Global spending on blockchain solutions is expected to reach $2.7 billion by year-end – an increase of 80% over 2018, according to global technology research and consulting firm International Data Corporation (IDC).
In its Worldwide Semi-annual Blockchain Spending Guide, IDC forecasts the figure will be close to $15.9 billion in 2023, driven by spending led by the banking industry, which will account for roughly 30% of the worldwide total.
Discrete manufacturing and process manufacturing will be the next largest industries, with a combined share of more than 20% of overall spending. Process manufacturing will also have the fastest spending growth of a 68.8% compound annual growth rate (CAGR), enabling it to become the second largest industry for blockchain spending by the end of the forecast period.
Four other industries (discrete manufacturing, professional services, retail and utilities) will grow faster than the overall market.
IDC says the banking industry will drive spending on two of the largest blockchain use cases – cross-border payments and settlements, and trade finance and post-trade/transaction settlements.
From a technology perspective, IT services and business services (combined) will account for nearly 70% of all blockchain spending in 2019, with IT services receiving slightly more investment over the forecast period.
Blockchain platform software will be the largest category of spending outside of the services segment and the second fastest growing technology category overall with a five-year CAGR of 65.2%, following IT services with a CAGR of 66%.
James Wester, research director at Worldwide Blockchain Strategies, says: “Behind the sometimes heated public discussions and debates over blockchain, enterprise adoption of the technology has quietly reached a tipping point across multiple use cases. Companies are recognising value from initial pilot programmes and moving those projects into production.
“As the data in the spending guide indicates, the growth and adoption of blockchain by enterprises is accelerating as the benefits of using blockchain to increase efficiency and improve processes are understood. There is still some uncertainty regarding the technology, specifically in the areas of governance and regulation, but adoption of blockchain for financial services, identity, trade and other markets is encouraging.”
The Worldwide Semi-annual Blockchain Spending Guide quantifies the emerging blockchain market by providing spending data for 10 technologies across 19 industries and 17 use cases in nine geographic regions. IDC defines blockchain as a digital, distributed ledger of transactions or records.
“While the debate continues as to whether crypto-currencies are a solution in search of a problem, many organisations and enterprises have realised blockchain solves many current and impending business problems. Many blockchain projects are gaining steam as players across the value chain realise the significant progress blockchain brings, launching much-needed transformation within and across industries and use cases,” says Stacey Soohoo, IDC research manager, customer insights and analysis.
“With enterprises moving past the proof-of-concept phase, it’s not a matter of whether blockchain is here to stay but rather the scope of blockchain’s adoption.
“Sharing data between institutions, simplifying outdated processes, and bringing transparency to business processes while also encouraging collaboration and partnerships – these are the tangible benefits blockchain brings to the table.”
Join Inlaks Live TechTalk Edition on Hyosung’s Revolutionary MV 100 ATM Model
Inlaks, the leading Information Technology Systems Integrator specialised in the deployment of highly scalable ICT Infrastructure solutions, will on Monday September 28, deploy the second edition of its virtual thought leadership segment called “TechTalk”.
Techtalk which was formerly a pre-recorded segment hosted on the organisations YouTube channel has now transitioned into a live virtual event across Instagram, Facebook, Twitter and YouTube. The virtual edition kicked off in August 2020 with a segment on Financial Crime Mitigation, honing in on the superiority of Temenos Financial Crime Mitigation Solution with Emmanuel Orororo, Sales Manager, Financial Business, Inlaks.
The 2nd edition of Tech Talk promises to offer the same measure of insights as it dives into the world of Automated Teller Machines (ATM) with a focus on MoniValue 100, a revolutionary ATM solution by Hyosung TNS. The MoniValue 100 is especially adapted to the present times as it is a cardless, contactless and changeless solution.
Join this virtual event live by logging on to any of the social media pages below on Monday, 28th September 2020. YouTube: Inlaks, Facebook: InlaksNg, Twitter: Inlaks, Instagram: InlaksNg
Inlaks is a leading system integrator in Sub-Saharan Africa. The company partners with leading OEMs in the technology industry to provide world-class information technology solutions that exceed the needs of its customers.
Over the years, Inlaks has built a reputation as the foremost ICT and Infrastructure Solutions Provider, helping customers effectively seize new market and service opportunities.
With an impressive customer base that includes six Central Banks in West Africa, 18 of the 24 banks in Nigeria and other major customers in the West African region, Inlaks has become the dominant Information Technology Company in Africa.
