The global blockchain government market is expected to grow to $3.46 billion by 2023 from its current size of $162 million, according to a new report from ResearchAndMarkets.com.
That represents a compound annual growth rate of 84.5 percent over the next five years, the research firm said in a news release Friday.
Drivers of this market include growing interest by government agencies in adopting blockchain technology and instances of fraud in the public sector, the firm said. Growth can be hindered, however, by the lack of a common set of regulatory standards and regulatory uncertainty, ResearchAndMarkets.com added. Read more here.