Marketwatch released a report from global market research store Research and Markets that predicts that blockchain technology focused on telecoms will go from a $46.6 million industry in 2018 to one worth almost $1 billion in 2023.
The research paper points at “rising security concerns” as a major factor driving the telecoms industry’s pivot towards blockchain technology. Many experts see blockchain as a safeguard despite its still-uncertain regulatory status.
The report says that:
“However, growing concerns over the authenticity of users, and uncertain regulatory status and the lack of common standards can hinder the growth of the market.”
Blockchain And Regulation
Regulatory uncertainty is one of the reservations other industries have raised against blockchain, despite its visible benefits.
One of the industries that have doubts about blockchain is the banking industry, which has voiced reservations about how the technology can bring innovation, while other projects focus on addressing concerns about its adoption.
Nevertheless, The future for blockchain looks bright despite a mixed reception, with many financial experts predicting an 84 percent compound annual growth rate (CAGR) for blockchain in the telecoms sector.