Altcoin News: Study: Blockchain Revenues Will Reach $10 Billion by 2023

August 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

ABI Research, a technology consulting company, presented the results of a study according to which revenues from blockchain technology reached $10 billion by 20023.

Analysts say that despite a decrease in the volume of Initial Coin Offerings (ICOs), investments in the blockchain industry will continue to increase due to the activity of venture capital firms and the development of the blockchain infrastructure. If in 2017, 153 rounds of financing took place, within which they raised $850 million, then last year the number of rounds reached 650, and the investment volume exceeded $3 billion.

“Tighter regulation (including securities) and taxation (as foreign currency, income, financial asset, etc.) on cryptocurrencies in a number of countries are prompting investors to look beyond ICOs towards more stable VC-based investment for blockchain startups focusing on support infrastructure, retail, supply chain and enterprise applications,” the report said.

Analysts also noted that despite large revenues, the use of blockchain outside the financial and insurance industries is small. However, it is expected that from 2021 the technology will go beyond these industries and will more often be used in everyday life.

In July, CB Insights announced that if blockchain investments increased significantly during the fall of the cryptocurrency market, now the situation is reversed and industry funding may decline by 60%.

Author: Marko Vidrih