Global Blockchain Technology Market Expected to Reach $1.4 Trillion by 2030

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Feb 10, 2022, 08:45 ET

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Feb. 10, 2022 /PRNewswire/ -- Blockchain technology applied to many industries including the transportation sector is seen by many analyts as a fast growing and essential technology that will continue to grow at increasingly substantial revenues in the coming years. Grand View Research reported the global blockchain technology market size is expected to reach USD $1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. A different report from ReportLinker projected that the blockchain technology market in transportation and logistics industry and was poised to grow by $888.97 million during 2021-2025, progressing at a CAGR of 49.93% during the forecast period, while another report from Prophecy market Insights projected that the global blockchain in transportation and logistics market accounted for US$ 22.5 million in 2019 and is estimated to be US$ 765.5 million by 2025 and is anticipated to register a CAGR of 80.0%. Active Companies in the markets today include Pushfor Investments Inc. (OTCPK: PUSOF) (CSE: PUSH), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA).

Reports and projections may differ in some parts but they all do seem to predict great growth in the next few years. The Prophecy Report said: "Depending upon mode, the land segment is projected to grow at highest CAGR over the forecast period. Depending upon organizational size, the SMEs segment is projected to grow at highest CAGR over the forecast period due to the need for streamlining the business processes cost-effectively across SMEs. The adoption of the blockchain technology is currently in the experimentation phase in most of the SMEs; however, the adoption rate in the SMEs segment is expected to increase significantly in the coming years, owing to the low infrastructure costs and transparency. Depending upon application, the smart contracts segment is projected to grow at highest CAGR over the forecast period owing because smart contracts cut costs and eliminate middlemen."

Pushfor Investments Inc. (CSE: PUSH) (OTCPK: PUSOF) BREAKING NEWS: PUSHFOR INVESTMENTS INC. SIGNS AGREEMENT WITH NORTHERN BLOCK INC. TO INTEGRATE ITS NB ORBIT TECHNOLOGY TO THE AFX LOGISTICS PLATFORM - Pushfor Investments Inc. (the "Company" or "Pushfor") and its wholly owned subsidiary AFX Networks, Inc. ("AFX") are pleased to announce the engagement of Northern Block Inc. ("NBI"). This technology integration brings the latest advances in blockchain, smart contracts, and digital identification to the AFX logistics platform providing unparalleled security and data integrity for drivers and shippers.

The trucking industry is the dominant freight model for hauling goods within North America and is essential for a growing global economy. Independent Truckers and Logistic companies need to advance their toolset to integrate with large vendors and vendor specific platforms to process their transactions. Individual Owner/Operators, Third-Party and Transportation companies are excellent problem solvers; with many of these independent operators and companies operating with 20 or fewer trucks. They simply do not have the capital or means to develop platforms that can provide seamless communications, secure transactions, and digital interactions with the numerous trucking companies across the continent.

The AFX logistics platform integration to NBI's NB Orbits Solution provides next-generation dedicated Blockchain applications. AFX is designed to remove the risk and streamline key 'pain points' of the North American trucking industry by eliminating data redundancy, allowing immediate payment settlements, mitigating fraud, supporting digital identification, and providing end-to-end supply chain visibility. CONTINUED… Read this full release for Pushfor Investments at: https://www.financialnewsmedia.com/push-news/

Other recent developments in the markets of note include:

Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently announced the closing of its definitive agreement to purchase the cloud and colocation data center business from TeraGo Inc.

The acquisition consists of expanded operations from five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The acquisition establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem.

HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE) recently announced the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of January 2022, with a BTC HODL balance of 2,043 Bitcoin and 25,404 Ethereum as of January 31, 2022.

HIVE is pleased to announce its January 2022 production figures and mining capacity: 264 BTC Produced; 1.87 Exahash of Bitcoin mining capacity; 2,170 ETH Equivalent Produced; and 4.56 Terahash of Ethereum mining capacity

Riot Blockchain, Inc. (NASDAQ: RIOT) recently announced production and operations update for January 2022, updates to the status of miner shipments and deployment, updates on the 400 megawatt ("MW") infrastructure expansion at the Company's Whinstone US, Inc., ("Whinstone") facility in Rockdale, Texas (the "Whinstone Facility"), and an update on remaining flexible for the ERCOT power grid stabilization.

"Riot is well-positioned for continued growth and production in 2022," said Jason Les, CEO of Riot Blockchain. "We are pleased to share that miner deployments in one of our immersion-cooled buildings are now fully underway. We have refined our process for driving immersion-based miner installations and are now initiating tests on productivity enhancements supported by this cooling technology. We expect to see increases in our hash rate capacity as we continue to execute on deployments in the newly completed Building F and the soon to be completed, Building G.

Marathon Digital Holdings, Inc. (NASDAQ: MARA) recently published unaudited bitcoin ("BTC") production and miner installation updates for January 2022.

"In January, we improved our bitcoin production 816% year-over-year as we produced 462 bitcoin during the month and increased our bitcoin holdings to 8,595 BTC," said Fred Thiel, Marathon's CEO. "As in prior months, our bitcoin production was impacted by fluctuations at the power generating station in Hardin, MT as well as the total network's hash rate increasing by approximately 14% in January to over 190 Exahash. While we continue to work with the power operators in Hardin to address these issues, we believe our operations will become more stable in the coming months as we begin to accelerate deployments with Compute North.

"We have begun installing miners in containers at Compute North's new facilities, where construction is progressing well. These containers are currently awaiting energization. Based on current schedules, we believe that miner deployments will accelerate during the first quarter and that that trend will continue into the second quarter and throughout the rest of the year. Additionally, we have bolstered our technical team to research immersion and other solutions that may allow us to further optimize the performance of our mining fleet.

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