Blockchain technology hits $39 billion in 2025 – Agency

The National Information Technology Development Agency (NITDA) reports that the global blockchain technology market is expected to grow by over $39 billion by 2025.
NITDA Managing Director Mallam Kashifu Inuwa recently revealed this during the Blockchain Summit Day at the agency’s Digital Nigeria Conference and Expo in Abuja.
Inuwa said the success of cryptocurrencies, stablecoins, non-fungible tokens (NFTs), metaverse and web3 are beginning 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 popularity, blockchain technology has become one of the most promising technologies to transform businesses.
“Today, many large and medium-sized enterprises are exploring the potential of Blockchain to gain a foothold in the competitive market. The global blockchain technology market is expected to grow by over $39 billion by 2025,” said he declared.
The DG also noted that the NFT market alone is seeing steady growth, with financial and other activities shifting from physical to digital.
Inuwa explained that Blockchain was at a point where large corporations and governments were beginning to understand its potential to improve people’s lives and build more resilient organizations.
Furthermore, he informed that the concept of metaverse has become a real phenomenon, with many popular platforms enjoying massive user bases.
The DG said, “One of the important design aspects of the Metaverse is decentralization, which would allow for transparency and transparent access to the Metaverse.
“Besides decentralization, the metaverse also relies on blockchain capabilities to ensure user governance privileges as well as verifiable provenance.”
Inuwa added that blockchain has driven the emergence of digital transparency and integrity, driving significant changes in business models and government functions.
According to him, this will facilitate the development of the Nigerian digital economy by supporting the digital transformation agenda in a way that promotes efficiency, transparency and productivity.
“Innovators from diverse fields are maximizing the benefits of this incredible technology, from medicine to agriculture, finance, governance, education, transportation and the entire 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 unlock new opportunities, benefiting industries through greater transparency, enhanced security and easier traceability,” he said.
Inuwa said NITDA is keen to deploy its statutory responsibility for innovative technologies to develop strategies for a healthy IT ecosystem that encapsulates emerging technologies such as Blockchain.

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