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Blockchain Market Takes Significant Hit Over Past Two Years

The VeChain Foundation Partners With Cyprus’ Grant Thornton
The VeChain Foundation Partners With Cyprus’ Grant Thornton

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The blockchain market has taken a $2.8 billion hit in the United States over the past two years, starting in the 2018 crypto winter and continuing through to 2020, according to a press release from the group.

However, sharing some thoughts on the matter is Michela Menting, a Digital Security Research Director at ABI Research, the group who came to this conclusion, stating:

“Many speculative offerings were purged from the marketplace. However, this will be relatively beneficial for the blockchain ecosystem overall, strengthening existing startups and ensuring sounder and more valuable business models emerge over the next few years. ABI Research expects the market to get back to 2018 revenue levels by 2023.”

She continues, stating that “the pandemic also revealed the inadequacies and flaws of existing procedures, especially in terms of transparency and quality assurance. Blockchain is now a technology that is recognized as capable of addressing these issues. As such, interest and demand will boost revenue for blockchain applications focusing on manufacturing, transport, and storage, as well as on retail and consumer.”

The group discovered these results from its Blockchain Distributed Ledger Technology market data report, the release notes.

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