File image: IOL.

CAPE TOWN - In a report released by the International Data Corporation (IDC) shows that funding for blockchain solutions in the Middle East and Africa (MEA) is set to increase this year. 

According to the IDC, In its Worldwide Semiannual Blockchain Spending Guide,  spending in the region is predicted to increase to $80.8 million this year which is an increase from $38.9 million in 2017.

The MEA regional spending also shows that by 2021, $307m will be spent, representing an annual growth rate of 77.4 %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.

Additionally, the report shows that during this time the following sectors will drivethe most growth:

Public, finance and distribution and services sectors. 

(Infographic provided by the IDC)

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