Blockchain, the blockbuster technology that wasn’t

In 2017, the global blockchain industry equaled $708 million and was projected to skyrocket to $60.7 billion by 2024, according to WinterGreen Research.

But the global blockchain market only equaled $11.14 billion in 2022 according to Fortune Business Insights which projected the market to grow from $17.57 billion in 2023 to $469.49 billion by 2030. That would be a compound annual growth rate (CAGR) of 59.9%.

The growth would derive from blockchain-as-a-service offerings and increasing data security and reducing identity theft in financial services. Other industries using blockchain technology manufacturers for supply chain tracking, governments, and the Internet-of-Things.

Did I believe the growth projections in 2017? Do I believe the growth projections for 2030?

No and no.

New technologies are exciting with great potential, but people must figure out how to use the technology effectively. IT workers must get up to speed on the technology.

These take time, generally more time than the promoters expect.

Blockchain is a very useful technology for certain applications, and I expect growth in applications, just not as fast as projected.