According to the report published by KD Market Insights, the 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 and 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 Does it Work?
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, the date, time, and amount of a transaction. It also stores the information that who is participating in the transaction. Instead of an 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 the 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 sector industries which is the 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 the development of secure online payment gateways are likely to push the demand for the blockchain market.
Advantages and Challenges of Blockchain Market
Other than application, the 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, and 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 with 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 as 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 sectors. As already discussed, blockchain applications can be found in financial services, consumer products, healthcare, media & telecom, transportation, and the public sector.
A separate regional outlook was a part of the research, as it tells which region will provide maximum output and growth. The countries considered are North America (U.S.A., Canada, and Mexico), Europe (UK, 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 the 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 a US-based blockchain development company that creates 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 apps.
Another of their innovations is TxVM, a blockchain ledger service aimed at eligible state changes throughout different blockchains.
North America to dominate the Market –
North America specifically the U.S.A. is home to most of the industries with large operation bases and also for startups. 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 the U.S.A. have been dependent on blockchain technology for every payment transaction. The blockchain application in retail, healthcare, and eCommerce industries has 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 thing about blockchain technology is that it makes other technologies stronger by combining with them. IoT and blockchain make a better cryptocurrency ecosystem.