Google searches for blockchain hit a three-year high in February 2021. Though searches have levelled off for now, interest in blockchain technology and its many uses has lingered. After all, blockchain doesn’t just have the potential to change the payments industry but every market in the world.
Are you searching for blockchain statistics and facts in 2021? Then you’ve come to the right place. We’ve scoured the web for the latest information and insights about blockchain, its users, and what you can expect from the future of this technology.
Keep scrolling for all the data our research revealed. Or check out our key takeaways for a condensed list of the most important insights you need to know.
- Global blockchain technology spending is projected to reach $6.6B by the end of 2021, up 46.7% from 2020, and grow to $19B by 2024.
- The US spends the most on blockchain technology, with a total of $2.6B in 2021. Following close behind are Western Europe, with $1.6B in blockchain spending, and China, with $777B in blockchain spending.
- As of 2021, blockchain technology has contributed $66B to global GDP. That contribution is expected to increase to $1.8T by 2030, which would make blockchain technology 1.4% of total global GDP.
- Venture Capital firms have funded the blockchain industry to the tune of $9.6B since 2016.
- As of September 2021, there are 78M blockchain wallet users and 670M total blockchain transactions to date.
- An average of 9.2M transactions were recorded on the blockchain from September 2020 to September 2021. That’s an average of 2.1M transactions per week and about 301,000 blockchain transactions each day.
- Among Financial Services Industry executives, 81% believe blockchain technology has gone mainstream, 80% say blockchain technology will contribute new revenue streams to the industry, and 73% think blockchain gives their company a competitive edge.
- In 2021, the top use cases for blockchain technology by market share are cross border payments and settlements (15.9%), lot lineage and provenance (10.7%), trade finance (10%), assets and goods management (8.8%), and identity management (7.6%).
- Within the Financial Services Industry, 45% of executives believe secure information exchange is the leading use case for blockchain in 2021. 44% of executives say digital currency is the top use case, followed by asset tracking and management (40%) and digital identification (40%).
- The Healthcare and Financial Services industries stand to gain the most from blockchain technology. Healthcare blockchain technology will make up a $1.89B market by 2025. Meanwhile, blockchain can help financial services companies cut costs by $15–$20B and be a $3.1T value-add to the industry by 2030.
- The Ethereum blockchain is the #1 blockchain project in terms of releases to date (4,119), weekly commits (866), and monthly active developers (220).
- 78% of financial services executives expect blockchain-enabled digital assets to be important for the industry in the next two years.
- 60% of Chief Information Officers across all industries expect to adopt blockchain technology by at least 2022.
You can think of blockchain technology as a virtual ledger. The blockchain can store and transfer information from one party to another securely and without going through an intermediary.
What’s so special about blockchain technology for global business? It has the potential to speed up information exchange and cut costs. Here are some more facts about blockchain your need to know in 2021:
- In order to add new information to a blockchain, the majority of computers in a network must agree that the information is valid.
- Once recorded on a blockchain, the information is immutable, meaning no one can ever destroy or erase it.
- Anyone with access to a blockchain can review the information recorded on it.
- Satoshi Nakamoto created blockchain technology. This unidentified person or entity also invented the world’s first true cryptocurrency — Bitcoin.
- In 2017, blockchain startups raised more funds through Initial Coin Offerings (ICOs) than Venture Capital (VC) investment due to the price of cryptocurrencies increasing by 2,200% in only 11 months.
- The Winklevoss twins were the first public figures to have made over $1B off blockchain-backed cryptocurrency investing.
- Japan was one of the first countries in the world to adopt blockchain technology.
- Switzerland is the most progressive country in terms of blockchain innovation. It has been highly supportive of blockchain companies and is home to Crypto Valley — the Swiss equivalent of Silicon Valley, but for blockchain-based cryptocurrency companies.
- The Canton of Zug in Switzerland, population 29,000, may be small, but it’s home to the Ethereum network and more than 450 blockchain companies and associated businesses.
- Next to Switzerland, the United Kingdom is home to the second-highest number of blockchain-based businesses.
- The European island of Malta is known as the Blockchain Hub due to its favorable regulations surrounding blockchain and cryptocurrencies. It is in the process of creating a stock exchange program for blockchain-based cryptocurrency startups.
- Gibraltar’s Financial Services Commission issues licenses to blockchain companies and regulates ICOs.
- Tunisia is the first country in the world to have created a blockchain-based national digital currency — eDinar. The Northwest African country came up with eDinar in 2015.
How Big Is the Blockchain Market?
