Blockchain revenues will surge by over 2,000% by the end of the decade, a new report by London-based consulting firm GlobalData reveals.
The report noted that blockchain is evolving from being implemented in novel and broad use cases to powering applications with real-world utility. This has seen billions of dollars invested in research and development, with global conglomerates leading the charge.
As a result, GlobalData expects the blockchain industry’s revenues to surge from $12 billion in 2023 to $290 billion by 2030.
The report, titled “Thematic Research: Blockchain,” noted that initially, blockchain was met with excitement and enthusiasm amid bold claims of being the greatest technology since the Internet. However, this gradually ebbed away as users encountered bottlenecks in its scaling and usability.
GlobalData’s report is the latest to illustrate the damage that some of the largest blockchain networks, including BTC and Ethereum, have caused to the technology. These networks’ inability to scale was cast on the entire industry, leading many prospective users to dismiss the technology entirely.
Meanwhile, BSV has proven that blockchain technology, as Satoshi envisioned it, never runs into a scaling ceiling. This year, the BSV Association began technical testing of Teranode, which will push BSV to over one million transactions per second, making it one of the fastest networks in the world.
GlobalData’s report singled out tokenization as one of the key factors driving blockchain adoption over the next six years. It reiterates dozens of other reports on tokenization, including one by the Boston Consulting Group, which predicted the size of illiquid asset tokenization to be $16 trillion by the decade’s end.
Tokenization is the one blockchain use case that all stakeholders have rallied behind. Global conglomerates are rushing to either offer tokenization services, like Deutsche Börse’s
proposed trading platform, or tokenize their assets to make them easier to sell and transfer, such as HSBC (NASDAQ: HSBC) and Citibank’s (NASDAQ: C) projects.
Regulators have also backed tokenization. Authorities in jurisdictions such as Hong Kong
and the U.K. have published guidelines for the sector, while international entities like the Hague Conference on Private International Law are exploring regulations.
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Watch: Tim Draper talks tokenization with Kurt Wuckert Jr.
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