Market Research Of Global Blockchain Market By Knowledge Sourcing Intelligence
INTRODUCTION
The global blockchain market is projected to witness a significant CAGR of 71.46 % during
the forecast period to reach a total market size of US$4.401 billion by 2022,
increasing from US$0.297 billion in 2017. The major factor
that has been driving the use of blockchain technology is the
transparency of a transaction along with the ability to be incorruptible which
has resulted in increased acceptance among the wider audience. The adoption of
DLT (distributed ledger technology) among the various spectrum such as
payments, smart contracts, exchanges, digital identities, and documentation has
also supplemented its growth.
The global blockchain market is competitive owing
to the presence of well-diversified international, regional and local players.
However, some big international players dominate the market share owing to
their brand image and market reach. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample view of global blockchain market share
Laissez-Faire Nature
Blockchain is a recent invention that allows a group of actors that do not trust each other to
reach into an agreement on a common operation ledger. The ledger in question
contains a list of the transaction between the actors. Before the invention of
blockchain technology, an agreement on a list of transactions always required a
central authority that all the actors had to trust. Now with the emergence of
blockchain technology, cryptology has replaced third-party intermediaries,
with all involved parties running complex algorithms to certify the integrity of
the entire system. It is this ability to replace middlemen with mathematics or
algorithm that makes this technology unique and has been critical in its
growing popularity. The use of blockchain technology eventually reduces the
overhead cost when parties trade with each other directly or prove
ownership and authorship with one another; a task which is currently being
performed by the intermediary or central authority in digital mode of payment.
Moreover, blockchain's ability to guarantee authenticity across institutional
boundaries will likely help parties think about the authenticity of record,
content, and transaction in new ways. Thus the automatic verification and
monitoring of records without the need of a central authority has been
instrumental in gaining wider customer acceptance across the domain driving the
demand of the global blockchain market.
GLOBAL BLOCKCHAIN MARKET BY APPLICATION
By application, the global blockchain market is segmented as payments, contracts, documentation,
digital identity, and clearing and settlement. The blockchain technology-based
payment platform has been gaining popularity on account of security and processing
speed. Blockchain also provides smart contract feature which is self-executing
on the fulfillment of certain criteria mentioned in the agreement. Moreover,
blockchain offers the advantage of verifying a document and
also creates a digital identity that is secure
and accessible.
Sample view of global blockchain market share
In October 2017,
JPMorgan Chase & Co. has launched a payment processing network that uses
blockchain technology, in partnership with the Royal Bank of Canada and Australian
and New Zealand Banking Group. Similarly, IBM is also using blockchain
technologies in order to speed up and simplify cross border transactions. The
South Korean government had played a pivotal role in progressing blockchain
technology in the country. Seoul’s Sogang University has started a pilot
program in which students will be allowed to pay school fees, use vending
machine and exchange money using blockchain technology. Several companies are
projected to adopt the blockchain technology as a method of payment during
the forecast period which will stimulate the growth of the market.
In Mexico, close
to 80 million people have no access to traditional banking service, however, more than 100 million have signed for a cellphone contract, and in this way, the
potential of bitcoin in Mexico looks promising which can be seen by the fact
bitcoin trading is growing in the region. There is also a rise in the number of
bitcoin start-ups in Mexico. It has recently introduced a bill that defines
bitcoin as a digital asset and allows the central bank to set regulation for the
bitcoin operation in the country. The bill is however yet to be approved by the
congress but is anticipated to promote the growth of blockchain technology in
Mexico. If the experiments based on blockchain technology are successful, there
can be significant adoption of this technology in the region during the
forecast period.
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