The Global Blockchain Market is subject to witness a substantial growth due to increasing adoption of blockchain technology in financial services, the exclusion of third parties for financial deals, and limited occurrence of fraud & identity theft. However, lack of awareness about the blockchain technology among general population is expected to restrain market growth to large extent.
Although, addition of block-chain technology that provides more security and flexibility for financial services in cryptocurrency market, thus offering numerous growth opportunities for business, in the recent years. Globally, the blockchain market is predicted to grow at a significant CAGR in forecast period, providing numerous opportunities for market players to invest for research and development in the blockchain technology.
A block chain is a constantly growing list of records, which are also termed as a block; these blocks are connected and managed with the help of cryptography. Every block broadly consists of a hash pointer that is linked with the previous block, along with a timestamp and transaction data. Block chains does not allow any modification to the existing data, thereby providing necessary security. The authenticity of every cryptocurrency coins is provided with the help of a blockchain. These factors are expected to fuel the growth of market during the forecast period.
Latest technological advancement in banking & financial sector coupled with inclination towards innovation necessary for a communal financial transaction database are anticipated to foster the demand for blockchain technology in upcoming years. The blockchain technology involves monitoring & formation of new units, enhanced security and minimizing risks such as money fraud.
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The market is broadly categorized into four major segments based on the application type such as financial services, consumer or industrial products, media and telecom sector and healthcare industry. The financial services is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the blockchain technology in financial services segment is attributed to the factors such as exclusion of third parties for financial deals, and limited occurrence of fraud & identity theft.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in banking & finance sector and existence of well-established online infrastructure. Asia-Pacific region is predicted to hold major market share in the blockchain market with massive growth in forecast period.
Countries such as Malaysia, China and Singapore are leading the Asia-Pacific market with shifting trends towards adoption of digital currency over traditional form of financial exchange and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the blockchain market are Chain Inc., Circle Internet Financial Ltd., Digital Asset Holdings Ltd., Eric Industries Co., IBM Co., Linux Foundation, Post-Trade Distributed Ledger, Inc., R3CEV LLC, and Safello AB.
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