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Blockchain 2019: A period for app development

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The blockchain market in 2019 is predicted to mature and gradually enter a growth period that will bring real benefits.

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The blockchain market is predicted to mature in 2019

 

A report from Markets & Markets predicted that blockchain apps in government activities are expected to rise from $162 million in 2018 to $3.459 billion by 2023, with the CAGR at 84.5 percent. 

Meanwhile, 59 percent of large corporation managers said that blockchain is changing the face of their industries, according to a Deloitte survey of the 1,000 largest firms in the world. 

Technology giants, including IBM, Microsoft, Tencent and Alibaba, all have poured money into blockchain app projects.

An analyst cited a foreign source as saying that since the beginning of 2018, venture funds in Silicon Valley had spent $1.3 billion on blockchain technology. IDC reported that the total investments in blockchain by companies and governments reached $2.1 billion in 2018, or double that of 2017. The figure is expected to rise to $9.7 billion by 2021.

Vietnam has an important position in the world’s blockchain map as it is among the countries which began blockchain R&D very soon.

More and more businesses and startups have been seeking ways to utilize blockchain in hi-tech agriculture, finance & banking, healthcare, transport and public services.

The application of blockchain in agriculture will improve the capability of managing, supervising, producing and processing agricultural products through supply value chains.

Meanwhile, Do Van Long, regional strategy director of Infinity Blockchain Labs (IBL), sees the great potential of agriculture and e-commerce joining hands for sustainable development.

E-commerce will be able to reach out to rural areas with the establishment of high-quality farm produce trading floors. Once agriculture can access modern tech, Vietnam will have opportunities for high-value exports through blockchain applications in farm produce traceability. 

In an interview with Nhip Cau Dau Tu, Long also mentioned logistics as an industry with high potential for blockchain application.

Blockchain is an effective solution in logistics because it helps satisfy transparency, an important factor for the industry. With blockchain, every stage of transactions is transparent and highly reliable.

The logistics industry has seen a boom in recent years thanks to the strong rise of e-commerce. The investments in freight & forwarding and logistics soared in 2018. 

The other growing tendency in 2019 is Blockchain as a Service – BaaS. 

More and more businesses and startups want to have blockchain solutions specifically for themselves.

BaaS allows customers to build blockchain solutions that fit different demands without spending too much time or buying expensive infrastructure items.

 

Source: VietNamNet

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