Blockchain ledger usage is expected to grow by leaps and bounds over the next six years, according to a pair of recent studies.

The global blockchain distributed ledger market accounted for $228 million in 2016, and between 2017 and 2023 is expected to reach $5.43 billion, expanding at a compound annual growth rate of 57.6 percent. This is according to a new report, “Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2017–2023,” released from Oregon-based Allied Market Research (AMD).

Last year, North America led the pack in terms of blockchain generated revenue, AMD said, as the region accounted for more than 40% of total global market share.

“The blockchain distributed ledger market is in its early stage of growth,” Himal Srivastava, Allied Market Research Analyst for Semiconductor and Electronics, said in a release. “Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries. The blockchain technology addresses security in areas including insurance, law and data security by validation of the information in the blockchain ledger. Exponential increase in data is expected to facilitate more R&D activities leading to increased competition in the market.”

The report also said that as knowledge of blockchain and digital edge tech grows more opportunityies will be afforded thos vendors and firms involved in the new technology.

Private blockchain currently is the leading segment in the global market, and is expected to remain so throughout the forecast period. However, the public blockchain segment is expected to experience significant growth as public blockchain is used in web-based control panels, the report says.

North America is expected to lead growth and usages throughout the report’s forecast period, thanks in part to the involvement multiple firms entering the space and capital available. Asia-Pacific is expected to grow as well.

Similarly, members of the t Post-Trade Distributed Ledger (PTDL) Group agreed. In a recent tally of its membership, almost half (48%) of the group’s constituency said adoption would be widespread in the next three to five years. Furthermore, just over a quarter (29%) of members believe blockchain will become adopted in as little as the next one to two years, though 21% forecast it will take in excess of five years.

The survey of PTDL’s global membership found that the top three benefits of distributed ledger technology will be operational cost savings (cited by 81%), increased efficiency/ reduced settlement cycles (67%), and transparency (43%). In a reflection of the significance of the new technology, a fifth (20%) of respondents said that the strategic importance of blockchain within their own organisation was ‘very high’, with an additional 34% saying it was ‘high’; only 7% said it was a ‘low’ priority.

PTDL Group members are from all continents and include global banks, custodians, Central Securities Depositories, clearing houses, exchanges, regulators, government agencies and central banks.  The organisation brings together major post-trade industry participants to share information and ideas about how distributed ledger technologies can transform the post-trade landscape. Its organising committee is made up of representatives from CME Group, Euroclear, HSBC, London Stock Exchange Group and State Street.

Despite the compelling arguments for the adoption of blockchain, PTDL’s members warned that industry adoption remains the most significant barrier to implementing blockchain in a wider post trade industry context – this was cited by 78% of respondents. Regulation (56%), a clear business need (55%), concerns around confidentiality (51%), and lack of standardisation (49%) complete the top five in terms of impediments. Lack of available talent is seen as the least significant concern (23%).

Lastly, Synaps Loans recently announced the successful demonstration of the first working blockchain solution for syndicated loan servicing. R3’s Lab and Research Center managed the proof-of-concept testing of the system, which was exclusively developed by Synaps, a joint venture of Ipreo and Symbiont. Credit Suisse helped arrange the project, which included participation from key agent banks, service providers, and fund managers.

Synaps combines Symbiont’s leading smart contract technology and Ipreo’s new business process solution to help speed loan trade settlement. Nineteen firms participated in the demonstration, including Barclays, BBVA, Danske Bank, LSTA, Royal Bank of Scotland, Scotiabank, Societe Generale, State Street Corporation, TenDelta LLC, U.S. Bank, and Wells Fargo. Influential buy-side firms AllianceBernstein (AB), Eaton Vance Management, KKR, and Oak Hill Advisors were also involved in the initiative.