Blockchain Market Expects Massive Growth in Automotive and Aerospace Industries

It is anticipated that the blockchain market will reach the point of $20 billion by the year 2029 for the aerospace and automotive industries. This information comes from a report by Reportlinker.

According to the study, the reasons for the growth at 60.35 percent include transparency, removal of the risk for fraud and faster transactions. Private blockchains will continue to be the leader over public blockchains.

The study goes on to say that North America should lead the way in this application. Issues could impact the adoption of blockchain, such as lack of technical knowledge, lack of awareness and poor standardization as well as no regulatory framework.

The US federal government is expected to increase spending in blockchain from $10.7 million in 2017 to $123.5 million in 2022. This would be more than 1000 percent increase. The areas to see the increase include identity management, asset management and smart contracts.