The latest report on Blockchain Technology Market by Infinium Global Research gives complete coverage of the Blockchain Technology Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Blockchain Technology such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Growing Adoption of Baas Business Model from the Individuals and Businesses is Driving the Growth of the Blockchain Technology
Blockchain technology is basically the record keeping technology that contains the information within the chain of blocks. Blockchain was invented for Bitcoins in 2008 by Satoshi Nakamoto. In this blockchain, the list or record are linked together by using cryptography. Cryptography is a technique to secure the communication from the third-party. The block is the spreadsheet that contains every information about transactions. Each transaction generates a hash, a string of numbers and letters. Each block in the blockchain contains the cryptographic hash of the previous block. Even a small change in a transaction creates a completely new hash. Therefore, each block contains information about the previous block that will further together make the blockchain. The blockchain is one of the types of the distributed ledger that use to record, share and synchronize transactions in a decentralized manner.
The blockchain is a trending technology nowadays, and various companies are trying to implement it in its business owing to its superior ability to maintain records, cost-effectiveness and other advantages. In order to offer the benefits of blockchain to the broader business community, the companies such as IBM, Amazon, and others are decided to deliver the blockchain technology through the cloud As Service business model that is known as blockchain as a Service (BaaS).
The growing adoption of BaaS business model from the Individuals and businesses is driving the growth of the blockchain technology market. In addition, BaaS service offers consumers to use cloud-based solutions to build and host their own black-chain through the apps. The blockchain helps them to manage all the necessary tasks and activities including bandwidth management, hosting requirements, allocation of resources, provides security features and many others.
Furthermore, the rapidly growing use of blockchain in the banks, government and public database are anticipated to escalate the growth of blockchain market. The various banks across the world are introducing the blockchain technology in their fund transferring systems. Lower transaction fees, high transparency and minimize the hacker’s attacks with improved securities are the key functions offered by the blockchain in the banking and other financial sectors.
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The Payment Transferring Services that are Expected to Contribute to the Growth of the Blockchain Technologies Industry
The blockchain is programmed to record not just financial transactions but virtually everything of value so they are very beneficial for IT and Telecom, power generation, Educations systems, and other industry verticals. In addition, the blockchain technology is vastly used by the government and Public Database to keep records. The blockchain is capable of providing fast, secure, and low-cost international payment processing services so they are vastly adopted in the payment transferring services that are expected to contribute to the growth of the blockchain technologies market. However, the blockchain is in the skeptical stage that is hampering the growth of blockchain market.
Moreover, the various utilities are evolving into a distributed and smart power grid. The various organization and the companies are investing in distributed power generation. In utilities, blockchain- technology can be applied to several processes, such as energy credit management, the promotion of green energy, asset optimization, payments within microgrids, prepaid smart meters and payments to distributed generation asset owners.
The growing use of blockchain in the power generation industries is projected to create several opportunities in the upcoming years. Additionally, continuous blockchain developments and use of blockchain technology among the various industry verticals are expected to serve more growth opportunities for the companies working in the blockchain technology market.
Among the geographies, North America holds the maximum market shares in the blockchain market. The increasing implementation of blockchain based smart contract in the North America region driving the Blockchain market in this region. The high adoption of advanced technology and the growing application of Blockchain in the BFSI and healthcare is expected to contribute to the growth of the blockchain technology market in the North America region.
In addition, Asia Pacific is the fastest growing region in the Blockchain technology market owing to the growing adoption of the blockchain across various industries such as IT and Telecommunication, BFSI and others. The governments in Asia Pacific region are taking initiative to introduce the blockchain technology in the financial sector to modernize their internal operations and minimize costs that will further create various growth opportunities for the blockchain market in this region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Blockchain Technology.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.