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The U.S. federal government’s blockchain-related spending is expected to reach $1.235 billion by 2022. Considering that it was $10.7 million in 2017, this is a whopping 1,000% increase.
According to market research firm IDC, blockchain spending by state and local governments is also expected to increase from $4.4 million in 2017 to $48.2 million in 2022. The Ministry of Defense, whose spending in 2017 was less than $20 million, is expected to double to $40 million by 2022.
IDC analyzed that the government’s investment in blockchain technology is likely to develop and expand into more complex fields in the future. It is predicted that asset management, personal authentication management, and smart contracts will be the main blockchain solutions for the government, and the initial cost will focus on supply chain and asset management solutions, and expand to areas including personal authentication management and complex financial transactions.
IDC also believes that the blockchain has the potential to become the basis for trade regulation, and it is highly likely to be implemented as a kind of official international trade standard function and various government procurement standards. Related information can be found here .
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