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Spending on blockchain technology to double this year to $2.1B

Spending by enterprises and other entities on blockchain networks is expected to reach $2.1 billion this year, more than double what was spent on the distributed electronic ledger technology in 2017.

The U.S. will lead the world in blockchain investments, accounting for 40% of spending, followed by Western Europe, China and the Asia Pacific region (not including Japan), according to a new report from IDC.

By 2021, spending on blockchain is expected to reach $9.2 billion, the report said.

blockchain spending IDC

Last year was considered a year of experimentations for the still-evolving technology, when businesses came to see both its benefits and the challenges it still must overcome, according to IDC.

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