The use of blockchain was already growing at a nice clip thanks to a growing list of usecases spanning almost every industry. Industry research consultant MarketsandMarkets projects that the size of the blockchain market will grow at a 67.3% CAGR over the next five years from $3 billion to $39.7 billion in 2025.
They predict that the primary sources of blockchain industry growth be driven by:
- venture funding,
- enterprise investment in blockchain technology,
- the rise of blockchain solutions for supply chain management.
Further geographic expansion into emerging markets and the continued growth of private blockchain will also be catalysts for future growth.
Blockchain is transforming from its roots as the distributed infrastructure supporting cryptocurrency, to an important technology in its own right with numerous industries benefiting from its transparent distributed ledger technology.
Bitcoin – Digital Gold
That is not to say that it has not been an important time for cryptocurrency as well. Bitcoin (BTC) was the best performing asset of 2019 – up more than 90% and this so-called “digital gold” has risen 9,000,000% over the last decade.
Even in the wake of COVID-19, it remains the best performing asset class of this year, beating Treasuries and gold, teetering around the $10,000 level.
Source: Thomas Lee, @fundstrat on Twitter, as of May 8th, 2020.
Many were anticipating that the $BTC halving would drive up prices further. And famous investor Paul Tudor Jones II gave Bitcoin an important stamp of approval, describing it as a “hedge” against a new era of inflation.
But while bitcoin needs blockchain, blockchain doesn’t need bitcoin. There are important applications of blockchain in the COVID-19 world facilitating contactless payment, supply chain management, and many important healthcare applications.
Blockchain Usecase #1: Contactless Payment
Early in March, WHO warned that banknotes may spread the…