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Blockchain Market Growth Despite Crypto Market Downturn

Despite the downbeat market, blockchain-based tech is primed to represent trillions in new value by 2030.

Bitcoin logo on processor
Bitcoin logo on processor

PwC estimates that metaverse-related projects alone will represent $1.5 trillion in value by 2030.

The past year was a challenge for the cryptocurrency market. Many projects and firms failed to comply with transparency and decentralization, causing a loss of user trust. However, the blockchain market is primed to keep growing.

Proof of reserves (POR) has surfaced as a critical topic in 2022 to bring trust back in light of frauds and scams. PoR uses cryptographic proofs, public crypto-wallet ownership verification, and third-party audits to attest that a centralized platform holds enough assets to match user assets.

Despite the turmoil and collapse of several crypto companies, crypto's risk-adjusted return performed in line with the stock market during 2022 and did much better than US bonds. Decentralized finance (DeFi) is also rising despite the crises that caused a massive slowdown this year.

One of the most promising blockchain categories is the machine economy, or decentralized Internet of Things, which could represent $5.5 trillion to $12.6 trillion in value by the start of the next decade. With people increasingly interested in owning and monetizing their data, blockchain will see more significant adoption from 2023 onward.