Blockchain Statistics By Market Size, Spenders and Country
Updated · Sep 25, 2024
WHAT WE HAVE ON THIS PAGE
Introduction
Blockchain Statistics: Blockchain refers to the growing list of records accumulated with the help of cryptographic hashes. The basic concept based on cryptocurrency deals with securing a compiled list of data and its nodes. Blockchain nodes are recorded, meaning that they cannot be edited retroactively once the data is stored.
Decentralization and peer-to-peer networks are the primary basis of blockchain, ensuring that data is shared on a P2P (peer-to-peer) basis. Based on blockchain statistics, let’s go through various technological developments in the field.
Editor’s Choice
- Bitcoin makes up 52.81% of all crypto transactions.
- The idea of the concept of Blockchain could be traced back to 50 years ago in the 1970s.
- According to consumer behavior, men are twice as prone to investment.
- The USA is the most prominent blockchain-spender country with USD 4.2 billion.
- Cross-border payments are the single most popular use of blockchain payment, having a decent share of 15.9%.
- Based on Blockchain statistics, global investment in Blockchain solutions is expected to reach USD 19 billion in 2024.
- As per blockchain statistics, by 2024, the adoption rate of Blockchain is expected to reach 12%, which would focus on areas related to digital identity and real estate owner registration.
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Blockchain Origins
- The concept of Blockchain emerged during the 1970s when computer scientist Ralph used Hash trees to store data via linking blocks based on cryptography.
- By the 1990s, these blocks used a system that documented timestamps that could not be tampered with.
- In 2008 in Japan, Santoshi Nakamoto refined the blockchain to modern standards and used 1MB blockchain blocks to document transactions involving bitcoins.
- Many of the core features of blockchain are ironclad and are currently used as the standard for transactions.
Furthermore, based on Blockchain statistics, the technology of Blockchain in cryptocurrency can be categorized into three generations.
- 1st Generation – Using 1MB blockchain-based information for Bitcoin transactions.
- 2nd Generation – Relatively newly developed currencies such as Ethereum using blockchain technology for asset transfer-based transactions.
- 3rd Generation – By resolving limitations of scales related to computation, there are potential opportunities available that are not bound to limits in future blockchain developments.
(Reference: statista.com)
As the graph above shows, Blockchain technology has gained significant prominence recently.
- In 2023, Blockchain helped generate revenue of $17.19 billion.
- With its rapid growth, it is expected that blockchain’s cloud market size could touch $1.3 trillion by 2030.
- According to Blockchain statistics, men invest more than twice as much as women invest in cryptocurrency.
- The participation rate is significantly higher among the young population, with 15% of people in the US aged 18 – 34 owning cryptocurrency compared to 11% of those aged between 35 and 64. And only 4% of people are owned by people who are 65 and older.
Perception of Cryptocurrency in Society
(Source: go.chainalysis.com)
According to Blockchain statistics, the following information can be inferred.
- More than 40% of North Americans disagree that cryptocurrencies that are empowered by blockchain are used for unethical/illegal activities.
- While approx. 30% of APAC countries strongly agree that cryptocurrencies are used for illegal and unethical activities.
- If total activities are looked at, approx. 30% of the world slightly agrees and has the perception that cryptocurrencies are misused.
(Source: go.chainalysis.com)
If we look at the future perception of cryptocurrencies as per Blockchain statistics, the following can be inferred:
- The basic consensus is that cryptocurrency will remain the future mode of currency transaction.
- Latin America has the most positive outlook for cryptocurrency, which could be attributed to the fact that El Salvador was the first country to adopt Bitcoin as legal tender.
- Relatively, North America has the highest disagreement, which is based on the aspect that the United States dollar is their primary currency, and it is likely to remain their most used legal mode of financial transaction.
(Source: go.chainalysis.com)
If we look at the future perception of cryptocurrencies as per Blockchain statistics, the following can be inferred:
- The basic consensus is that cryptocurrency will remain the future mode of currency transaction.
