(I-BusinessNews.Com, September 04, 2019 ) Market Overview
Â Blockchain technology is a distributed public register which stores all transactions that have happened, which is absolute and accessible by anyone.
Â Recently, Blockchain has allowed using smart contracts on platforms such as Ethereum. The Blockchain can accomplish the difficulties by providing solutions to long-standing cyber-security and efficiency issues.
Â Increasing use of blockchain in financial services for quick and efficient payments services is driving the growth of the market.
Â Increased use of blockchain technology in banking, financial service, and insurance (BFSI) sector will drive the blockchain market in the coming years.
Â The rise in blockchain adoption in different sectors and the increasing demand for Block chain-as-a-Service (BaaS) solutions will drive the growth of Blockchain market globally.
Â Lack of adoption and awareness could hamper the blockchain market on the global scale. Besides security threat such as compromised in data confidentiality would be added danger to the market.
Market Segment Analysis
Â By Sector the market is segmented into the public and private sector. The private sector is accounted for the significant share in blockchain market with increasing private banking institutes globally. Public blockchain sector is expected to show stronger growth in the coming years.
Â By application, the market is segmented into Banking, financial, BFSI, Media and entertainment, supply chain management and others. The blockchain is primarily used in financial services.
Â Banking or payment segment is accounted for the significant share in blockchain market in recent years. In coming years, Blockchains will be used extensively to improve transparency in the financial systems and make quicker and efficient payments over time.
Â North America region accounts for the largest share in global Block Chain market in 2017. The growth in North America is attributed to the presence of various industries with large operation bases that has seen the successful implementation of smart contracts, documentation, and payment applications, especially in BFSI industry.
Â Asia Pacific market is expected to show stronger growth in the forecast period, due to increasing investments in designing a permitted block-chain network to streamline their internal operations and minimize costs.
Â Some of the Key Players in the blockchain market are
Â Accenture Plc.,
Â Intel Corporation,
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