The blockchain market could grow by over 50% annually over the next six years, according to a recent report from Allied Market Research (AMD).

Such a growth estimate would bring the global blockchain industry from its current size of $226 million to $5.6 billion in 2023.

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Last year, North America led the pack in terms of blockchain generated revenue, AMD said, as the region accounted for more than 40% of total global market share.

“The blockchain distributed ledger market is in its early stage of growth,” Himal Srivastava, Allied Market Research Analyst for Semiconductor and Electronics, said in a release. “Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries. The blockchain technology addresses security in areas including insurance, law and data security by validation of the information in the blockchain ledger. Exponential increase in data is expected to facilitate more R&D activities leading to increased competition in the market.”

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North America is expected to lead growth and usages throughout the report’s forecast period, thanks in part to the involvement multiple firms entering the space and capital available. Asia-Pacific is expected to grow as well.

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