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.
 |
| Global blockchain technology market by type, 2015 - 2024 (USD Million) |
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 togetherand 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: www.grandviewresearch.com/industry-analysis/blockchain-technology-market
Further key
findings from the study 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.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-blockchain-technology-market
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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