The value of Bitcoin has plummeted since its all-time high of nearly $20,000 in 2017. Cryptocurrencies have lost their virtual luster. And the highly reputable MIT Tech Review recently proclaimed that blockchain will become boring in 2019.
So then, after a hype-filled 2018, are we now in the era of doom and gloom for blockchain? Not at all.
As our ArcTouch CEO Eric N. Shapiro wrote in an IDG article at the end of last year, 2019 is the year where the buzz around blockchain is replaced by actual work. And it’s a good thing, Shapiro says, “because the exciting stuff is where blockchain developers start solving real problems with the technology.”
And that’s in line with MIT Tech Review editor Mike Orcutt’s point of view. He says that blockchain “won’t make as much noise in 2019. But it will become more useful.”
As Orcutt notes, “Many of the developers who flooded into the space in 2017 are still working in it; innovative-sounding projects are still alive and even close to bearing fruit. And several big corporations plan to launch major blockchain-based projects in 2019.”
Blockchain statistics that’ll make you bullish
Why are we so bullish on blockchain? Well, for one, we have some exciting commercial blockchain projects in process (stay tuned for more soon). But we also like to keep tabs on the latest industry stats. Here are nine blockchain statistics that reveal a lot of momentum in blockchain development:
- Blockchain developer was the #1 rated emerging job in 2018, according to LinkedIn. In 2018, it grew at a mind-blowing rate of 33x from the previous year. (SOURCE: LinkedIn, “2018 Emerging Jobs Report”)
- 66% of CIOs and IT leaders believe blockchain will create business disruption, and have established budgets to experiment with the technology. (SOURCE: Gartner, “The Irrational Exuberance That is Blockchain”)
- The global blockchain market is expected to reach $60 billion by 2024, up from $708 million in 2017. (SOURCE: Wintergreen Research, “Data Shows the Global Blockchain Market is Expected to Reach USD 60 Billion by 2024”)
- 78% of IT executives believe they will lose a competitive advantage if they do not implement blockchain-based solutions. (SOURCE: Deloitte, “2018 global blockchain survey”)
- All blockchain-related job posts in August 2018 were 300% higher than the same period in 2017. (SOURCE: Glassdoor, “The Rise of Bitcoin & Blockchain: A Growing Demand for Talent”)
- 41 percent of executives say they expect their companies to bring blockchain into production within the next year. (SOURCE: Deloitte, “2018 global blockchain survey”)
- Blockchain will generate an annual business value of over $176 billion by 2025 and increase to $3.1 trillion by 2030. (SOURCE: Gartner, “Forecast: Blockchain Business Value, Worldwide, 2017-2030)
- Global spending on blockchain solutions is expected to reach nearly $2.9 billion in 2019, up 88.7% from $1.5 billion in 2018. IDC expects blockchain spending to reach $12.4 billion in 2022. (SOURCE: IDC, “Worldwide Blockchain Spending Forecast to Reach $2.9 Billion in 2019”
- The top 54 active cryptocurrency-based projects have each seen more than 1,000 commits in the past 12 months on Github, an indicator of blockchain’s popularity among developers. (SOURCE: Cryptomisso, “Crypto commits”)
Forget the blockchain statistics. Let’s get to work
Are you a forward looking business leader who believes that blockchain will disrupt your industry but not sure how to get started? We recommend starting with a proof-of-concept blockchain project. In a few short weeks, we can target one of your key business challenges with a blockchain solution and build an application to help you test the viability. Learn more about what that process looks like in our latest ebook, “5 steps to a blockchain POC.”
You should also feel free to contact us to get advice or our take on any of the blockchain statistics. Our blockchain development team is happy to provide a free phone consultation.