Blockchain projects will move from proof-of-concept to production this year, according to a new report from market intelligence firm Greenwich Associates.

Released today, the research note offers 10 market structure trends for 2017 and lists its expectations for the blockchain industry in its final slot. Author Kevin McPartland reasons that, while many in the industry had said blockchain is overhyped, he believes there might not be enough evidence to make this claim.

“Our blockchain research was the most-read by our capital markets clients in 2016. In 2017, we’ll finally start to see the rubber meet the road, with talk converting to real implementations,” McPartland wrote.

McPartland went on to advise readers not to “discount” the value of digital currency.

He added: “The ability to transfer value around the world with no middleman continues to have the biggest appeal.”

Overall, the research is the latest from the Connecticut-based firm, which earlier in 2016 forecast capital markets spending on blockchain would reach $1bn last year.

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