Blockchain is a growing industry that’s changing the way companies do business. But just how big is the blockchain technology industry in 2021? We were wondering, too, which is why we delved a bit deeper. Read our blockchain market findings below.
- Experts project that worldwide blockchain technology spending will hit $6.6B in 2021, up 46.67% from $4.5B worth of blockchain spending in 2020.
- Global blockchain spending is projected to reach $19B by 2024. That’s a 187.88% increase from projected blockchain spending in 2021.
- In 2019, global businesses spent $2.7B on blockchain solutions, up from $1.5B in 2018 and only $0.95B ($950M) in 2017.
- Experts project that blockchain could increase global Gross Domestic Production (GDP) by $1.76T by 2030. That would make blockchain technology 1.4% of total worldwide GDP.
- Experts project that blockchain could increase global GDP by $422B by 2025.
- As of 2021, blockchain has boosted global GDP by $66B.
- Venture Capital (VC) firms back startups, and blockchain startups are no exception. VC firms have put $9.6B behind blockchain companies since 2016.
- In 2021, experts project that VC firms will invest at least $2.6B in blockchain startups, a 13.04% increase from 2020.
- 2018 was the year for the highest VC-backed investment in blockchain to date, with $3.3B funnelled into the industry.
- Experts have forecasted that worldwide blockchain spending will reach $11.7B by 2022.
- From 2019 to 2024, experts expect the blockchain technology market to increase at a compounded annual growth rate (CAGR) of more than 29%.
- 46% of the blockchain market’s global growth is expected to come from North America.
- In the US alone, blockchain technology spending hit $2.6B in 2021. Western Europe and China followed close behind, with $1.6B and $777M in spending, respectively.
- Blockchain startups flock to the US, where nearly 40% of the industry resides.
How Many Blockchain Users Are There Worldwide?
Blockchain technology is becoming increasingly interesting to startups and corporations around the world. However, the majority of its users are still cryptocurrency investors. Keep reading to learn more about the digital currency traders who use the blockchain the most.
- As of September 2021, there are approximately 78M blockchain wallet users in the world.
- In September 2017, there were approximately 20M blockchain wallets users in the world.
- From September 2017 to 2021, the number of global blockchain wallet users increased by 290%.
- As of September 2021, blockchain users have carried out a total of 670M transactions.
- From September 2020 to 2021, an average of 9.16M transactions were recorded on the blockchain each month.
- From September 2020 to 2021, blockchain users carried out an average of 2.12M transactions each week and about 0.301M (301,000) blockchain transactions per day.
- The total number of transactions recorded on the blockchain increased from 560M to 670M from September 2020 to 2021. That’s a 19.64% increase year over year (YOY).
- Blockchain users carried out a one-year low of around 225,000 daily confirmed transactions in July 2021.
- So far in September 2021, blockchain users have made an average of 275,000 confirmed daily transactions.
- The number of confirmed transactions per day decreased from an average of 350,000 transactions in September 2020 to an average of around 225,000 transactions in September 2021, a 35.71% decrease YOY.
- Among Financial Services Industry executives, 81% believe that blockchain has hit the mainstream.
- 78% of Financial Services Industry execs see a compelling use case for blockchain technology within their company.
- 80% of Financial Services Industry execs say that they know a business partner, supplier, competitor, or customer who is discussing using blockchain technology.
- 73% of Financial Services Industry execs believe that their company’s competitive advantage hinges upon blockchain adoption.
- 80% of execs say that the Financial Services Industry stands to gain new revenue streams from blockchain solutions.
- 2.8% of the global population uses blockchain as of this writing.
- Blockchain users made 2.58 cryptocurrency transactions per second in June 2021.
- 24% of companies say they plan to spend anywhere from $5–$10M on blockchain solutions in 2021.
- Coke One North America (CONA), Mercedes-Benz, Samsung SDS, and IBM’s Digital Health Pass are currently using blockchain solutions.
- The world’s largest bank — the Industrial and Commercial Bank of China — has 30 blockchain solutions it allows customers to use for everything from tracking their healthcare benefits to analyzing charity donation spend.
- KakaoTalk — a South Korean messaging application — has developed its own public blockchain solution, which it now offers as a service to its 52 million users.
- NBA partner, Dapper Labs, is using its blockchain to create “Moments” or digital NBA player trading cards.
What Is Blockchain Mainly Used For?
Blockchain’s original use case is backing the cryptocurrency infrastructure. Yet, this technology has the potential to benefit other industries, too. What are good use cases for blockchain in 2021? Here’s what our research revealed:
- In 2021, cross-border payments and settlements are the top blockchain use cases, making up 15.9% of the industry’s total market share.
