U.S. Lags Behind Ukraine and India in the Blockchain Tech Race
The surge of blockchain technology competition triggers a slide in the U.S. dominance, as indicated by Electric Capital's newest investigation.
Who challenges the U.S. blockchain dominance?
Despite the U.S. currently occupying a hefty 29% of the global blockchain market, it's been gradually forfeiting its leading role over the past five years, experiencing an annual shrinkage of up to 2%. This has seen the U.S. stake in the market drop from 40% to 29%, an identical portion that the European Union (excluding the U.K., which holds an extra 6%) has successfully secured. The conclusion is apparent - the Old World takes the crown in the blockchain tech competition.
Still, the real story unfolds elsewhere. The U.S. is gradually relinquishing its dominant position to burgeoning developers, primarily from Ukraine and India.
While the U.K. and Germany maintain their front-runner status, their portions are on a downward trend. Contrarily, Ukraine has augmented its share by 2% over the last three years. Source: Electric Capital
The U.S. witnessing a decrease in its blockchain market share indicates a more internationally diverse developer community. Furthermore, this trend is linked with certain strategic miscalculations that arguably jeopardize U.S. national security. If this downward trend continues unchecked, the U.S. could lose its authoritative voice in shaping international financial benchmarks and technical standards.
Regional breakdown of blockchain developers. Source: Electric Capital
What can America do to regain its position in blockchain?
The Electric Capital report suggests that by 2030, there could be as many as a million new roles created within the cryptocurrency industry, specifically in software development.
This raises a key question – can the U.S. persuade these experts to operate under American legal jurisdiction? To make this happen, authorities need to cultivate a conducive regulatory environment. Regrettably, as past efforts indicate, regulators seem unenthusiastic about such endeavors. Yet, Electric Capital maintains that only transparent and well-understood rules will encourage investors to inject capital into the U.S. blockchain economy.
The expected increase in developer numbers over the forthcoming seven years. Source: отчет Electric Capital
The power of synergy
The report underscores the significance of synergy: the introduction of a million new developers into the market could catalyze the creation of at least three million additional roles for specialists in related fields, such as marketing and management. The primary responsibilities of these professionals will be to support, cultivate, publicize, and integrate the new software innovations into the real-world economy. As the range of blockchain applications continues to expand, we may see the emergence of entirely new occupations in the market.
