Swiss company expands to China as 700% rise projected for global Blockchain market by 2025
Cybersecurity company WiseKey has announced its joint effort with Swiss China Blockchain Centre of Excellence to deploy a Trusted Blockchain as a Service platform in China as Tractica releases a report that estimates that the annual revenue for enterprise applications of Blockchain will increase globally by almost 700% in the next ten years.
Tractica, a market intelligence firm that focuses on human interaction with technology, puts the Blockchain applications yearly revenue at a whopping $19.9 billion by 2025 to rise from its approximately $2.5 billion worldwide value in 2016 – a compound annual growth rate of 26.2%.
The tour was led by Intoer. Photo credit: Intoer
In the report, it shows that North America tops the ranking of regions that would record the highest revenue with these applications followed by Europe, Asia Pacific and Middle East/Africa. Latin America comes last according to the study which includes granular market sizing and revenue forecasts for 29 use cases spanning 19 industries, segmented by implementation category for the 10-year period. The report also includes in-depth profiles of 22 key industry players.
With its plans to work with Chinese experts in industry, government, and academia to address businesses’ most relevant Blockchain developments with practical, standards-based solutions using available Blockchain technologies, Switzerland-based WISeKey is positioning itself to tap into the growing Blockchain market covering two regions at the same time.
It will conduct research, rapid pilot prototyping, co-creation of use cases and IP creation as well as cooperate with local Chinese companies that are part of the Centre on building points of view, proof of concepts, policies, educational materials including addressing all the distributed ledger capabilities across different Blockchain schemes (public, consortium and private), a company release says.
It adds that the Centre will recommend a Blockchain platform to facilitate enterprises to swiftly adopt and on-board Blockchain based solutions and services.
The Swiss company will localize its WISeID Blockchain app in China to enable users be in control of their digital identity as stored on their mobile, IoT sensor and/or computer devices to determine which identification attributes are shared with social media, credit cards, merchant sites etc.
The app, which operates with the Kaspersky Lab Security cyber-resilience edition, is a public, immutable ledger that allows third parties to validate users’ original identity and personal data such as account usernames and passwords, credit card numbers and access PINs.
Its use has become crucial with the increasing rate of mobile security threats and hackers looking for sophisticated ways to hijack mobiles for Bitcoin mining, or to trick mobile users into giving up their personal identity and bank account information.
According to the World Economic Forum’s The future of financial infrastructure, over US$1.4 billion has been invested in the Blockchain technology over the past three years and 80% of banks has been predicted to initiate Blockchain-related projects by 2017.