By 2022, blockchain investment across all industries is anticipated to hit $12.4 billion, according to research firm IDC and cited by Reuters.
For the past 10 years, technology and financial service companies have been exploring the use of blockchain. Last year, the capital markets and banking sector invested $1.7 billion in blockchain initiatives, research and advisory firm Greenwich Associates reports.
One of the early adopters of blockchain technology was IBM. Currently, the company has around 1,500 employees working on blockchain for use in various sectors. IBM and other blockchain adopters are working to seamlessly integrate the technology with the demand and adhere to compliance.
Many experts in blockchain know that there needs to be a major transformation in order for the technology to become more widely used, Reuters reports. But the experts are expecting for the transformation to come in the three to seven years.
"There is a recognition now that it is a journey, rather than something with a short time frame," Rhomaios Ram, head of blockchain project at UBS told Reuters.
Consultants, analysts and other proponents have said that this technology could be transformational by helping settle transactions, accelerate international payments and remove the need for intermediaries, saving industries tens of billions of dollars.
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