Blockchain spending in 2018 has already surpassed 2017 total

Blockchain spending in the US in 2018 so far has already far outstripped that of last year, according to a new report looking at the increase in blockchain business spending.

The study, conducted by tax advisory service firm KPMG, shows that spoils from funding rounds related to blockchain technologies has already surpassed that of 2017, with investors in the US showing particular interest in the sector.

The report reads: “Blockchain continued to draw a significant amount of attention from investors in Q1 and Q2 2018, although investments typically focused on more experienced companies and consortia looking to obtain additional rounds of funding rather than on new market entrants.

“ICOs continued to garner interest globally,” it added. “Despite countries like China banning the practice. During Q1 2018, Cayman Islands-based raised $4 billion through an ICO.”

This significant uptick in investment into blockchain-related projects points to its growing reputation as an innovative technology capable of transforming many industries – not just finance.

The report concludes: “Based on our experience, the rapid growth in blockchain investment overall can likely be attributed to a number of factors including the widespread applicability of blockchain to help harness efficiencies within financial institutions.”

“Blockchain’s capabilities extend from recordkeeping and the registration of transactions to documentation management and supply chain management. While it has primarily been looked at from a banking and insurance point of view to date, the reality is blockchain opportunities abound and could enhance processes for any number of US and global businesses.”