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 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.
View summary of this report @ 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.
Browse more reports of this category by Grand View Research: http://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
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For More Information Visit - http://www.grandviewresearch.com/
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