1. Blockchain-based cryptocurrencies could generate $1 billion in revenue just for the global banking sector.
That's without even touching on how they can save on infrastructure and efficiency costs.
2. As of 2020, one in every five internet technologies included blockchain-related services.
Blockchain is slowly becoming synonymous with basic digital internet infrastructure.
3. The CAGR of the global blockchain market is expected to be anywhere from 45% to 86% between 2019 and 2025.
Different studies have different predictions, but regardless, the expected growth is enormous.
4. 46% of the total market share of blockchain technology is owned by people in finances.
Those in the financial sector believe blockchain is the future of online transactions.
5. More than 70 million blockchain wallets have been registered globally for cryptocurrency use.
These wallets allow you to pay for goods and services using cryptocurrency instead of fiat currency.
6. Most people prefer to have a mobile blockchain wallet above any other kind of hardware wallet.
This is because most people use their smartphone more than their computer, tablet, or other handheld devices.
7. Blockchain was the third most disruptive technology in 2020, behind only machine learning and AI.
It's a technology that is changing the way digital infrastructure works.
8. The costs of implementing blockchain technology into healthcare systems might be as high as $5.6 billion in 2025.
Those costs are only expected to rise as more settings use the networks.
9. More than 50% of the world's CIOs stated in 2020 that they were planning for the incorporation of blockchain into their businesses.
In past years, over 70% had no interest in blockchain whatsoever.
10. More than 50% of all chief executive, financial, and human resource officers say blockchain is critical to their infrastructure.
That's because of how it reduces costs, increases efficiency, and gives a sense of security.
11. 9 out of every 10 blockchain platforms needs replacing in 2021.
As enterprise solutions age, they become outdated or bloated with data. They need to be overhauled to be useful.
12. 2 out of every 5 healthcare executives state that blockchain technology is in their top five priorities.
Executives are responsible for implementing technology and increasing efficiency in large healthcare settings.
13. Blockchain has been adopted by non-crypto industries due to its security, flexible modeling, and value chain.
These three benefits are hard to beat when compared to other efficiency technology.
14. The best countries for crypto and blockchain startups are Switzerland, Gibraltar, Malta, Bermuda, and Slovenia.
These countries offer helpful tax setups and safe havens for entrepreneurs to get started.
15. More than 80% of the world's central banks have considered creating their own cryptocurrency.
The US and China have pondered the merits of digital currency as a form of fiat currency.
16. In 2018, hackers hacked the Coincheck blockchain and stole $500 million in cryptocurrency.
This is far from the only crypto hack that's ever happened, but it was startling because it involved a blockchain hack.
17. Microsoft and Accenture Pic have been working to make a digital network of IDs with blockchain tech.
These IDs would help to give official documentation to people around the world who don't have documentation.
18. Over $270 billion worth of transactions have been conducted using secure blockchain tech.
Secure, decentralized transactions are the reason blockchain networks were created in the first place.
19. Around 1 in every 200 people uses blockchain, for a total of around 40 million users.
But as the tech becomes more commonplace, it's expected that within a few years, 1 in every 3 people will use it.
20. The company Ripple used blockchain tech to create XRP, a cryptocurrency that's now worth billions.
They hold $30 billion worth of XRP and can use it to finance their projects.
21. IBM worked with a startup to create a blockchain app where patients can sell information to pharmaceutical companies.
Patients anonymously report their data. It can't be altered, and it gives pharmaceutical companies vital info about how their medications work.
22. The blockchain market is expected to generate $20 billion in revenue as of 2024.
The growth only continues from there, going up to more than a trillion within a decade.
23. The United States is expected to spend more than $2.5 billion on blockchain technology.
The US already spends more than any other country on this technology, and that isn't expected to change.
24. The business value of blockchain is expected to grow to $3.1 trillion in 2030.
Considering that it's about $6 in 2021, that's some enormous growth in a decade!
25. Banks could save $8 to $12 billion every year by implementing blockchain.
On top of the security, blockchain tech can cut data storage and transfer costs by billions of dollars.
26. Blockchain has the potential to reduce 30% of the infrastructure costs for banks.
That could add up to millions of dollars and reduced energy costs every year.
27. 7 out of 10 business leaders who use blockchain say that it enhances their performance in their industry.
They believe that their efficiency and industry setup could not function as well without the tech.
28. 9 out of 10 governments have plans to make investments in blockchain tech.
That number might become even higher as blockchain is integrated into more operations during the next few years.
29. In 2018, more than 50% of all organizations using blockchain said they were focusing on permissioned models instead of full-access ones.
Full-access models let anyone see the data. Permissioned models can only be viewed in full by certain individuals. Most companies are using permissioned models instead of full-access ones.
