People Are Keeping a Close Watch on How the Situation of the Blockchain Market Develops in 2021.
Blockchain for business has many tough days in 2020. The cryptocurrency market and Blockchain companies’ situation has been filled with uncertainty through the influence of COVID-19 and related Blockchain laws that will take effect next year. There are voices that people are trying to turn attention to the Blockchain due to lowering expectations and difficulty of service and investment. However, as the blockchain market has gradually changed from individual to global financial companies since the second half of this year, many countries pay attention to the Blockchain. People are raising interest throughout the Blockchain as well. What it comes down to is, it was a revival opportunity for Blockchain for business in 2020. How will the situation of the Blockchain market develop in 2021 with this optimistic situation?
1. Prospect for $10 Billion Blockchain Market in 2021
There is the prospect for the global blockchain market to reach around $10 billion in 2021. According to CrytoSlate¹, Cisco expects $10 billion in the global blockchain market by 2021. The digitalization of business processes, tokenization of assets, and smart contracts will build up a new basis of trust with corporate activity. Besides, it also predicted that 10% of GDP would be saved on Blockchain.
2. Blockchain Technology Will Lead to an Innovative Change in the Overall Automotive Industry
In a survey of 1,314 members of OEMs and business partners in 10 countries including the United States, China and Germany by Oxford Economics, the IBM Institute of Business Value², 62% of respondents predicted that blockchain technology would lead to innovative changes throughout the automotive industry. 62% of the respondents said they would be a destructive force in the Blockchain’s automotive sector in three years and the executives who responded to the survey predicted that by 2021, the blockchain technology would destroy the current automotive ecosystem and bring about a new transformation by 2021.
3. Global Companies Accelerate the Commercialization of Blockchain
for 2021
This year was essential to the growth of Distributed Ledger Technology and Blockchain and Global companies such as IBM, Alibaba, MS and Tencent will deploy the commercialization of Blockchain service in 2021. Such predictions are based at an inflection point with the ongoing trend and it is also partially affected by Covid-19³.
MiraQle, 7SIX9, TME together are presently proceeding with the ‘Dream-X’ project. Tencent announced their investment of $76 billion in Blockchain and their future investment in the fourth industrial revolution for the next five years. With the commercialization of the Blockchain of Tencent, MiralQle’s prospect would be optimistic in 2021.
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[1] Cisco Expects $10 Billion Blockchain Market by 2021, 10% of World GDP Stored On-Chain by 2027, Priyanka Saxena
https://cryptoslate.com/cisco-expects-10-billion-blockchain-market-by-2021-10-of-world-gdp-stored-on-chain-by-2027/
[2] IBM Study: Blockchain Brings Trust to How Companies, Consumers and Cars Connect, ARMONK
https://newsroom.ibm.com/2018-12-12-IBM-Study-Blockchain-Brings-Trust-to-How-Companies-Consumers-and-Cars-Connect
[3] Predictions 2021: Blockchain Is A Tale Of Two Speeds, Martha Bennett
https://go.forrester.com/blogs/predictions-2021-blockchain-is-a-tale-of-two-speeds/
