Putting all the blockchain hype into perspective, if we consider analogous examples of how revolutionary technologies have historically taken root in society – from early adoption to widespread global penetration – blockchain technology can be said to have reached the “early majority” phase. That is, the tech has begun to gain traction and spread exponentially, though we’re still way off from ‘full adoption.’
Even so, with a market size now expected to exceed $16 billion by 2024, we’ll surely witness blockchain changing our world in profound ways over the next decade. The question is how and who will take part in leading.
Findings from a Global Market Insights recent report corroborate many experts’ prediction that the Asia-Pacific region is set to usher in a new era. With the region’s blockchain market set to grow by an estimated 87 percent over the next six years, blockchain innovation is surging forward in the region.
And while analysts argue over the scope and speed of the ‘blockchain revolution,’ here are the reasons we’ll likely watch part of the next chapter of blockchain adoption unfold in the East.
Blockchain Consumers By The Billions
One of the primary reasons the Asia-Pacific region looks poised to blaze trails in blockchain is its consumer market. Not only is it big – the size of Asia’s middle class is expected to reach 3.5 billion by 2030 – but it is especially eager to embrace new technologies.
The region’s enthusiasm for cutting-edge tech can be attributed to its uniquely young, tech-curious population. Sixty percent of the world’s youth is concentrated in Asia-Pacific. At the same time, a 2016 study by the Consumer Technology Association found that, relative to the US, a much higher percentage of consumers in Asian nations tend to identify themselves as early adopters of new technologies.
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