30. Around 3 out of every 4 people in manufacturing and consumer products says that their company is experimenting with blockchain technology creation.
Since the industry is expected to grow so much in just a few years, it makes sense to get in on the ground floor.
31. More than 50% of blockchain survey respondents state that the tech is being used to improve supply chains and logistics.
In fact, logistics is the number one reason that companies want to invest in the technology.
32. More than a third of individuals believe that blockchain will affect payment systems in Europe by 2025 at the latest.
When Europeans were surveyed, about 35% indicated that they believed blockchain would change the way they shopped.
33. 7 out of 10 corporate executives state that blockchain technology can help get a competitive edge in the Asian-Pacific region.
Business executives are concerned about competing in the Asian-Pacific corporate world because of how much more advanced and streamlined the companies are.
34. Coinbase received more than $250 million in venture capital from 2014 to 2017.
That venture capital was turned into a trading platform worth billions of dollars, so the investors got their money back.
35. The South Korean blockchain market was worth about $20.1 billion when it began and is projected to reach over $350 billion in 2022.
South Korea's tech industry is consistently evolving ahead of European and American companies.
36. Almost 50% of all gamers have used blockchain tech to trade or purchase digital items within the past year.
Gaming is one of the biggest spaces for digital purchases, so it's no surprise that digital currency is used there, too.
37. There are 109 tech companies in China that create blockchain solutions for banks and other real industries.
Instead of dealing with cryptocurrency, they create hands-on solutions to help financial institutions run more efficiently and securely.
38. More than 50% of all institutions in the healthcare field will use blockchain as of 2025.
It's vital for coordination, efficiency, and patient privacy.
39. In 2018, more than 76% of CIOs were uninterested in blockchain.
By the time 2020 rolled around, the majority of CIOs were instead saying that they thought it was very important to integrate blockchain tech. This indicates that the technology has become very important, very fast.
40. Almost 40% of people using blockchain said there were issues with government regulations when making investments in the technology.
For this reason, companies are more likely to successfully implement blockchain networks if there are already government regulations surrounding them.
41. The cryptocurrency company KuCoin has invested $3 million in Australia's Bitcoin.
People pay attention to the investments of cryptocurrency companies, as they tend to be up-to-date on new developments in digital infrastructure.
42. The blockchain platform Bittrex allows people to trade over 200 different cryptocurrencies.
The largest amount of trade conducted through the Bittrex system in 24 hours was a whopping $86 million.
43. The cryptocurrency Centra was celebrity-endorsed, but then was quickly shut down by the government due to fraud.
It made over $30 million, but everyone who invested in it lost their money when the SEC forced the coin to be destroyed.
44. Financial institutions and investors spent over $550 million in blockchain solutions in 2018, which has just grown from there.
These industries make up the most heavily-spending investors in blockchain tech.
45. In 2018, distribution and services companies invested about $380 million in this tech.
They use the network to communicate and protect client information.
46. In 2018, manufacturing and resources companies spent over $330 million on blockchain solutions for better efficiency.
Spending has only increased since then, with companies reporting they got a good return on investment.
47. As of 2024, blockchain tech will be incorporated into industries including media, transit, consumer products, healthcare, and finance.
All of these industries can benefit from the decentralized, flexible, and secure data system used by blockchain tech.
48. The global market for blockchain tech is expected to be worth more than $60 billion as of 2024.
That's massive growth from the current global market, at a rate that basically doubles every year.
49. By the time 2021 ends, global blockchain spending will be more than $6.5 billion.
Then as 2022 goes on, that number is expected almost to double.
50. About 13% of IT heads at companies plan to use blockchain tech in the future.
This number might be even higher if you only asked IT heads with complete control over their company's software and programming.
51. For the next half-decade, business and IT companies will make up about 70% of blockchain tech spending.
Technology and financial sectors are the most likely to see potential in blockchain tech.
52. In 2016, IBM made a $200 million investment in a blockchain-based internet technology.
IBM is known for basically being the inventor of the internet. By developing blockchain tech for the internet, they're revolutionizing the kind of programming we can use online.
53. There are over 1,000 IBM employees specifically focused on blockchain-based internet projects.
Blockchain internet projects are an entire sector of IBM's development, and they've dedicated massive resources to them.
54. 9 out of 10 banks in Europe and North America had explored the possibility of blockchain tech as of 2018.
In 2021, that statistic is likely much higher, even if the banks ultimately chose not to implement the tech.
55. In 2018, enterprise companies invested $1 million in their blockchain tech projects.
2018 can be considered the start of the blockchain revolution. Enterprising individuals had the idea long before now.
56. About $70 million was legally donated to charity using cryptocurrency in 2020.
These days, more and more charitable organizations do accept Bitcoin, Ethereum, and other options. Depending on your country, you may be able to deduct these donations from your taxes!
