The global blockchain technology market is expected to reach
USD 7.74 billion by 2024, according to a new report by Grand View Research,
Inc. Blockchain is the underlying technology that originated in the form of a
public ledger to keep a track of all cryptocurrency transactions. The
technology works as an electronic transaction-processing and record-keeping
system. This allows various participants that are connected to the network,
usually public, to track information through a secure network, thereby
eliminating the need for any kind of third-party verification.
The increasing adoption of the
technology in the financial services sector and expected adoption across the
public sector and healthcare segments are few of the major factors that are
expected to fuel the demand for the said market.
The market is expected to grow
rapidly owing to numerous benefits that it provides, such as eradication of the
requirement of a financial institution to validate transactions, reduce
duplicative record keeping, eliminate reconciliation, minimize error rates, and
facilitate faster settlement. With the use of the said technology, the
databases could become universal in nature, thereby allowing multiple
institutions to use it at the same time to bring various different systems
closer together and help increase the efficiency.
The increasing demand for this
technology across financial services, consumer or industrial products,
technology, media & telecom, healthcare, transportation, and public sector
is largely responsible for driving the market toward growth.
The major drivers include the
growing interest of the BFSI sector and increasing merchants accepting crypto
currencies among others. The probable opportunity of this technology further
includes the instant settlement of various financial transactions and achieving
optimized settlement options for the netting and clearing process.
Browse full research report on Blockchain Technology
Market: http://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
Further key findings from
the report suggest:
- Recently, investments have been made in the
technology by various financial institutions in association with key
technology players to further improve the efficiency of the underlying
financial processes and help minimize the risk
- The technology will be able to support IoT
applications, book keeping in the healthcare sector, instantaneous
payments in the transportation segment, and maintenance of records for
land ownership by the governments in the public sector.
- Some of the prominent vendors in the market include
Chain Inc., Circle Internet Financial Limited, Digital Asset Holdings,
Eric Industries, IBM Corporation, Linux Foundation, Post-Trade Distributed
Ledger, R3, Ripple, and Safello.
Grand View Research has segmented the blockchain technology
market has been segmented on the basis of type, application, and region:
Blockchain Technology Type Outlook (Revenue, USD Million;
2015 - 2024)
- Public
- Private
- Hybrid
Blockchain Technology Application Outlook (Revenue, USD
Million; 2015 - 2024)
- Financial
Services
- Consumer
orIndustrial Products
- Technology,
Media, and Telecom
- Healthcare
- Transportation
- Public
Sector
Blockchain Technology Regional Outlook (Revenue, USD
Million; 2015 - 2024)
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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