Forecast: global blockchain market to lose nearly $3B in 2020

More startups and more beneficial business ideas will emerge over the next few years

blockchain market

Forecast: global blockchain market to lose nearly $3B in 2020. Source: shutterstock.com

According to ABI Research, in the last two years, the blockchain revenue at the international level fell almost 35%. It estimated that the potential loss could be up to $2.8 billion. The aggregate market cap wiped 80% by the 2018 crypto winter. After this, more than two thousand cryptocurrencies have collapsed.

This adoption of blockchain significantly affects other startups. The recent pandemic also had a negative impact on most of the investment opportunities and removed the blockchain application.

The crypto experts believe that this dramatic change in the revenue will be short term. In the past, these financial activities created much of the hype and finished the blockchain rapid growth. Many unpredictable offerings will be swept out from the crypto market. However, the financial experts say this will be good value in the future for the ecosystem of the blockchain.

The research expects that the blockchain market will reach the 2018 revenue levels in the next three years.

However, the COVID-19 has had some beneficial effects on some blockchain applications like logistic management and supply chain. It is all due to the international supply of healthcare protective equipment such as masks, gloves, testing kits, etc. The inadequacies and poor procedures are also revealed by this pandemic, especially quality assurance and transparency. As per experts, the blockchain can address such issues, and upcoming days will boost revenue for blockchain, and the main focus will transport, storage, manufacturing, logistics, retail, and consumer.

We’ve reported that the Bank of Thailand has launched the world’s first blockchain-based platform for government savings bonds.

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