Blockchain technology revenue is on track to reach almost $10 billion by 2023, according to the “Blockchain and Distributed Ledger Technologies” report by ABI Research. The report found that revenue is growing with blockchain applications despite a significant decrease in initial coin offerings in 2018.
Some of the factors driving this growth include:
- Blockchain-as-a-service offerings.
- VC funding hitting $3.1 billion in 2018.
- Growth in platform-agnostic solutions.
“While the crypto-winter has dampened spirits somewhat despite successful completion of many pilots, the dip in enthusiasm is temporary and will serve to filter out the superficial and fraudulent offers from the market,” Michela Menting, blockchain and digital security research director at ABI Research, said in the report.