This year’s blockchain report by the market research company Gartner states that the number of solution-oriented blockchain projects that are going into production is increasing. The study found geographical and industrial differences.
The study published in November by the market research company Gartner comes to the conclusion that the interest in blockchain use cases is still high. The 53 providers examined have already put 14 percent of their 1,000 blockchain projects into production. The banking and securities sector continues to rely most on blockchain technology. 36 percent of the projects took place in the finance sector. This is an increase of 6 percent compared to the previous year, although the overwhelming 75 percent from the ICO year 2017 was not achieved. In return, 63 percent of the blockchain initiatives made it past the proof-of-concept phase (PoC). Compared to the 32 percent from 2019, this increases by 31 percent.
The biggest surprise is the wholesale sector. While the share of blockchain initiatives in 2019 was just under 1 percent, 7 percent now rely on blockchain technologies. Much of the wholesale growth in 2020 will come from use cases in trade finance, where automating the process could create significant efficiencies for everyone involved.
The media, communications, and service sectors suffered the greatest decline. Gartner found fewer use cases and investments were reported this year, reversing the growth seen over the past two years. As in the financial sector, the study sees the justification for a shift in processes from the PoC phase to the production phase. According to this, 19.5 percent of the projects upgraded themselves this year.
The education sector is one that invested the least in blockchain initiatives. Most of the blockchain-related work in this sector fell into the field of identity management, such as educational services.
Europe, Asia, and North America have the most blockchain applications.
On the basis of the analyzed survey, a clear triumvirate has emerged in the geographical distribution of the blockchain projects, which includes the European, Asia-Pacific (APAC), and North American regions. Europe ranks first with 307 application examples, which makes up 30 percent of all blockchain companies. This is followed by the APAC sector with 290 initiatives (28 percent) and North America with 260 (25 percent) blockchain initiatives. Thus 83 percent of all crypto projects are located in these three economic areas.
According to the study, Great Britain leads the way in Europe based on the number of blockchain use cases. In Germany, France, Italy, Switzerland, the Netherlands, and other countries, there are also many initiatives in different stages of development. The results roughly coincide with those of the recently published EU blockchain report. There, Great Britain was also attested to relatively advanced development in the blockchain area.
In North America, the USA holds the lion’s share of DLT projects. 236 of the 260 initiatives take place on US soil. The developments in South America are also impressive. There, the market research company found increased activity of blockchain companies from 10 projects in 2019 to 62 this year.
The Asia-Pacific region has the second-largest share of all crypto initiatives with 290 initiatives. According to the Gartner study, a faster transition into the production phase can be observed in this economic sector in particular.
The Gartner report states that the transition of blockchain projects into the production phase in the Asia-Pacific sector is completed more quickly than in comparable economic areas. Stay tuned to cryptocurrency analysis website for regular updates