Middle East and Africa Plan to Increase Blockchain Investment by 400%

Despite the fact that crypto hype is over, blockchain investments are rapidly increasing. A fairly stable Bitcoin exchange rate awakens investor’s confidence and a desire to invest in blockchain development. The Orion Finance team finds good prospects for the industry as a whole.

According to a new report by United States-based market research firm International Data Corporation (IDC), governments across MEA will see a 400% surge in their investment to blockchain-based solutions in four years, said Cointelegraph.

It is noteworthy that developing countries are showing particular interest in blockchain technology. MEA countries are predicted to increase their blockchain spending from $21 million in 2019 to as much as $105 million by 2023, with a compound annual growth rate accounting nearly 50%. The article tells about Middle East, Turkey, and Africa. It seems that these countries consider blockchain solutions as necessary tools for advancing economic growth.

In addition to investments in technological solutions, investments in education are emerging as well. In December, Africa Blockchain Institute announced plans to establish the new blockchain school in the Republic of Rwanda. Sometime ago, the Republic of Rwanda has also considered the possibility of issuing its own cryptocurrency.

The Orion Finance team supports industry development initiatives. What countries do you think will benefit most from the blockchain investments and why?