There have been many publicized predictions for the price of Bitcoin, but what about blockchain adoption? IDC publishes a semi annual report, where the most recent highlights huge growth for the technology in the next 5 years, but industry leader Mike Novogratz points out how small the industry still is.
Global Report Anticipates Massive Blockchain Adoption
The International Data Corporation (IDC) publishes a report on global spending toward blockchain technology solutions every six months. The report, “Worldwide Semiannual Blockchain Spending Guide” comes at a fee, but they release a summary with some of the important details.
The most drastic statistic amounts to a prediction of 15 times growth of total spending in 2022 – $.7 billion last year to 11.7 billion. The financial sector is expected to lead spending as regulation is put in place. The U.S. has already spent about $193 million on cross-border payments and settlements this year.
Who is holding it back?
Mike Novogratz has a massive amount experience in the financial sector, with everything from traditional investment banking to cryptocurrencies over the past several years. He made a spot on Forbes most wealth list having spent time working for Goldman Sachs followed by founding two organizations himself: “Fortress Investment Group,” and more recently “Galaxy Digital,” a crypto merchant bank. In May the bank collaborated with Bloomberg to launch the Bloomberg Galaxy Crypto Index (BGCI).
Last year he predicted that Bitcoin would reach $10,000 by the end of 2017, where of course it soured to $20,000. In the past few months the growth of Blockchain related education programs has seen similar growth. If the generation in power now isn’t ready to adopt the technology, the next generation will bring a workforce that is ready to utilize it.
Need For Education
Novogratz is clearly on the side of adoption, but he does not think his generation is on the same page. Speaking at the Beyond Blocks Conference, he noted that even with growth, the cryptocurrency industry is still small compared to all others. He pointed to three main factors that will delay mass blockchain/cryptocurrency adoption for 5 to 6 years:
- cost and lack of skilled developers
- institutional investors’ doubt
- lack of precedent for the industry in government
Growing Education Opportunities
UK –“Cryptocurrency Investment and Disruption” a certification program the London School of Economics.
Australia –“Developing Blockchain Strategy” courses at an Australian university geared toward developers
Malta – Blockchain Technology Degree at the University of Malta beginning in October this year.
U.S.A. – Center for Blockchain Research at Stanford University to address blockchain’s practical, legal and societal challenges, and develop a curriculum to facilitate implementation.
U.S.A. – Center to Accelerate Innovation in Blockchain and Data Transparency at Columbia University, funded by IBM.
Global –University Blockchain Research Initiative (UBRI) funded by Ripple with a group of 17 universities across the globe.