Blockchain Revenue Poised for Exponential Growth | ETF Trends

By some estimates, revenue generated by the dedicated blockchain industry in 2023 totaled just $12 billion. This confirms the nascent status of this group. However, blockchain is poised for massive long-term growth. Blockchain also will potentially deliver compelling investment opportunities along the way.

That could be a harbinger of long-term opportunity with exchange traded funds such as the Amplify Transformational Data Sharing ETF (BLOK). Most associate blockchain technology with cryptocurrencies. Still, that image is being reshaped. Blockchain’s growth trajectory is increasingly supported by industry-level adoption beyond crypto.

Additionally, blockchain companies could generate impressive long-term, top-line growth by providing services such as Blockchain as a service (BaaS). That could be attractive to smaller firms lacking the expertise to develop blockchain tech on their own.

Bet on BLOK for Blockchain Growth

Potentially bolstering the case for BLOK as a long-term tactical holding is a recent forecast from GlobalData, which projects blockchain revenue will surge from $12 billion in 2023 to $291 billion by 2030.

“The global blockchain market size was valued at $12.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 57% over the forecast period. Blockchain technology will be driven by the increasing acceptance of cryptocurrencies across the globe and increasing use cases in the financial and retail sectors,” according to the research firm.

Blockchain’s roots are deep in cryptocurrency. Still, many investors want to see the former expand beyond the latter. However, it doesn’t have to be an either or proposition. In fact, crypto can be a growth/expansion driver for blockchain technology, potentially adding to the BLOK thesis along the way.

“The rising popularity of cryptocurrencies is driving innovation in blockchain technology, leading to developments in scalability, privacy, and interoperability. Consequently, this progress is facilitating more diverse blockchain applications beyond cryptocurrencies,” added GlobalData.

Additionally, with its status as an emerging technology, blockchain could be additive to the broader economy. Currently, there aren’t many credible blockchain experts available to employers. That will change as usage cases expand and more companies seek help in embracing blockchain.

“The need for blockchain developers has risen significantly in response to the growing demand for decentralized financial solutions and the integration of blockchain technology into a variety of industries. The nascent nature and complexity of blockchain means that a lack of skilled talent presents a barrier to executing initiatives,” concluded GlobalData.

For more news, information, and analysis, visit the Crypto Channel.