According to a new study by market research firm International Data Corporation (IDC) global blockchain spending will see rapid growth between 2019 and 2022, with a five-year CAGR of 76 percent, amounting to $12.4 billion in 2022. In geographic terms, the U.S. is set to see the largest blockchain spending ($1.1 billion) followed by Western Europe and China which are predicted to invest $674 million and $319 million respectively.
It is unsurprising that Western Europe is one of the heaviest adopters of the technology since it also has one of the three global blockchain centres situated in Vilnius, Lithuania. The other two are located in Melbourne and Shanghai. The aim is to build a truly global network between the three countries by creating of co-working spaces that serve as knowledge hubs for the blockchain industry. In Australia there is already a community of more than 2,000 blockchain technology entrepreneurs, experts, mentors and investors.
Having just celebrated its first anniversary, The Blockchain Centre in Vilnius, recently announced that Lithuania was only second to the UK in terms of attracting fintech startups in the EU last year. The location was selected by the Australian and Asian blockchain communities as the network’s first location in Europe due to its political and economic stability, relationship with the European Union, as well as favourable business and regulatory environments
Most well-known for its role in Bitcoin, blockchain is not just about cryptocurrency. The technology is already being adopted by many businesses and public administration sectors for other purposes such as loyalty, leasing, verification etc. The potential is enormous and Lithuania is fast becoming an important innovator in the global blockchain industry.
However, the centre has ambitious plans beyond just blockchain. It is currently looking at the opportunities afforded by Artificial Intelligence, Machine Learning and the Internet of Things. It is widely agreed that the centre’s achievements during the first year shows that everything is possible. Stickers on computers throughout the Centre announce ‘Play to win’ and that’s exactly what the Centre is doing.
We also recently launched a new office in Vilnius and have established close links with the Centre. Lithuania is at the forefront of tech innovation meaning we can offer our clients the best in cutting-edge data solutions.
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