57. The total global spending on blockchain tech will surpass $11.6 billion during 2022.
This is a massive inflation from the current market size of a little more than $5 billion.
58. More than 76% of financial sector companies indicated that they wanted to integrate blockchain into their systems before 2020 ended.
Those who weren't able to do so will likely try to implement a change before the end of 2021.
59. In Russia, the number of financial sector companies that wanted to integrate blockchain before the end of 2020 was a whopping 99%.
The demand for blockchain tech is higher in Russia than in the rest of the world.
60. Almost 50% of the world's financial institutions are victims of cybercrime and digital fraud on an annual basis.
Blockchain tech appeals because the data stored in the system can't be tampered with. Because of this, financial institutions may consider it an ideal way to avoid fraudulent activity.
61. More than 18 million Bitcoins have been mined and are in circulation.
That's an increase of more than a million coins in circulation since 2018.
62. In June of 2018, the Bitcoin blockchain was 173 GB of data, and it's only grown from there.
The blockchain is so enormous that it would take a supercomputer to be able to download and run it.
63. Bitcoins will stop being mined once they reach 21 million.
The Bitcoin system cannot generate any more new coins after the supply hits 21 million.
64. Blockchain tech has no central authority.
It specifically operates without the oversight of a government, bank, or company. That's a positive for many people, but it has been used to facilitate illegal dealings.
65. There are more than 12,000 Bitcoin transactions per hour in 96 different countries.
It's one of the most global crypto markets, edged out only by Ethereum's many transactions.
66. There's an average of about 190,000 Bitcoin transactions every day.
Each of these is added to the ledger to keep track of who owns the currency.
67. About 50% of all bitnodes are found in the US, Germany, and France.
Bitnodes are electronic messages sent through the Bitcoin network to make sure transfers are secure and quick. More nodes means more security. The US is home to more than 23% of nodes, with Germany and France right behind.
68. It takes around ten minutes on average to confirm and process a Bitcoin transaction.
However, some transactions can be quicker or longer than this. The length of time is related to how many blocks have been made available by Bitcoin miners.
69. Bitcoin mining processes use up more electricity than about 160 countries.
New statistics show that the electricity consumption only grows more powerful with every new block that's mined.
70. As of early 2021, people have the option of more than 80 different cryptocurrency wallets that support a total of 472 different currency options.
Each wallet is made and handled by a different company. The right one for you will vary depending on the type of crypto you use and how you want to transfer it.
71. The most popular ten cryptocurrency apps were downloaded 5.6 million times at the beginning of 2021.
Cryptocurrency investment has become more mainstream in 2021, with many marketing campaigns offering to give people free crypto for their signup.
72. The Bitcoin mining network is 100,000 times as powerful as the most powerful 500 global computers combined.
Every transaction uses the Bitcoin blockchain, which contains information about every Bitcoin transaction that has ever existed. A supercomputer would need a century to sift through it.
73. Between 2011 and 2012, there were 4,000 Bitcoin offerings donated to the whistleblower site Wikileaks.
At the time, Bitcoin was worth less than $100. But today, those donations are worth hundreds of millions of dollars.
74. Today's blockchain tech was invented by Satoshi Nakamoto, but we don't know anything about them.
We don't even know whether Satoshi Nakamoto was an individual or a group. Their goal was to create a digital transaction system that would let people move money between them without needing bank intermediaries.
Blockchains are giant blocks of data that connect cryptographically. Every block has transaction data and a hash to make it recognizable.
Since the hashes can't be altered, the history can't be tampered with. There's always a record of who owns what cryptocurrency.
75. "Blockchain" was first used as a term on the Bitcoin forum BitcoinTalk, which is the largest dedicated site for discussing Bitcoin.
From there, it's become one of the most common words used to describe the ledger technology.
76. The transaction fees for blockchain transactions are several million times more inexpensive than traditional economic transaction costs.
While this might sound unbelievable, it's true. Since digital transactions don't move physical currency, you can move items of much greater value without incurring any huge costs.
77. Almost 90% of tech-savvy teams say that blockchain tech has massive business potential.
Those in the tech industry can see the potential of blockchain to be used in basically every modern application.
78. Around 1 in 4 companies interested in blockchain tech says that they would like to invest somewhere from $5 million to $10 million in these solutions.
Companies indicate that they're willing to spend a lot to get good solutions that truly increase their performance.
79. Retailers and food service companies are considering implementing blockchain tech for better productivity.
Among the retail giants interested in this tech are Nestle, Tyson Foods, and Walmart. Analysts believe that blockchain use could save $700 million in productivity costs.
80. About 1 out of every 3 companies in the manufacturing and consumer products industry has already integrated blockchain tech with their systems.
