Global Blockchain Technology Market Size, Status and Forecast 2023 | Effects of COVID-19 – LionLowdown

Market Highlights

Blockchain technology is the trending word in the digital currency market. The technology has an ability to perform financial operations instantaneously through permissioned ledgers which are distributed uniformly. The major growth factors of the blockchain technology market, is the rising security concern for payment and transactions by companies. Blockchain technology offers secure and faster payment services with the help of cryptography technology which keeps the data encoded until it will reach to receiver. The increase in adoption of blockchain technology in the financial services sector, public sector and healthcare segments are other prominent factors that is expected to fuel the market.

Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share. BFSI sector is investing in blockchain technology, owing to its ability to address multiple challenges associated with digital transaction such as double spending and currency reproduction. Double spending which is an attack where the given set of coins is spent in more than one transaction. It is also capable to reduce the cost of online transaction and simultaneously increase security and authenticity. These benefits are the prime reason for the adoption of blockchain technology within the banking sector.

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A number of players in the finance market are looking for investment opportunities in digital currency and many have made the first phase of investments to develop digital currencies and services in the industry. However, the market at present is struggling with regulatory uncertainties and security concerns, the coming years are expected to witness a larger role of the blockchain technology in financial transactions.

Segmentation:

The Blockchain Technology Market can be classified into 3 key segments as follows:Segmentation by Services : Comprises Payments & transactions, contracts, digital identity, and documentation.Segmentation by Application: Comprises Banking & Finance, healthcare, government, media& entertainment, retail and others.Segmentation by Regions: Comprises Geographical regions North America, Europe, APAC and Rest of the World.

Regional Analysis

North America is dominating the Global Blockchain Technology Market with the largest market share due to continuous initiatives taken for the development in ledger technology for blockchain market thereby is expected to grow with highest market size by 2022 and is expected to grow over its previous growth records during the forecast period. The faster adoption of innovative technology in developed countries such as United States, Canada, Mexico and others is further fuelling the market in the region. Blockchain Technology in Asia Pacific market is expected to witness a fastest growing CAGR during 2016 to 2022 due to transparency, immutability & scalability service provide by the blockcahin technology and huge investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China.

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Key Players

The Market of Blockchain Technology appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Industry News

22 Aug 2017 A group of leading companies across the global food supply chain announced a major blockchain collaboration with IBM (NYSE: IBM) intended to further strengthen consumer confidence in the global food system. The companies such as Dole, Driscolls, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestl, Tyson Foods, Unilever and Walmart, are going to work with IBM to identify new areas where the global supply chain can benefit from blockchain.

Aug. 10, 2017 Microsoft Corp. on announced the Coco Framework, a first-of-its-kind innovation that will advance enterprise adoption of blockchain technology. Current blockchain protocol technology requires complicated development techniques to meet the operational and security needs of enterprises. The Coco Framework reduces this complexity, and when integrated with blockchain networks addresses critical needs for commercial adoption like high-transaction speed, distributed governance and confidentiality.

31 October 2016- Distributed ledger technology (DLT), more commonly known as blockchain, is challenging traditional business models and providing new opportunities to reinvent financial services, according to a Deloitte Global report. Over the horizon: Blockchain and the future of financial infrastructure, addresses key uses for blockchain to transform the finance industry, while also highlighting potential challenges to adoption.

31 October 2016- Deloitte and the World Economic Forum, Over the horizon focuses on the ways in which blockchain technology has captivated the imaginations and wallets of the financial sector.

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Global Blockchain Technology Market Size, Status and Forecast 2023 | Effects of COVID-19 - LionLowdown