TECH SUPPLIER May 2020 - Market Perspective - Doc # US46299020

COVID-19: Quantifying the Impact on Blockchain

By: Stacey SoohooResearch Manager, James WesterResearch Director, Worldwide Blockchain Strategies

Abstract

This IDC Market Perspective outlines and discusses IDC's views on the impacts and effects of COVID-19 by industry and use case. This document quantifies the impact on technology spending by industry and provides a framework for how technology providers should think about their blockchain strategy going forward.

This IDC study describes how IDC's Customer Insights and Analysis group evaluates the worldwide blockchain market opportunity, identifying top-ranking regional use cases and providing market forecasts from IDC's Worldwide Blockchain Spending Guide. It should be used as a companion piece for IDC's Worldwide Blockchain Spending Guide and all of IDC's worldwide industry research. Technology suppliers may utilize this approach and structure as well to help them build an industry-focused organization. We provide worldwide use case figures for 2018–2023, analyzing the current size and future potential of implementing several key blockchain use cases and setting the forecast within the context of the broader ecosystem.

In this time of crisis, technology providers of all types and sizes are in the midst of reevaluating plans and pivoting strategies. To assist with these efforts, we have quantified the COVID-19 impact on technology spending by industry. "The need to obtain more visibility across the value chain has never been more important," said Stacey Soohoo, research manager, IDC's Customer Insights and Analysis group. "Because of COVID-19, the negative effects of previous pain points have been further amplified and firms that do not invest to build resiliency may find themselves at a disadvantage in the future."

"This is certainly an interesting time for blockchain technology," said James Wester, research director for IDC's Worldwide Blockchain Strategies. "While the technology is still emerging in many ways, the many issues it addresses in terms of transparency, resiliency and immutability have become more important across many industries and sectors. It is possible, indeed probable, that the global response to COVID-19, and the secondary problems caused by that response, will spur additional interest and investment in blockchain and distributed ledger technologies."


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