These companies see the greatest benefits to their productivity and efficiency with blockchain technology. Almost one fourth of life science companies have also implemented this tech, which includes healthcare and pharmaceutical industries.
Frequently Asked Questions
These are some of the most common questions about blockchain.
How big is the blockchain market?
In 2020, the total global value of the blockchain market was $3.67 billion. While that may not seem like much compared to other markets related to digital currency, the expected growth rate is enormous. Between 2021 and 2028, the projected CAGR is 82.4%.
This indicates that more and more of the world's infrastructure will become dependent on blockchain integration. The large growth rate makes sense, considering how many healthcare and financial institutions are considering the benefits of blockchain integration.
What are the top 5 blockchain companies?
The most valuable blockchain company in the global market is Square, Inc. This company had total revenue of $6.2 billion in the first half of 2021. Operating since 2010, this payments and services firm was co-founded by a billionaire and the co-founder of Twitter.
In the second quarter of 2021, more than 60% of Square's total revenue was related to Bitcoin. The gain from Bitcoin transactions was more than quadruple that of the previous fiscal year.
The second top company is International Business Machines Corporation. But you probably know them as IBM. They are a household name when it comes to basic technology, but they also offer diverse digital services as well. One of their services includes processing transactions using blockchain tech.
While blockchain makes up just a fraction of IBM's total revenue, the company did net $3 billion from the market during the first half of 2021.
The third top company is Coinbase Global, which is well-known for being one of the biggest cryptocurrency platforms in the world. It is the largest crypto trading platform in the US, and shares are publicly available through the stock exchange.
In the beginning half of 2021, Coinbase brought in $4 billion in total revenue. This includes everything from their cryptocurrency trades to their cryptocurrency wallets to their subscriptions and specialists for institutions. There's even a crypto Visa card available.
The fourth company is Bitfury Group, which is headquartered in the Netherlands. They create pre-built blockchain software for companies to keep track of their transactions. There's also customized hardware capable of auditing the Bitcoin chain. This company brought in $500 million in revenue during the 2018 fiscal year.
The final top company on the list is VMware, Inc. This cloud computing company has been in business for almost 30 years. Since the beginning, it has focused on virtualizing the world. The blockchain offerings are more recent.
The company has created VMware Blockchain, a decentralized network that can be used as a ledger for a variety of different industries.
VMware netted $741 million for their software and subscription service models, including their specialized blockchain technology.
What are the top 10 blockchain companies?
In addition to the five companies above, these are the next five industry leaders in the global market:
- Maersk, the largest shipping company in the world, which has blockchain tech integrated into the TradeLens platform for extra security
- Binance, a cryptocurrency exchange that facilitates more than 2 billion daily transactions using its platform and blockchain technology
- Argo Blockchain, a London-based company that has been working since 2017 to turn cryptocurrency mining into a legitimate business
- Marathon Digital Holdings, a Bitcoin mining company with more than 133,000 miners working full time to net new cryptocurrency on the blockchain
- Hive Blockchain Technologies, a Vancouver-based cryptocurrency mining company that says it uses renewable energy only to mine Ethereum and Bitcoin
Is the blockchain industry growing?
The blockchain industry is growing at one of the most rapid paces possible. In 2020, the total market was worth a little over $3 billion. In 2021, that value has increased to around $5.3 billion.
Over the next five years, the market is projected to expand until it reaches a total value of $34 billion.
Analysts disagree on the exact CAGR for the next five to seven years. Some say it's around 45%, while others say it's closer to 86%.
But regardless of which number is more accurate, that points to an industry that's undergoing enormous exponential growth in a very short period of time.
What is the most used blockchain?
For the most part, Ethereum is the most used blockchain. It's the second most popular cryptocurrency and the go-to whenever people are looking for a blockchain platform. Having been around since 2013, Ethereum has been using blockchain since before most people knew what it was.
The biggest draw of Ethereum is that it allows for smart contracts while creating a truly decentralized network. People are able to use the technology flexibly to cover the needs of a vast swath of different industries.
Rather than just being a cryptocurrency, Ethereum has been used by tech gurus who want to create truly decentralized apps. The Ethereum network is perfect for crafting and hosting them.
What will be the future of blockchain?
Because blockchain is still an evolving technology, there isn't one straight answer for how it will look in the future. But even when experts disagree about the potential uses for the technology, they do agree that the global market is going to see enormous growth during the coming years.
Some analysts predict that blockchain will be slow-growing through 2022, with 10% or less of businesses adapting it. But then the technology will go through an explosive phase of growth, in which it will become an integral part of multiple different industries.
Healthcare and financial sectors are the most likely to make use of blockchain. The technology's biggest advantage is cybersecurity. It can prevent records from being tampered with, so you know you always have access to the correct medical or financial data.