- Latin America has the most positive outlook for cryptocurrency, which could be attributed to the fact that El Salvador was the first country to adopt Bitcoin as legal tender.
- Relatively, North America has the highest disagreement, which is based on the aspect that the United States dollar is their primary currency, and it is likely to remain their most used legal mode of financial transaction.
(Source: go.chainalysis.com)
Based on Blockchain statistics, the following crimes are witnessed the most involving blockchain-based cryptocurrency.
- A majority of the population-based transactions with more than 50% of North America, EMEA, and Latin America.
- Likewise, financial economic fraud is considered the biggest issue with cryptocurrency.
- Currently, election expenses are considered the least concerning issue.
Popularity And Prices of Cryptocurrencies.
(Source: blockchain.com)
- As per blockchain statistics, Bitcoin is the most popular cryptocurrency that uses blockchain.
- The cryptocurrency market is valued at $2.5 Trillion, and there is an average daily increase of 4.04%.
- The cryptocurrency market is valued at $2.5 Trillion, making it a huge financial market based on digital transactions.
- As of May 2024, the price of a Bitcoin is $67302.
Based on Blockchain statisticians, Bitcoin makes up 52.81% of all blockchain-based transactions.
(Reference: enterpriseappstoday.com)
(Reference: enterpriseappstoday.com)
Based on Blockchain statistics, the following inferences are estimated.
The following conclusions may be drawn from the above charts about global blockchain spenders:
Global Blockchain Spending Leaders.
- Banking accounted for 29.70% of all blockchain spending, making it the most prominent industry.
- Process Manufacturing accounts for 11.40% of all blockchain spending, making it the second-largest industry.
- Discrete Manufacturing is next in line, accounting for 10.90% of the expenditure.
- Expert Services account for 6.60% of blockchain investments.
- Of the significant categories, Retail has the lowest proportion, accounting for 6.00% of the total spend. The USA is the most prominent blockchain spender by country or region, spending $4.2 billion. Western Europe comes in second, having spent $2.90 billion.
- Others (unspecified regions) have spent $1.90 billion altogether.
- With $1.40 billion, the People’s Republic of China comes next.
- Blockchain costs Japan $0.75 billion.
- With $0.50 billion, the Middle East and Africa area has the lowest spending of all the mentioned regions.
General Insights: Regarding blockchain investments, banking leads the field by a wide margin.
The USA leads the world in blockchain expenditure by a vast percentage above other areas.
- Notable blockchain investments are also made in Western Europe and other locations that are not included.
- Blockchain expenditure is somewhat lower in the Middle East, Africa, Japan, and the People’s Republic of China.
Popular Uses of Blockchain
(Reference: statista.com)
- Based on Blockchain statistics, the primary usage of cryptocurrency is blockchain statistics, with 15.9%.
- It is followed by trade finance and asset management.
- It is interesting to note that most other activities comprise around 50% of all the tasks.
- Thus, there is no clear majority task allotted.
(Reference: statista.com)
- According to Blockchain statistics, Bitcoin is the most popular cryptocurrency.
- As of March 2024, there were around 800,000 transactions involving Bitcoin.
- Going by these trends, it can be inferred that transactions related to Bitcoin are expected to remain strong and a popular choice among blockchain enthusiasts.
Future of Block Chain
(Reference: statista.com)
With the growing popularity of Blockchain, it is interesting to look at what the future holds for Blockchain.
- The global investment in blockchain investment has been steady since 2017, with $0.95 billion till 2020, with $4.5 billion.
- Post-2020 COVID era blockchain investments have witnessed unprecedented growth. With $6.6 billion in 2021.
- It is predicted that $19 billion will be invested in 2024, more than three times the amount invested in 2021.
- Based on this graph, it is clear that blockchain solutions stand among the most popular solutions for investors.
