The usage of crypto technology has grown exponentially in the last few years. The COVID19 coronavirus hit the world, but the growth of blockchain technology did not stop. Instead, with the world recovering from the pandemic, exponential growth is expected in blockchain technology and cryptocurrency. The latest data shows that Europe is leading in technology and currency. Especially Britain, which exited from the EU, is the global leader.

The report published by Chainalysis indicates the growth and the whole story. Central, North, and Western Europe contributed the maximum. Their contribution was maximum in the region as well as globally.

This European region, also known as the CNWE, was lagging behind Eastern Asia before March 2020. But, after that, it occupied the first position with a considerable margin. AS per Chainalysis

“The region has received more than $1 trillion worth of cryptocurrencies over the last year, around a quarter of global activity in the same time.”

Chainanalysis

This massive annual growth shows the magnitude with which cryptocurrency is growing in this region. And this will impact the acceptability of cryptocurrency in global trade and transactions too.

The United Kingdom alone contributed around $170 billion. As you know, there are thirty countries in this region. The maximum transaction was done in ETH/wETH and followed by Bitcoin, Stablecoins, and Altcoins.

East Asia’s share in the cryptocurrency market declined drastically after the corona pandemic. And there are no signs of recovery as of now. Africa, the Middle, South Asia, and the Middle East did not record any significant growth last year. Although, Middle and South Asia now are on the third spot above East Asia.

North America still holds the second position, and as the effects of pandemics subside, it is expected that this market will take the first position in 2022.

Blockchain technology market size to grow.

It is estimated that the market size of blockchain technologies will grow by 87% during the period between 2020 to 2028. This growth will be driven by the ever-increasing acceptance of cryptocurrency across the globe and financial companies and banks using blockchain technology to make their records more transparent and safe. This will increase the demand for experts and professionals related to the crypto tech field. This will lead to exponential growth forecasted for a blockchain freelancer marketplace. These will be marketplaces dedicated to blockchain-related technologies and jobs. Companies can find and hire the best crypto engineers in the world through these platforms.

Financial services, government, healthcare, media, entertainment, retail, transportation and logistics, and travel are the primary industries that will adopt this technology for faster growth during this period. North America already dominates the market with more than 30% of the global share. Emerging markets like China and India have started to invest heavily in crypto technologies. Japan is also emerging as a significant player. It will implement more and more of this technology in automobile production and logistics.

The revenue forecast for blockchain technologies in 2028 is expected to be around $394 billion. And every IT company is trying their best to get the maximum share of this revenue. Acquisitions are becoming common in blockchain technology companies. Big companies are enhancing their strength by acquiring well-established crypto technology companies.