The International Data Corporation (IDC) has released a forecast for the European blockchain platform market: the industry will show steady growth for the foreseeable future.

The blockchain technology, we recall, is a decentralized distributed data chain that cannot be hacked, since when one part of the chain (its hash sum) changes, all the following changes. This system is in demand in many areas, in particular, in the financial sector.

So, it is reported that last year the development of the blockchain industry in Europe was negatively impacted by the pandemic. Many companies have reduced investment in the deployment of projects in this area.

This year, according to IDC estimates, the volume of the industry in monetary terms will be approximately US $ 2 billion. And in the period from 2020 to 2024, the costs in this area will almost triple.

Analysts at the International Data Corporation also predict that in the period from 2019 to 2024. the CAGR (compound annual growth rate) will be 49,4%.

Blockchain technologies will be in demand primarily in the financial and manufacturing sectors.