Inlaks’ customers cut across various segments including Banking, Telecommunication, Oil/Gas, Power, Utilities and the Distribution sectors of the economy. For more information, please visit www.inlaks.com
Millions of Cyber Attacks Launched on Nigeria, Others- Reports
There were 3.8 million malware attacks and 16.8 million Potentially Unwanted Applications (PUA) detections over a 7-month period in Nigeria, according to Kaspersky security solutions.
Elsewhere in South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections, showing the growing desperation of the attacks.
The company reported on 28 million malware attacks in 2020 and 102 million detections of potentially unwanted programs (pornware, adware etc.) accounted for by the beginning of August 2020.
These numbers show that it’s not only the malware that attacks users but also the “grey zone” programmes that grow in popularity and disturb their experiences, while users might not even know it is there.
Potentially unwanted applications (PUAs) are programmes that are usually not considered to be malicious by themselves.
However, they are generally influencing user experience in a negative way. For instance, adware fills user device with ads; aggressive monetising software propagates unrequested paid offers; downloaders may download even more various applications on the device, sometimes malicious ones.
calculating interim results of threat landscape activity in African countries, Kaspersky researchers noticed that PUAs attack users almost four times more often than traditional malware.
They also eventually reach more users: for instance, while in South Africa, the malware would attack 415,000 users in 7-months of 2020, the figure for PUA would be 736,000.
“The reason why ‘grey zone’ software is growing in popularity is that it is harder to notice at first and that if the programme is detected, its creators won’t be considered to be cybercriminals. The problem with them is that users are not always aware they consented to the installation of such programmes on their device and that in some cases, such programmes are exploited or used as a disguise for malware downloads,” said Denis Parinov, a security researcher at Kaspersky.
By taking a closer look at PUA, it becomes apparent that they are not only more widespread but also more potent than traditional malware.
Evaluating results over the same 7-month period in Nigeria, there were 3.8 million malware attacks and 16.8 million PUA detections – which is four times as much.
Kenyan and South African threat landscapes have been more intense. In South Africa, there were almost 10 million malware attacks and a staggering 43 million PUA detections.
Kenyan users faced even more malware attacks – around 14 million, and 41 million PUA appearances, Kaspersky said.
Tech Giants Strike Deal with Advertisers over Hate Speech
Web giants including Facebook have struck a deal with advertisers on how to identify harmful content such as hate speech, after an impasse over the issue which led to boycotts of the platform.
The agreement — which also included Twitter and YouTube — laid out for the first time a common set of definitions for hateful statements online.
In July, hundreds of advertisers including big-name consumer brands suspended advertising with Facebook as part of the #StopHateForProfit campaign, saying the social-media titan should do more to stamp out hatred and misinformation on its platform.
And earlier this month a group of celebrities — including Kim Kardashian, Leonardo DiCaprio and Katy Perry — stopped using Facebook and Instagram for 24 hours, to push a similar message.
The World Federation of Advertisers (WFA) said in a statement Wednesday: “Facebook, YouTube and Twitter, in collaboration with marketers and agencies through the Global Alliance for Responsible Media have agreed to adopt a common set of definitions for hate speech and other harmful content and to collaborate with a view to monitoring industry efforts to improve in this critical area.”
The alliance was founded by the WFA and includes other major trade bodies.
According to the WFA, key areas of agreement included applying the alliance’s common definitions of harmful content; developing reporting standards for such content; establishing independent oversight; and rolling out tools for keeping advertisements away from harmful content.
The WFA said that properly defining online hate speech would remove the current problem of different platforms using their own definitions, which it said made it difficult for companies to decide where to put their ads.
“As funders of the online ecosystem, advertisers have a critical role to play in driving positive change and we are pleased to have reached agreement with the platforms on an action plan and timeline in order to make the necessary improvements,” said Stephan Loerke, chief executive of the WFA.
Luis Di Como, executive vice-president of global media at Unilever, a major advertiser, sounded a note of cautious optimism.
He said: “The issues within the online ecosystem are complicated, and whilst change doesn’t happen overnight, today marks an important step in the right direction.”
Speaking in July, Facebook’s founder and chief executive Mark Zuckerberg said he remained adamant that the company did not want hate speech on the social network.
On Wednesday, the company’s vice-president for global marketing solutions, Carolyn Everson, said the agreement gave all parties “a unified language to move forward on the fight against hate online.”
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