Report: Global blockchain technology market expected to reach $7.59 billion by 2024

(PRESS RELEASE) -- According to a report published by Grand View Research, the global blockchain technology market size was valued at $604.5 million in 2016 and is expected to reach $7.59 billion by 2024, while growing at a compound annual growth rate of 37.2% during the forecast period.

The rapid growth of the market can be attributed to the increasing demand for blockchain technology across financial services, consumer or industrial products, technology, media and telecom, healthcare, transportation, as well as public sectors. Blockchain was initially widely known as the technology that enabled the existence of cryptocurrency, whereas it is now used in various industries all over the world. The benefits of applying this technology include faster settlement and lower transaction risks.

Prohibitions on digital marketing for cryptocurrency eased in recent times. Last week, Facebook announced its plan to reverse a ban on cryptocurrency ads. The social media company said it will now allow ads that promote cryptocurrency and related content from pre-approved advertisers. However, the Company will still prohibit ads that promote binary options and initial coin offerings. The cryptocurrency market is now valued at $234 billion.

According to CNBC, Matthew Newton, Analyst at eToro, said, "It needs something to get markets back to life, like some development on the technology or regulatory side."