- Other leading blockchain use cases by market share are lot lineage and provenance (10.7%), trade finance (10%), assets and goods management (8.8%), and identity management (7.6%).
- 47% of blockchain’s use cases are defined as “other”, meaning they lay outside the realm of cross-border payments, provenance, trade finance, goods management, and identity management.
- Among Financial Services Industry executives, 45% believe secure information exchange is the leading use case for blockchain technology, followed by digital currency (44%), asset tracking and management (40%), and digital identification (40%).
- Financial Services Industry execs believe that the least-promising use cases for blockchain solutions include anti-counterfeiting (28%), internal controls (31%), contracts management (31%), and supply chain track and trace (31%).
- Among Financial Services Industry Pioneers — global executives who have integrated blockchain technologies into their businesses already — 57% believe digital currency is the top use case for blockchain with secure information exchange (53%) and regulatory compliance (47%) falling close behind.
- Experts project that blockchain-enabled healthcare technology will become a $1.89B market by 2025. In 2017 alone, 15% of Healthcare Industry applications ran on blockchain technology, and that percentage is expected to hit 55% by 2025.
- The education, public administration, and healthcare industries combined are projected to benefit from blockchain solutions to the tune of $574B over the next decade.
- The Financial Services Industry stands to cut infrastructure costs by $15–$20B and see a value-add of $176B by 2025 due to blockchain technology. Blockchain’s value-add for the industry is projected to increase even further with time, jumping to $3.1T by 2030.
- Using blockchain technology for process clearing and settlement storage alone could save the Financial Services Industry up to $10B.
- Blockchain also has specific use cases for contracts, cybersecurity, the Internet of Things (IoT), and, of course, enabling cryptocurrency transactions.
How Many Blockchain Projects Are There in 2021?
Have you ever wondered: what are blockchain projects? In the blockchain technology industry, each individual blockchain is known as a blockchain project. That means there’s a blockchain for each kind of blockchain-backed cryptocurrency. Companies and individuals can also develop their own non-cryptocurrency-related blockchains, meaning hundreds or even thousands of blockchains exist in 2021. We’re talking about the most significant blockchain projects next.
- Ethereum is the #1 blockchain in terms of releases. To date, the Ethereum blockchain has accumulated 4,119 releases.
- Solana is the #2 blockchain in terms of releases to date. However, it lags far behind Ethereum with 3,243 fewer releases or only 876 releases to date.
- The top four blockchain projects behind Ethereum (Solana, Filecoin, Ark, and Stellar) combined have made 3,171 releases to date. That’s still 948 releases fewer than the Ethereum blockchain.
- Ethereum and Cardano are the most actively developed blockchain projects, with an average of 866 and 761 weekly commits, respectively.
- Bitcoin, Filecoin, and Polkadot follow behind Ethereum and Cardano as the most actively developed blockchain projects in the world, with 441, 405, and 385 average weekly commits, respectively.
- In terms of monthly active developers, the Ethereum blockchain leads the way with an average of 220 monthly active developers. Hyperledger, Cardano, Bitcoin, and Filecoin blockchains follow close behind with 149, 144, 103, and 92 average monthly active developers, respectively.
- In 2018, South Korea invested $206M in blockchain technology development projects.
Trends: What Is the Future of Blockchain?
Some experts believe that it’s blockchain, not cryptocurrency, that has the potential to change the world. Clearly, the future of blockchain is bright. But what are the trends shaping the blockchain industry in the near term? Check them out below.
- 78% of Financial Services Industry executives believe that blockchain-enabled digital assets will be very or somewhat important to the industry in the next two years.
- 76% of Financial Services Industry execs strongly or somewhat believe that blockchain-enabled digital assets will either replace or become a strong alternative to traditional (fiat) currencies between now and 2030.
- In 2019, 60% of Chief Information Officers said that they expected to adopt blockchain technology by 2022.
- 20% of IoT deployments will enable some type of blockchain technology in 2021.
- The use of blockchain for social media, digital identity verification, the food supply chain, and even vaccination distribution will increase in 2021 and beyond.
- Integrating blockchain technology and Artificial Intelligence (AI) is on the rise in 2021.
- In 2021, Blockchain-as-a-Service (BaaS), Decentralized Finance (DeFi), Non-fungible Tokens (NFTs), and Central Bank Digital Currencies (CBDCs) are emerging trends that could increase the importance of blockchain technology even further.
- Experts project that blockchain users will increasingly turn to federated blockchains in 2021.