Blockchain Technology is projected to witness rapid growth in APAC

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The Asia Pacific (APAC) region has emerged as the third fastest growing regions in terms of spending on blockchain technology in 2018, a report of TechWireAsia showed.

The top two fastest growing regions in terms of blockchain spending are the U.S. and Western Europe.

According to a May 2018 report of the United Nations, the Asia Pacific region has promising potential in the future and is recording strong growth. The Economic and Social Survey of Asia and the Pacific (ESCAP) forecasted the growth rate of the developing countries in the APAC region at 5.8 percent in 2017, an increase of 0.4 percent compared to the growth rate of 2016. The developed countries in the APAC region are expected to grow at a rate of 5.5 percent in 2018 and 2019.

While blockchain will have a significant impact on the Asia Pacific region, the worldwide blockchain technology market is projected to witness a huge compound annual growth rate (CAGR).

A projection made by the IDC states that the blockchain technology sector will touch $2.1 billion in 2022.

Spending on blockchain technology is expected to rise extremely fast during the period between 2017 and 2022 with a five-year compound annual growth rate (CAGR) of 72.6 percent.

Spending on blockchain technology in the current year is expected to reach $272.2 million, a 100 percent rise from the previous year’s figure of $138.1 million.

As per Reuters, blockchain technology has mainly been utilized in the banking and financial industries. Blockchain in the fintech sector has a wide range of applications including ownership management, identity management, asset trading, digitization of physical assets, remittance management, and smart contracts. It is presently utilized for its ability to streamline business operations, reduce operational costs, faster transactions, and offer greater transparency.

According to Up Market Research, a lot of diverse industries are presently in the capital raising process to finance blockchain-related projects. The total size of funds flowing into the sector will enhance its market growth.

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