The blockchain market is gaining phenomenal growth, due to a shift towards digital economy. It is also known as distributed ledger.Growing interests in securing the online financial transactions continues to impel the market. This technology is useful for all sizes of enterprises. It has become the enabling technology for BFSI sector as banks and finance industry move into the modern age of real-time transaction processing.
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The technology promises vast openings for various sectors. It can create a cross-national system of varied participants including individuals, companies, NGOs and government bodies. Every entity has a verifiable record of all transactions and the record can only be changed with the consent of participants. No single entity would be able to take charge of it unlike a government or corporate database. These factors are the driving the blockchain market.
Blockchain technology is used for various financial and non-financial applications like, payments, exchanges, smart contracts, documentation, and digital identity. Of them, payment is expected to continue generating the largest revenue in the global blockchain market in the coming years. Digital identity application is expected to witness the highest growth in the market during the forecast period because it eliminates the need for central authority and third party. The major players are looking forward to blockchain-based identity management solutions for financial transactions.
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Governments are taking up initiatives to promote blockchain technology. For example, Indian government has set up The Blockchain Foundation of India (BFI) in December 2017, which is a community effort to promote the growth of blockchain-based initiatives in India. Online payments have gained huge popularity due to dominance of card-based payment methods, credit and debit cards. Blockchain technology is evolving as an aid to conduct financial transactions through online payments. This technology is supporting all these changes by increasing the speed of transaction processing and greater efficiency in real time, which has been driving the blockchain market.
North America is expected to hold the largest share in the blockchain market, due to presence of large number of companies with large operation base and wide implementation of smart contracts, documentation and payment applications in industries. APAC is expected to hold the largest share in the market during the forecast period because of heavy investment in designing of such networks to minimize labor costs.
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Some of the key players operating in the global blockchain market include International Business Machines (IBM) Corporation, Amazon Web Services, Inc., Microsoft Corporation, Ripple, Abra, Chain Inc., R3, Earthport PLC, Ethereum Foundation, BTL Group Ltd., BigchainDB Gmbh, Humaniq, Factom, Tierion, and BlockCypher Inc., AlphaPoint, Bitfury Group Limited, and Coinbase.
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This release was published on openPR.