Blockchain, predicted to be a $7.74 billion market within six years, may flip the business world on its head. Are marketers ready?
What is the blockchain? Most marketers would likely answer this question by mumbling something about Bitcoin and cryptocurrency, but Jeremy Epstein, CEO of Never Stop Marketing, is a true believer in the technology.
“I happen to think that this thing is the internet at exponential levels in terms of importance,” says Epstein, who recently wrote the e-book “The CMO Primer for the Blockchain World.” “My brother always says, ‘Jeremy, you drink way too much Kool-Aid. You’re totally off the deep end.’ There’s probably a lot of truth to that,” Epstein says.
Is Epstein off the deep end or simply early to the pool party? The blockchain hype has grown as every marketer, financial expert and CEO struggles to figure out what the technology is and how it will change business. This has meant big expectations: The blockchain market, now worth approximately $600 million, is poised to grow to $7.74 billion by 2024, per Grand View Research. A study by Juniper Research finds that 57% of large corporations say they are either actively considering or in the process of implementing blockchain technology, and approximately 66% expect full integration of the blockchain by 2018.