Blockchain to Become a $2.1 Billion Market
Over the past few years, we’ve seen phenomenal growth in the market for blockchain technology. From a meagre $210 million market in 2016, this figure is projected (by Netscribes) to grow to $13.98 billion by 2022. According to an International Data Corporation report, global spending on blockchain solutions is estimated to reach $2.1 billion in 2018.
Enterprise blockchain projects from big names such as R3’s Corda, JPMorgan’s Quorum, and Microsoft’s Azure Blockchain Workbench, among others, have launched and are running successfully with an increasingly client base. And technology titans from the West such as Oracle, Amazon Web Services, Salesforce, and Facebook continue to eye entry into the blockchain space. Clearly, from a geographical perspective, the US leads the list of top countries for blockchain start-ups, both in terms of number of projects and funding.
3 Eurasian Blockchain Players
However, there are 3 Eurasian countries which are steadily emerging as big blockchain players. They are Georgia, Cyprus and Turkey. Let’s take a quick look at the state of blockchain technology adoption in each of these economies.
This Eurasian nation is taking full advantage of new digital technologies to innovate and improve on its services. Blockchain technology is widespread in Georgia, thanks to a highly supportive environment for technological innovation and mining of cryptocurrencies.
- The world’s third largest miner of cryptocurrencies, Georgia is home to one of the largest mining companies in the world. Surveys indicate that up to 5% of households in the country are engaged in cryptocurrency mining or investments. Moreover, the share of Georgia’s electricity demand devoted to cryptocurrency mining ranges from 10 to 15%.
- Georgia is the first country to convert its land register to blockchain. The government of Georgia is using blockchain to register land titles and validate property-related government transactions. Moreover, Georgia’s cheap electricity makes the country attractive to blockchain investors.
The Cyprus banking crisis in 2013 made people look for alternative ways of funds storage. That’s when Bitcoin gained prominence in this Eurasian economy. In those days, Bitcoin was steadily increasing and thus, was more attractive compared with bank deposits. Currently, Cyprus is riding the wave of decentralized economization. The country is attractive to blockchain start-ups and is among the pioneers of blockchain inclusion in government matters. Moreover, Cypriots have a positive stance on blockchain innovations.
- Cyprus is home to the University of Nicosia, a school that was one of the first to offer programs in cryptocurrencies and blockchain and even accepts payments in both digital and fiat currencies. The University also offers a scientific degree: Master of Science in Digital Currency – which was approved in 2014.
- The Cyprus Securities and Exchange Commission (Cysec) is willing to set up applicable frameworks and promote blockchain technology even more.
Turkey is becoming digitalized and putting in a huge effort to keep pace with the rest of the world in terms of digital transformation. Rising inflation (15.85% as of July 2018), and a depreciating currency are factors driving more and more consumers towards cryptocurrency. The Turkish New Lira has halved in value over then past year alone, leading an increasingly number of households in Turkey to choose crypto over fiat currency.
- Reports and surveys often tag Turkey as one of the most crypto-friendly European nations. Results of an ING International Survey indicated that 18% of consumers in Turkey own cryptocurrency. This is huge, compared to USA’s 8%, Australia’s 7%, and the European consumer average of 9%.
- The deputy chair of Turkey’s Nationalist Movement Party has been heard proposing regulations for the digital currency market, while also mentioning the possibility of a national digital currency, called the TurkCoin.
- Recently, Turkey announced the establishment of its first university-level blockchain centre.The Istanbul Blockchain and Innovation Centre (BlockchainIST), is the first university research and development centre in Turkey for Blockchain Technology, hosted by Bahçeşehir University in Istanbul.
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