing Blockchain Technology
With increasing blockchain pilot successes and progressive research developments, Blockchain Technology is set to save the annual operational costs of banks to the tune of above $8Billion.

2018 has been a progressive year where many potential application use cases have commenced its pilot runs and the success of these pilot runs, as we witness,will commence large scale production of blockchain-based solutions.