Wintergreen Research published a new report that shows that the global blockchain market will shoot up in value to $60 billion by 2024. The market was valued at $708 million in 2017. Tractica released a similar report that suggests that the number will increase from $4.6 billion in 2018 to $20.3 billion by 2025. The numbers of the two research firms are quite contradictory to each other as Tractica is claiming very conservative numbers.
New Business Models Emerge
The Tractica report suggests that blockchain is enabling new business models that will help in removing intermediate trust agents. Joe Hoffman, the principal analyst, commented on the market:
“Markets and applications ripe for blockchain are those where trust among participants is low, and the need for records security and integrity is high. New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come.”
New Companies Emerge in the Segment
As the blockchain market is developing, new entities with unique messages are emerging as well. Last week, Canadian-listed company Victory Square Technologies announced that it is entering a promotional partnership with Leicester City Football Club. Victory Square’s portfolio company, FansUnite, will be carrying out this partnership forward. FansUnite is a blockchain protocol that intends to revolutionize the sports betting market by working on a tamper-proof and transparent global sports data store.
Victory Square CEO Shafin Diamond Tejani commented on the partnership:
“FansUnite has set their sights on powerfully transforming the entire sports betting and sports data marketplaces with their proprietary blockchain protocol and we couldn’t be happier to welcome Leicester City to the Victory Square family.”
“The global reach and influence of The Foxes will expose FansUnite to millions of sports fans around the world. It serves as a great validation of their continued growth and success.”
FansUnite also provides a blockchain-based infrastructure for daily fantasy sports, sports data applications and more. It is working on protecting sports data and maintains the integrity of games by using distributed ledgers in sports betting. It has already received CAD 4.45 million in Series A financing and will be launching a regulatory-compliant token this year.