The leading use case for blockchain in 2021 and throughout the forecast is cross-border payments and settlements, which uses distributed ledger technology to track, trace, and manage payments and settlements. The second largest blockchain use case is lot lineage/provenance, which is used to verify the origin and authenticity of a product as it moves throughout the value chain. Other use cases include trade finance and post trade/transaction settlements, asset/goods management, and identity management.
From an industry perspective, banking leads the way in blockchain spending, accounting for nearly 30% of the worldwide total in 2021. The primary use cases for blockchain within the banking industry are cross-border payments and settlements and trade finance and post trade/transaction settlements.
The next largest industries for blockchain spending are process manufacturing and discrete manufacturing, which together account for more than 20% of all spending worldwide. The leading use case in both industries is lot lineage/provenance. Following the manufacturing industries are professional services, retail, and insurance, which rely on blockchain to trace the movement of payments and products. The industries that will see the fastest growth in blockchain spending over the forecast period are professional services (56.0% CAGR), state/local government (53.3% CAGR), and healthcare (52.7% CAGR).
Spending on blockchain solutions in the US will be nearly USD 2.6 billion in 2021, making it the largest geographic market, followed by Western Europe (USD 1.6 billion) and China (USD 777 million).
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