Greenwich Report: Blockchain Investment to Reach $1 Billion in 2016

According to a recent survey report by Greenwich Associates , the financial and technology markets will invest $1 billion in blockchain technology this year . The report also mentioned that vested interest groups in the financial industry are still the main obstacle to the development of blockchain technology .

The survey trends over the past two years show that venture capital investment in Bitcoin and blockchain companies jumped from $3 million in 2011 to $474 million in 2015 .

The $1 billion estimate was based on a detailed survey by Greenwich Associates, which found that blockchain-related projects alone have budgets of more than $200 million .

Greenwich Associates is a global market intelligence and consulting services provider. In this survey, the samples collected by Greenwich Associates accounted for one-fifth of the entire blockchain industry.

Blockchain is a distributed, encrypted system for transferring assets and the infrastructure behind Bitcoin , which is believed by many to have the potential to transform the financial industry .

The majority of survey participants , including asset managers, banks, exchanges and blockchain technology companies, agreed that blockchain technology has the potential to transform capital markets within the next five years .

Richard Johnson, vice president of market structure and technology group Greenwich, said the financial sector will continue to focus on blockchain technology , which has begun to prove its suitability for capital markets in 2016 .

The report also pointed out that in 2016, market participants will have a more rational discussion on blockchain technology and find out the market that is most suitable for it .