Block Chain Overview
Blockchain Statistics 2023 And 2024 Analysis
Blockchain technology has significantly impacted various industries worldwide, evolving from a niche technology associated primarily with cryptocurrencies to a versatile tool with numerous applications. As a market researcher, it is crucial to examine the numerical data and trends from 2023 and 2024 to understand blockchain technology’s growth, investment, and adoption. This report provides a detailed analysis of blockchain statistics, focusing on the financial aspects, market penetration, and regional developments.
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#1. Global Blockchain Market Value
The global blockchain market has grown substantially over the past few years. In 2023, it was valued at approximately $10.5 billion US dollars. This represents a notable increase from previous years, driven by heightened interest in blockchain applications beyond cryptocurrencies, such as supply chain management, healthcare, and finance.
In 2024, the market value is expected to surge to around $17.5 billion US dollars, reflecting a growth rate of about 66.7%. This significant increase is attributed to the rising number of blockchain projects, increased investment from venture capitalists, and the growing adoption of blockchain solutions by large enterprises.
#2. Investment in Blockchain Technology
Investment in blockchain technology has been on an upward trajectory. In 2023, venture capital funding in blockchain and cryptocurrency startups amounted to approximately $12 billion US dollars. This funding was distributed across various sectors, with significant investments in decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain infrastructure.
The year 2024 is projected to witness an increase in investment, reaching an estimated $20 billion US dollars. This increase can be linked to the maturation of blockchain startups, successful initial coin offerings (ICOs), and the expanding use cases of blockchain technology in traditional industries such as banking, logistics, and healthcare.
#3. Blockchain Adoption by Industry
Blockchain technology has penetrated several industries, with finance being the most prominent. In 2023, approximately 40% of blockchain projects were finance-related, including banking, insurance, and capital markets. The need for transparency, security, and transaction efficiency has driven the finance sector’s adoption of blockchain technology.
By 2024, the adoption rate in the finance sector is expected to reach 50% as more financial institutions recognize the benefits of blockchain for improving operational efficiency and reducing costs. Additionally, the healthcare sector has seen a notable increase in blockchain adoption, rising from 10% in 2023 to an anticipated 18% in 2024. This growth is fueled by blockchain’s potential to enhance data security, patient privacy, and interoperability between healthcare systems.
#4. Regional Blockchain Developments
Blockchain technology adoption varies significantly across different regions. North America has been a leader in blockchain adoption, accounting for 35% of the global market in 2023. This dominance is attributed to the presence of major blockchain companies, a favorable regulatory environment, and substantial investment in blockchain startups.
In 2024, North America’s market share is expected to decline slightly to 33% as other regions like Asia-Pacific and Europe ramp up their blockchain initiatives. Asia-Pacific, which held a 30% market share in 2023, is projected to increase its share to 35% in 2024. This growth is driven by increasing blockchain investments in countries like China, India, and Japan, where governments and private sectors actively explore blockchain applications.
Europe, with a 25% market share in 2023, is expected to maintain steady growth, reaching 27% in 2024. The European Union’s focus on creating a unified regulatory framework for blockchain and digital assets will likely enhance regional adoption.
#5. Blockchain in Supply Chain Management
Supply chain management is one of the significant areas where blockchain technology has shown immense potential. In 2023, approximately 15% of blockchain projects were related to supply chain management. Companies have leveraged blockchain to improve traceability, transparency, and efficiency in their supply chains.
By 2024, the adoption rate in supply chain management is expected to increase to 22%. This rise is due to the growing realization of blockchain’s benefits in reducing fraud, minimizing errors, and enhancing real-time tracking of goods. Industries such as food and beverage, pharmaceuticals, and automotive are leading the way in implementing blockchain solutions to streamline their supply chain operations.
#6. Blockchain and Cryptocurrencies
Cryptocurrencies remain a significant application of blockchain technology. In 2023, the global cryptocurrency market capitalization was approximately $1.2 trillion US dollars. Major cryptocurrencies like Bitcoin and Ethereum dominated the market, accounting for over 70% of the total market capitalization.
