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The corona virus pandemic is slowing spending on blockchain technology

June 27, 2020

The impact of the health crisis that countries around the world are still struggling with has been seen on various economic fronts, and it is estimated that the blockchain sector will also be affected. This was reported on June 24 from Spain, the Silicon.es portal, with an article signed by Mónica Tilves.

“The blockchain segment will also be affected in the coming months. IDC now forecasts that global spending on this technology will decrease in 2020 compared to pre-pandemic expectationsTilves wrote.

“”The estimated growth will be 7.7% lower. Still, over $ 4.3 billion is spent on blockchain solutions all year round, up 57.7% from $ 2.7 billion in 2019“He added later.

The corona virus pandemic is slowing spending on blockchain technologyThe corona virus pandemic is slowing spending on blockchain technology

On the other hand, he made it clear that the The hotel and tourism industry, including transportation, personal and consumer services, will be the most affected. The construction sector can also be added to this list.

The cited publication James Wester, Director of Global Blockchain Strategy Research at IDC, said:

“Like any technology investment, blockchain project spending has been impacted in the short term by the impact of the COVID 19 pandemic. However, with technology investment increasing, blockchain spending can normalize before many older technologies Blockchain technology, such as decentralization, transparency and redundancy. “

It should be noted that, according to the consulting firm’s forecasts, global spending on blockchain technology could reach $ 14.4 billion in 2023.

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