Blockchain technology to grow to $39 billion by 2025 – Agency

The National Information Technology Development Agency (NITDA) says the global blockchain technology market is expected to grow over $39 billion by 2025.
Director General of NITDA, Mallam Kashifu Inuwa, disclosed this recently at the Blockchain Summit Day during the Digital Nigeria Conference and Exhibition organized by the agency in Abuja.
Inuwa stated that the success of cryptocurrencies, stablecoins, Non-Fungible Tokens (NFTs), Metaverse and Web3 began to take over the industrial and financial space.
“With Blockchain Technology supporting these new age concepts, we can expect the future to belong to decentralized resources. After cryptocurrencies gained a lot of traction, blockchain technology emerged as one of the most promising technologies to transform businesses.
“Today, many large and medium-sized enterprises are exploring Blockchain’s potential to gain a foothold in the competitive market. The global market for blockchain technology is expected to grow over $39 billion by 2025,” he said.
The Directorate General also noted that the NFT market alone had steady growth as financial and other activities moved from physical to digital.
Inuwa explained that Blockchain was at a point where large companies and governments were beginning to understand its potential to improve people’s lives and build more resilient organizations.
He also informed that the metaverse concept had become a real phenomenon, with many popular platforms enjoying huge user bases.
The DG said, “One of the important aspects of the metaverse design is decentralization, which will enable transparency and seamless access to the metaverse.
“Apart from decentralization, metaverse also relies on blockchain capabilities to secure user management privileges along with verifiable provenance.”
Inuwa added that blockchain pushed for the rise of digital transparency and integrity, leading to sweeping changes in business models and government functions.
According to him, it will facilitate the development of the Nigerian digital economy by supporting the digital transformation agenda in a manner that promotes efficiency, transparency and productivity.
“Innovators in diverse fields are maximizing the benefits of this incredible technology from medicine to agriculture, finance, governance, education, transportation and across the global supply chain.
“Innovators are exploring ways to use blockchain technologies to disrupt and transform traditional process models. With its decentralized and trustless nature, Blockchain technology can lead to new opportunities, benefiting industries through greater transparency, improved security and easier traceability,” he said.
Inuwa said NITDA was inclined to deploy its statutory responsibility towards innovative technologies to develop strategies for a healthy IT ecosystem that encapsulates emerging technology such as Blockchain.