The Covid 19 crisis continues to lower global economic forecasts, including blockchain spending, the IDC company explains

The American company IDC predicts a decline in business spending in Europe for the development of blockchain in the coming years, due to the negative consequences of the pandemic caused by Covid-19 for the global economy

The International Data Society (IDC), based on United States, recently released a report pointing out Blockchain spending is expected to slow down in the European market, although he explains that this is expected to be temporary and with an uneven distribution between sectors.

The Carla La Croce, Co-Head of IDC European Blockchain PracticeHe noted that innovative projects will be suspended until there is clarity about the future:

Given declining customer demand, disrupted supply chains and widespread remote working, many companies are putting off innovative projects, including blockchain, until more clarity about the future arises.

The forecast from IDCmention, that The slowdown in blockchain spending on the European market will be 8% in 2020 after reported Cointelegraph.

Before the crisis, the data that the IDC had predicted for blockchain in Europe that they were encouraging that European blockchain spending by 2020 would be $ 1.4 billionwhile the Average annual growth rate (CAGR) was 58% by 2023.

Blockchain after the pandemic

Another leader of IDC European Blockchain Practice, Radoslav Dragovexplained that Blockchain can add transparency and security Value chains, which indicates “Provides transparency while breaking data silos to ensure robust security and a single source of security.”.

After this IDCwho have favourited Pandemic could stimulate the growth and acceptance of technologyThis is mainly because blockchain has strong data protection that makes it tamper-proof. This is an attractive technology for complex applications like Health or online voting systems, although with the latter it will take effort to Build trust in the populationsaid the company.

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