IHS Markit, a leading provider of critical information, analytics and solutions, has estimated that global blockchain business value to increase from $2.5 billion in 2017 to $2.0 trillion in 2030.

Blockchain business value, IHS Markit explains, refers to the cost savings and efficiencies that could be realized by integrating the technology into corporate business strategies.

Although still in the nascent stage, blockchain technology is expected to be transformative. IHS Markit has released its “Blockchain Vertical Opportunities Report", which includes detailed coverage of 11 vertical sectors examining the different opportunities and challenges for the technology in each.

The report said blockchain technology demonstrates especially significant potential across a number vertical industry markets and application areas including finance, supply chain and logistics, identity management, retail and e-commerce, and healthcare.

By 2030, the business value within the identity management sector is projected to reach $200 billion; $164 billion in retail and e-commerce; and $134 billion in healthcare sector, respectively, according to the official release.

“Early adopters of blockchain have mostly been companies in the financial services industry, which use it mainly in payments-related solutions,” said Don Tait, senior blockchain analyst, IHS Markit. “However, the technology is poised to ripple through virtually every industry, affecting almost all organizations in the coming years.”