Less than three months after cutting its 2020 enterprise blockchain spending forecasts following COVID-19, IDC has lowered the figure to $4.1 billion from $4.3 billion. It still represents more than 50% growth compared to 2019.
IDC says that COVID-19 “has accelerated interest and investment in digital transformation, which includes blockchain and distributed ledger technology,” said James Wester, research director IDC. That’s because supply chain weaknesses were exposed and blockchain and distributed ledger technology (DLT) helps to improve visibility and efficiency in those chains.
The market intelligence firm says more than a quarter of that spending will be in the banking sector in cross border payments, trade finance and post trade, and transaction agreements.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
