In 2023, estimates show there are 120 million people who own Bitcoin.
Today, we’re going to explore some of the most valuable Blockchain statistics for 2023.
Let’s get started.
Key Blockchain Statistics 2023 – MY Choice
- With a compound annual growth rate of 56.3%, the blockchain industry will be worth $163.83 billion by 2029.
- There are over 170 million blockchain wallets worldwide (Blockchain.com users + Coinbase users)
- The global spending on blockchain solutions will reach $11.7 billion in 2022 and $19 billion by 2024.
- There are over 83 million bitcoin block explorer blockchain.com wallets users worldwide as of July 2022.
- Over 199000 Bitcoin transactions are carried out in a single day as of July 2022. (1999369 to be precise as of 10th July 2022)
- 10% of the global population own cryptocurrencies.
- 16% of Americans have invested in cryptocurrency.
- Using blockchain, financial institutions can save up to $12 billion every year.
- Blockchain technology in the healthcare sector globally is predicted to reach $231.0 million by 2022, with a 63% growth rate over the next six years.
- Moving securities to blockchains might save $17 billion to $24 billion in global trading processing fees annually.
Blockchain Statistics: Global Market Size and Revenue 2023
- The global blockchain market is expected to grow from US$ 7.18 billion in 2022 to US$ 163.83 billion by 2029. It is estimated to grow at a CAGR of 56.3% from 2022 to 2019.
- North America (US$ 2.2 billion in market share) dominates the current global blockchain market. However, studies predict that the Asia-Pacific region will grow at the highest CAGR from 2021 to 2027.
- 10% of the global GDP will be stored on blockchain technology by 2027.
Blockchain Statistics: Top Use Cases 2023
- Cross-border payments and settlements were the largest blockchain technology use case in 2021, accounting for 16% of the global blockchain market size.
- The blockchain in the healthcare market was valued at US$ 281 million in 2020 and is forecast to witness a 52.1% CAGR (compound annual growth rate) from 2022 to 2027.
- Digital currency (33%), data access (32%), and data reconciliation (31%) are the main areas of focus of the organizations working on blockchain technology.
Blockchain Benefits Statistics 2023
- Organizations using smart contracts will enhance data quality by 50%.
- 17% of organizations say new products and services are one of the top three benefits of utilizing blockchain technology.
- 83% (up from 77% in 2018) of executives in the financial sector say they will lose an opportunity for competitive advantage if they do not adopt blockchain solutions and digital assets.
- 80% of executives say blockchain technology is relevant to their business and see it as a top strategic priority.
- Provenance (potential boost to global GDP by 2030: US$ 962 billion), payments and financial market (US$ 433 billion), and digital identity (US$ 224 billion) are the top uses driving the adoption of blockchain technology.
- 100% of FSI Pioneers believe that digital assets will be “very important” or “somewhat important” to their business.
- Blockchain-based solutions could bring down the infrastructure costs for 8 of the world’s ten largest investment banks by 30% (translates to about US$ 8 – 12 billion per year).
Blockchain Statistics: Top-Barriers and Challenges 2023
- Cybersecurity (71% of them), regulatory compliance (63%), and financial infrastructure (62%) are the top barriers to the acceptance of blockchain-based digital assets.
- 59% of organizations that invested in blockchain technologies have no confidence that the project would deliver a positive ROI.
- Cryptocurrency miners use over 0.2% of the world’s electricity; the expansion of blockchain technology will likely increase consumption.
Blockchain Adoption Statistics 2023
- 4% of the world’s population is already using blockchain; men make 91.5% of all cryptocurrency investments.
- 81 of the top 100 companies globally are actively developing and researching blockchain technology.
- 95% of auto-pioneers, 56% of OEMs, and 26% of suppliers are ready to make moderate to significant investments in blockchain works and technology within the next three years.
Blockchain Statistics: The Digital Currency, Crypto Market, Transaction Volume, and The Bitcoin Network 2023
- Bitcoin (BTC) price reached an all-time high in 2021; a single bitcoin had a value of more than US$ 60,000 in 2021.
Blockchain technology predates Bitcoin by some 20 years. However, the blockchain implementation within bitcoin popularized the technology and led to massive adoption of blockchain across industries.
Today, bitcoin — market cap of around US$ 10 billion Δ — remains the most popular digital currency (referred to as cryptocurrency because of cryptographic encryption to verify transactions).
Bitcoin (40% Δ) and Ethereum (20% Δ) together make up half of the cryptocurrency market. (There are 18,465 cryptocurrencies in existence). The US SEC has regulated these coins, citing them as securities.
Together, the crypto market capitalization is US$ 2.21 trillion (Δ), reaching an all-time high of US$ 3.3 trillion in 2021.
Statista’s bitcoin stats highlights that the average daily trading volume is about US$ 120 billion (Δ — fluctuates drastically). Also important to note that there are about 75 million blockchain wallet users.
Moreover, Yahoo’s bitcoin statistics state that there are about 34,000 cryptocurrency ATMs globally, allowing blockchain wallet users to make cryptocurrency transactions.
Still, it can only make five transactions per second, which is way less than VisaNet’s transaction rate — it can handle 1700 transactions per second.
- El Salvador made bitcoin a legal tender last year, further promoting the acceptance of bitcoin and other cryptocurrencies by ecommerce retailers.
One of the major problems with ecommerce sales is the cross-border settlements involving third parties and high transaction fees.
The good news is that 30% of US small businesses are handling cryptocurrency transactions. (Only 6% of the US general population has a blockchain wallet).
Microsoft (2014), Tesla (2021), and PayPal (2014) are the leading American companies that accept bitcoin transactions. Some 18,000 businesses around the world accept cryptocurrencies. Some companies like Amazon are planning to launch their cryptocurrency.
Moreover, individual sellers on Etsy and eBay also accept bitcoin payments. Even reliable ecommerce platforms like Shopify allow their merchants to accept bitcoin payments. Needless to say, the businesses will benefit from faster transactions, low transaction fees (from the usual 4% to 1%), and increased sales.
Furthermore, given the fact that nearly 4% of the world’s consumers hold cryptocurrency, small businesses need to accept cryptocurrency (make proper inquiry beforehand).
Blockchain Technology and Cryptocurrency As the New Frontier
Blockchain technology has relevant applications across all industries, from the banking sector benefiting from cutting operating costs and regulatory fines to the healthcare and pharmaceutical companies preventing counterfeit drugs. The auto industry is using it to improve supply chain management for businesses developing new use cases — this is just the beginning of the blockchain future.
A few years back, the global blockchain technology market was heavily occupied by the fintech segment; however, today, almost all sectors (like agriculture, manufacturing, and banks) of the economy have a blockchain use case.
Not to mention, blockchain technology has become a critical aspect of the ecommerce segment. From facilitating payments to improving customer engagement by integrating with the ecommerce CRM software and making them more user-friendly — blockchain technology is the next big thing for ecommerce.
Yes, the adoption is still low because of a lack of trust and regulatory compliance. Regardless, companies are still making investments in blockchain technology, although most are not considering it a strategic investment. However, given that countries have declared blockchain-based cryptocurrencies a legal tender, it is safe to assume that blockchain is far from plateauing.