In one stroke, blockchain technology would break down barriers between industry participants and create an infrastructure virtually impervious to fraud. Worldwide spending on blockchain solutions is forecast to grow by over 60 percent between 2018-2023, reaching nearly $15.9 billion in 2023[1]. For example, various smart contract solutions, such as for trade finance or transaction processing, are based on blockchain. There are already a number of ways to ensure and verify data between transaction participants. However, the average transaction cost for a private blockchain is estimated at US$5, whereas the cost of public blockchain transactions is nearer to 5¢.

Source: Forbes June 30, 2020 11:15 UTC