According to the report published by KD market insights, blockchain market is going to show impressive growth in terms of revenue value during the forecast period of 2018-2024. The report presents the strategy, shares as well as the forecast of the market on the global level.
During the research methodology, it is forecasted that market value will have an impressive hike in terms of revenue value from USD XX Billion in 2018 to USD XX Billion by 2023. Also, the compound annual growth rate (CAGR) is anticipated to grow by a percentage of XX in the coming years.
The numbers clearly illustrate how blockchain has covered its huge market worldwide and is going to increase at a faster pace.
What is Blockchain and How it Works?
Blockchain can be defined as a record-keeping technology behind the cryptocurrency such as Bitcoin. It is a distributed, decentralized, public ledger which is a chain of blocks. Each block can store data up to 1 Mb.
The data is about the transactions that have occurred. For example, date, time and amount of a transaction. It also stores the information that who is participating in the transaction. Instead of actual name, blockchain requires your digital signature as a username.
Each of the blocks has a unique code hash that distinguishes it from other blocks. The blockchain completes a 4 step procedure to add a block into a chain within seconds. For example, a retail shop that is using blockchain technology notes the behavior and purchasing power of a first time customer.
This helps in showing the right kind of garments to that particular customer, thus enhancing the customer’s visibility and interest. No doubt, Blockchain has evolved the market and is one of the best technology solutions today.
Why Blockchain Market is Growing at a Faster Pace?
There are many factors that are driving the growth of blockchain market as it has the aim of changing the way people used to transact business or manage assets.
The demand for blockchain has been constantly increasing over the years in financial services, healthcare, retail sector, Internet of things, media & telecom and public sectors industries which is main reason behind fostering the growth of the market.
For example, Traditional financial services were cumbersome and full of errors. Obviously, this increases cost, time and stress. On the contrary, blockchain is comparatively cheaper, more effective and error free.
Moreover, there is a tremendous increase in online transactions, digitization of currency and development of secure online payment gateways are likely to push the demand of blockchain market.
Advantages and Challenges of Blockchain Market
Other than application, Blockchain market also provides a ton of benefits to make it good use. Firstly, it allows anyone to transact securely and transparently on a highly distributed network.
The technology is scalable, legal, risk-free. You don’t have to worry about privacy and confidential information on this network. It maintains massive transparency. On the other hand, the blockchain market also faces some challenges like the initial cumbersome setup, integration issues, and high energy consumption.
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To find out the valuable & useful insights into the blockchain market, the research has been divided into phases. Beginning from an executive summary, the research offers the main advantages and challenges of the market, applications, global regions that are likely to foster the growth of the market, strategies, and policies attempted by key market players as well dividing the segments into sub-segments to deliver accurate results in a concise manner.
The blockchain market has been segmented into type and application. By type, the market has been divided into the public, private and hybrid sector. As already discussed, blockchain applications can be found in financial services, consumer products, healthcare, media & telecom, transportation, and public sector.
A separate regional outlook was a part of the research, as it tells that which region will provide maximum output and growth. The countries considered are North America (U.S.A, Canada, and Mexico), Europe (U.K, Germany, and France), Asia Pacific (China, Japan, and Australia), South America and MEA.
A separate timeline has been considered for research methodology, here 2018 is considered as the base year, 2019 as estimated year and 2020-2024 as the forecasted period. The technology experts of the blockchain market are IBM, AWS, Microsoft, SAP, Oracle, Intel, Chain, Huwaei, Applied Blockchain and other major market players.
Chain: Blockchain service Provider –
Chain is US-based blockchain development company that create cryptographic ledger systems for the financial sector. Their blockchain tools help banks, stock exchanges, and credit card organizations to store, trade and manage financial assets quickly and securely.
One of their products is ledger-as-a-service for secure token transactions. It not only works for private but also for public networks. Currently, it is used as a mobile wallet which is a crypto exchange platform for ridesharing app.
Another of their innovations are TxVM, a blockchain ledger service aimed at eligible state changes throughout different blockchains.
North America to dominate the Market –
North America specifically U.S.A is home for most of the industries with large operation base and also for startup. According to the survey, there are 1316 blockchain market job openings every year in New York.
The technology has been explored by 90% of North America. For pacifying the payment cycle, the majority of banks in U.S.A has been dependent on blockchain technology for every payment transaction. The blockchain application in retail, healthcare, eCommerce industries has been tremendously increased in North America regions.
North America is regarded as the topmost and largest region in adopting blockchain solutions. The target behind the technology is to provide their customers with transparent and faster transactions and to change their way of managing their money and doing online transactions.
Lastly, we can say that the blockchain market is rising at a much faster pace. Although the technology started a little slow it has made its definite place in the market along with other innovative technologies like Artificial Intelligence (AI) and the Internet of Things (IoT).
The best things about the blockchain technology are that it makes other technologies stronger by combining with them. IOT and blockchain make a better cryptocurrency ecosystem.