What is Blockchain Government Market?
The block chain based government protects data, streamline processes, reduce fraud, and abuse. It increases trust and accountability. In this model the individuals, businesses, and governments shares resources over the distributed ledger which is secured using cryptography. It eliminates the single point of failure and protects data of government and citizen. In addition, the block chain based government reduces labor intensive processes, potential for corruption and abuse, and reduces excessive costs which are associated with managing accountability. Therefore, these advantages are increasing the market growth.
The market study is being classified and major geographies with country level break-up.
IBM (United States), SAP (Germany), Microsoft (United States), Oracle (United States), Deloitte (United States), AWS (United States), Infosys (India), Bitfury (Netherlands), Auxesis Group (India) and Cegeka (Netherlands) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Factom (United States), BTL (Canada), SpinSys (United States), OTC Exchange Network (United States), ModulTrade (United Kingdom) and Blocko (South Korea).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain Government market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Blockchain Government market by Type, Application and Region.
On the basis of geography, the market of Blockchain Government has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Interest among the Government Sector in Block Chain Technology
- Increasing Need to Protect Data Owing to Instances of Fraudulent Activities
- Adoption of Technology in Applications Such as Identity Management, Smart Contracts and Others
- Lack of Regulatory Standards May Hamper the Market
- Transformation of Business Processes in Government Sector
- Increasing Need for a Transparency and Decentralized Government
- Lack of Technical Understanding and Awareness
Market Leaders and some development strategies
On 16th October 2019, IBM announced the acquisition of Red Hat to work to improve and strengthen its new block chain supply chain product. IBM has already used Red Hat's strength in the sterling supply chain to suit its new block chain supply chain solution. Given the potential of block chain in supply chain management, the industry views new solutions in this field with considerable interest. If such a new solution includes features as a result of the collaboration between IBM and Red Hat, then itís sure to make businesses sit up and notice.
On 7th August 2019, IBM announced a block chain-based supply chain verification network, called 'Trust Your Supplier" designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors creating friction less connectivity across supply chains.
Key Target AudienceBlockchain Supply Chain Providers, Blockchain Supply Chain Application Developers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
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