Blockchain Technology To See Incredible Growth During the Forecast Period 2023 – 2030 |

Posted by Daniel Brown on February 1st, 2023

The market for blockchain technology was estimated to be worth USD 10.02 billion in 2023, and from 2023 to 2030, it is anticipated to increase at a CAGR of 87.7%. The expansion of venture capital funding for blockchain technology startups is responsible for the market expansion. For instance, the blockchain technology supplier Circle Internet Financial Ltd. revealed in May 2022 that it had secured USD 440 million in funding from institutional and strategic investors. This money was used by the business to grow both internally and externally. It is anticipated that the legalization of cryptocurrencies in nations like El Salvador and Ukraine would open up new prospects for commercial expansion. 

The acceptance of cryptocurrencies by the law motivates companies and investors to increase their Blockchain Technology investments. Additionally, it motivates market participants to work harder to enhance their services in order to stand out from the competition. Blockchain technology is anticipated to become more effective and efficient in the near future thanks to the companies' efforts. DeFi is a new blockchain-based financial system that lessens the power banks have over financial services and money. Over the course of the projection period, market growth is anticipated to be driven by the expanding strategic initiatives in the decentralized finance domain. For instance, the payment company Square stated in July 2021 that it will be starting a DeFi-specific business using bitcoin.