The International Data Corporation has released a report that sees a surge in funding for blockchain solutions in the Middle East and Africa (MEA) this year.

In its Worldwide Semiannual Blockchain Spending Guide, the IDC says that spending in the region is set to more than double, shooting to a predicted $80.8 million this year, up from $38.9 million in 2017.

The report also states that, looking ahead, MEA regional spending will jump to $307m by 2021, representing an annual growth rate of 77.4 per cent in the 2016-2021 period.

IDC says that it expects the most popular uses for blockchain solutions will be cross-border payment and settlements, assets/goods management and identity management. It also expects these three sectors to account for 33.1% of MEA blockchain spend growth in 2021. During this time the public, finance and distribution and services sectors will drive growth the most, it adds.

You can check out the findings in the report in the link above. IDC has also provided this handy snapshot for readers with a little less time on their hands:

Source: International Data Corporation

“There is clearly an immense amount of interest around distributed ledger technologies (DLT) in the region,” said Megha Kumar, IDC’s research director for software in MEA and Turkey.  “This is being driven by the pressing need for organizations to improve their efficiency, agility, security, and integrity.”

“In 2018, we expect more organizations across MEA to move beyond the evaluation and proof-of-concept phase to pilots and even deployments,” Kumar said.

[Image: Descryptive]