In 2024, the cryptocurrency market capitalization is projected to grow to around $1.8 trillion US dollars, reflecting a 50% growth rate. This growth is fueled by increased institutional investment, the rise of decentralized finance (DeFi) platforms, and the broader acceptance of cryptocurrencies as a legitimate asset class.
#7. Non-Fungible Tokens (NFTs)
Non-fungible tokens (NFTs) have emerged as a widespread use case for blockchain technology. In 2023, the NFT market saw sales volume reaching approximately $25 billion US dollars. The rise of digital art, collectibles, and virtual real estate has driven this surge in NFT popularity.
The NFT market is expected to grow further by 2024, with sales volume projected to reach $40 billion US dollars. This growth is supported by the expanding ecosystem of NFT platforms, increasing mainstream adoption, and the entry of major brands and celebrities into the NFT space.
#8. Decentralized Finance (DeFi)
Decentralized finance (DeFi) has revolutionized the financial services industry by providing decentralized alternatives to traditional financial products. In 2023, the total value locked (TVL) in DeFi protocols was approximately $100 billion US dollars.
In 2024, the TVL in DeFi is expected to increase to around $150 billion US dollars, reflecting a 50% growth rate. This growth is driven by the increasing popularity of DeFi applications such as lending, borrowing, and yield farming, as well as the continuous innovation in DeFi protocols.
#9. Regulatory Environment
The regulatory environment for blockchain and cryptocurrencies has been evolving rapidly. In 2023, several countries implemented new regulations to address the growing use of blockchain technology and digital assets. The United States, for instance, introduced more precise guidelines for cryptocurrency taxation and anti-money laundering (AML) measures.
In 2024, the regulatory landscape is expected to become more defined, with countries worldwide adopting comprehensive frameworks to govern blockchain and digital assets. This regulatory clarity will likely encourage more institutional participation and investment in blockchain technology, further driving its adoption.
#10. Blockchain in Government and Public Services
Governments worldwide are exploring blockchain technology to enhance public services and improve governance. In 2023, approximately 8% of blockchain projects were initiated by government entities, focusing on areas such as digital identity, land registry, and voting systems.
By 2024, the adoption rate of blockchain in government and public services is expected to rise to 12%. This increase is driven by the successful implementation of pilot projects, demonstrating the potential of blockchain to enhance transparency, reduce corruption, and improve service delivery.
Challenges and Future Outlook
Despite the promising growth, blockchain technology faces several challenges. Scalability, interoperability, and regulatory uncertainty remain significant hurdles. In 2023, these challenges limited the widespread adoption of blockchain, particularly in industries requiring high transaction throughput and seamless integration with existing systems.
However, technological advancements and regulatory developments are expected to address these challenges. By 2024, solutions such as layer two scaling, cross-chain interoperability protocols, and more defined regulatory frameworks are anticipated to enhance the scalability and integration of blockchain technology.
Conclusion
In conclusion, blockchain technology has made significant strides in 2023 and 2024, with substantial market value, investment, and adoption growth across various industries. The global blockchain market is expected to reach $17.5 billion US dollars by 2024, driven by increased investment, expanding use cases, and favorable regulatory developments.
As a market researcher, it is essential to monitor these trends and provide insights into the evolving landscape of blockchain technology. The financial sector remains the largest adopter, while other industries, such as healthcare, supply chain management, and public services, increasingly recognize blockchain’s benefits. With continued innovation and regulatory clarity, blockchain technology is poised to revolutionize numerous aspects of our digital economy.
This comprehensive analysis of blockchain statistics for 2023 and 2024 highlights this transformative technology’s remarkable growth and potential, offering valuable insights for stakeholders and decision-makers in the blockchain ecosystem.
FAQ.
As per blockchain statistics, the global blockchain market is expected to reach approx.. $17.5 billion by 2024.
The finance sector is the highest adopter of blockchain technology.. It accounts for 29.7% of all spending based on blockchain.
As per Block chain statistics, more than 40% of Americans believe cryptocurrencies based on blockchain are used for unethical and illegal activities.
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
