Threatened much? Bank industry expected to invest a metric fuckton of cash in blockchain

Bitcoin has proven relatively popular in 2019, but investment in the blockchain technology that underpins it hasn’t exactly slowed  in fact, the latest forecast predicts an increase of 80 percent over last year’s spending.

In total, the International Data Corporation (IDC) estimates worldwide “blockchain spending” in 2019 will reach a head-scratching $2.7 billion.

The IDC also expects the compound annual growth rate (CAGR) in blockchain investment between 2018 and 2023 to reach 60.2 percent.

“Spending on blockchain solutions in the United States will be nearly $1.1 billion in 2019, making it the largest geographic market, followed by Western Europe ($661 million) and China ($304 million),” said the IDC in its new blockchain spending update, published August 7.

“All nine regions covered in the spending guide will see phenomenal spending growth over the 2018-2023 forecast period led by Canada with five-year CAGR of 73.3 percent,” it added.

Banks are set to drive investment in blockchain tech

Somewhat curiously, the banking industry is expected to lead the charge in DLT investment. It accounts for around 30 percent of projected blockchain spending until at least 2023.