Blockchain Technology Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI2194
Blockchain Technology Market size is expected to exhibit significant growth in the forecasted timeline due to the its immense benefits such as elimination of third-party authorities to securely verify and validate online transactions, enhanced transparency and immutability of online transactions, and significant reduction in error rates along with its ability to eliminate duplicative records.
A blockchain is a distributed database holding public ledger or financial records of all the transactions and digital events that have been executed among the participating entities and shared across the distributed database. A consensus of a majority of participants verifies each transaction in the ledger which can never be erased from the database. Basically, it contains a verifiable and certain entry of every transaction ever made. As different participants track and verify such transactions, the system eliminates the need for any kind of third-party verification.
Blockchain technology has been used for various financial and non-financial applications around the world for the past three to four years. The current digital economy relies on trusted third-party authorities to ensure the safety and privacy of digital transactions and assets. Such third-party sources can be compromised, manipulated or hacked, thus, endangering the privacy of financial transactions and the security of digital assets. The technology comes handy in such situations as it allows the verification of every transaction executed in the past without compromising the safety of the digital assets which belong to the participating parties.
Bitcoin is the most popular example of a digital currency or cryptocurrency which uses the framework of blockchain technology market for facilitating anonymous and distributed transactions within a closed network of participants. One of the emerging application areas for blockchains is ‘smart contracts’, wherein computer programs automatically execute the terms of certain contracts. The parties involved in such contractual arrangements can securely make payments by means of a blockchain, once a pre-determined condition or a clause in the agreement is met.
Financial applications of blockchain technology market include insurance and private securities used for different applications such as unique identification of assets and implementing private equity exchange. Non-financial applications of the technology include decentralized data storage, public notarization, enabling decentralized IoT platforms, and anti-counterfeit solutions.
North America is expected to hold a major share of the blockchain technology market due to its early adoption owing to its associated benefits of transparency and immutability of financial transactions. Recently, at the Data Transparency 2017 conference the federal chief information officer, stated that the U.S. government is exploring possible avenues related to blockchain technology that could benefit the operations of the federal government.
Some of the leading players operating in the blockchain market are, IBM, Microsoft, The Linux Foundation, Deloitte, Chain, Ripple Labs, Plutus Financial, R3, Safello,Digital Asset Holdings, LLC, Circle Internet Financial Trading Company, Global Arena Holding, Alphaphoint, Intelygenz , Coinbase , Bitfury, and BTL Group .
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