Blockchain spending in Europe will recover after Covid-19

The short-term prospects for blockchain technologies in Europe are currently not good in the context of the coronavirus pandemic - but there is a note of optimism in certain areas, according to IDC.

The company's latest forecasts, based on the European IT Buyer Love Survey and global blockchain spending guidelines, show that spending on blockchain solutions will decrease by about 8% by 2020. Analysis This shows blockchain spending at $ 1.4 billion this year, running at CAGR of 58% through 2023.

Business and IT services will see the biggest drop, down 16%, followed by software (12%), as a result of the downturn in blockchain platforms. Hardware, with an 8% reduction, will be less affected, but external memory will drop by 17%.

However, IDC - like the World Economic Forum - says certain use cases will see an increase, especially in the supply chain. Other areas include voting, which analysts argue has the technological ability to change, but is still too dependent on a skeptical public. Various stories have shown just how less powerful the current systems are - the UK Prime Minister, Rishi Sunak, made headlines this week for abusing the wrong vote through a thorough process. digital - but IDC adds that the current situation will 'create new impetus for e-voting initiatives across Europe. '

In general, optimists in the industry should expect the current struggling numbers to be a bright spot. Carla La Croce said the benefits blockchain can have in terms of supply chain reliability, transparency and tracking of goods flows, blockchain investments are expected to only temporarily slow down. 2020 and recover soon after the pandemic subsides. , IDC accompanies European blockchain practice.

IDC added that the European block chain model is ‘vast, with suppliers catering to practically all the main industries of Islam.