Blockchain technology has exploded in popularity in recent years due to its decentralized nature, which allows for creation of an immutable and secure ledger of financial transactions and asset transfers. With its ability to provide transparency and reduce the potential for fraud, it’s no surprise that it has gained widespread adoption across various industries. From streamlining supply chain management to revolutionizing the way we handle online payments, the potential applications for blockchain are vast and varied.
But from building and launching a blockchain to maintaining and regulating the network, the process of setting up a blockchain is complicated as it requires a full-fledged team of highly skilled developers with relevant technical expertise, database management skills, and more.
To address the complexity of blockchain development, managed blockchain services have surfaced as a boon in the web3 industry. According to statistical data published by MarketsandMarkets, the managed blockchain services industry will grow from $705.7 million in 2020 to a whopping amount of $9.7 billion in 2025, with a compounded annual growth rate (CAGR) of 81%.