Blockchain gaining adoption in more than just DeFi: Report

cointelegraph.com:

Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the sector’s most prominent use cases with the most substantial adoption. Recent issues in the banking sector, like those surrounding Silicon Valley Bank and Credit Suisse, have caused many to take a second look at Bitcoin (BTC) and crypto as an alternative to the traditional banking system. And while the further expansion of DeFi bodes well for the rest of the crypto industry, is blockchain technology expanding and being utilized in other ways as well?

That’s the question Cointelegraph Research dives into in its latest report, “Blockchain Use Cases and Adoption.” It does cover some financial use cases for Bitcoin and crypto but also explores data management, cloud storage, supply chain, smart sensors, carbon credits, decentralized autonomous organizations, digital identities and more. The report focuses on real-world use cases rather than theoretical applications and highlights projects in each area.

Download this report on the Cointelegraph Research Terminal.

Cointelegraph Research used the current market penetration of different projects, the compound annual growth rate (CAGR) of the industry, and various macroeconomic factors to create an equation of exchange model, which was used to project the future total value locked (TVL) and potential penetration of blockchain technology in each segment. For example, in 2022, the estimated size of the global insurance market was $5.94 trillion, with the blockchain industry penetration rate at 0.01%. Cointelegraph Research forecasts that by 2025, blockchain projects will penetrate 0.05% of the total addressable market, at a TVL of $4.2 billion.

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