The global blockchain market is anticipated to grow at a CAGR of 79.6% to $7.68 billion by 2022. As an investor, you may be asking yourself, what or who is responsible for this rapid growth? The answer to that is simple. Blockchain technology has gained more popularity and interest as these large financial institutions as well as tech giants back the tech.
We are seeing more companies around the globe are incorporate blockchain technology into their business models from the significant increase of filed blockchain patents. According to the Bitcoin Patent Report, more than 1,250 cryptocurrency-related patents were filed in 2017, an increase of over 110% from just under 600 patents the year prior. The increase in patent filings demonstrates an exceptional level of interest in blockchain technology and the forecast for its future is what is really luring investors into the space.