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Ify Egede
Apr 15, 2022
by Ify Egede

Nischal Shetty Says Blockchain Market Will Be Worth $67 Billion In 2026

Nischal Shetty Blockchain Market
Nischal Shetty, the founder of the WazirX exchange, posted a tweet on Friday morning encouraging followers to #BuildForCrypto as the blockchain market shows huge potential. Several Twitter users noted that this growth is not very feasible because of the recent sanctions and government policies, which have eroded the industry.

According to industry data, the Blockchain market size is anticipated to expand from $4.9 billion in 2021 to $67 billion by 2026, rising at a Compound Annual Growth Rate (CAGR) of 68.4% throughout the forecast period. 

The primary reasons contributing to the market's rapid expansion are growing venture capital financing and investment in blockchain technology, increased usage of blockchain solutions in cybersecurity and banking, and widespread usage of blockchain solutions for smart contracts, payment, and digital identities. Increasing government efforts is also another factor influencing the market.

The selling of blockchain technology and associated services constitutes the blockchain technologies market. Blockchain technology is the development of a distributed database that is available to all users via a computer network. Each user can create a new data record (block) with a fixed timestamp. It is difficult to manipulate data using blockchain technology because it restricts modifications to older data blocks while enabling users to continue contributing new data blocks. This level of security makes forgery of documents, transactions, and other types of data manipulation difficult.

Constraints In The Blockchain Industry 

As a result of security risks that enterprises in this industry are experiencing due to insufficient systems and human error, the expansion of the blockchain technology market is being held back. The platforms that are utilized to interface with blockchain technology do not provide the requisite level of security. 

In 2021, the CSA (Cloud Security Alliance) published a list of the top 10 weaknesses and threats of Blockchain, which included exit scams, phishing, exchange hacks, and hacking of DeFi platforms, among other things. Crypto users suffer losses of over $2.8 billion whenever such breaches occur.

Currently, major companies in the blockchain tech market are Microsoft Corporations, AWS, Ripple, Huawei, Infosys, Coinbase Inc., and others. These companies are currently expanding their activities to different parts of the world to build a firm position in the industry.

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Nischal Shetty Says Blockchain Market Will Be Worth $67 Billion In 2026
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.