What is Blockchain Technology Market?
Due to increasing applications of blockchain technology and growing automations across the globe, significant amount of demand will be generated over the forecasted period. The Block chain technology allows multiple participants to connect to the network, provides secured communication network. It works as a record keeping as well as electronic transaction processing. Growing digitalization of currency, online transactions as well as secure online payment gateways will create number of opportunities in the blockchain technology market.
The market study is being classified by Type (Public, Private and Hybrid), by Application (Payments, Exchanges, Clearing and settlement, Digital identity, Documentation, Smart contracts and Others) and major geographies with country level break-up.
International Business Machines Corporation (IBM) (United States), Intel Corporation (United States), Lenovo Group Ltd. (Hongkong), Eastman Kodak Company (United States), Facebook, Inc. (United States), Microsoft Corporation (United States), Ubisoft Entertainment SA (France), Samsung Group (South Korea), Steemit Inc. (United States), Cisco Systems Inc. (United States), Accenture (Ireland) and The Depository Trust & Clearing Corporation (DTCC) (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Citibank (United States), Wells Fargo & Company (United States), Mitsubishi Motors (Japan), Goldman Sachs Group, Inc. (United States), Line Corporation (Japan), Bitfury USA, Inc. (United States) and Ripple (United States).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain Technology market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Blockchain Technology market by Type, Application and Region.
On the basis of geography, the market of Blockchain Technology 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.
- Use of Blockchain Technology Provides Enhanced Security and Transparency
- Overall Operational Cost is minimized with increased Applications
- Increased use of Smart Contracts using Blockchain Technology
- Growing Adoption of Blockchain Technology in Content Streaming
- Complex Signature Verification using a Public-Private Cryptography Scheme such as ECDSA
- Consensus Mechanisms leading to Increased Operational Time
- Enormous Opportunities across Multiple Application Arenas such as Financial, Healthcare and Public Sector
- Data Communication Irrespective of the Central Administrator or Parent Node
- Maximum Transaction Cost and Requirement of Skilled Workforce
- Ample Chances for Public Disagreements between Different Community Sectors
Since the information technology in cryptocurrencies and blockchain boom, a number of global enterprises were either silent or negative towards cryptocurrencies and blockchains. But as a large number of people investing in the crypto market and the rapid growth of the industry is now undeniable, enterprises are facing the important decision to not lose time and get serious about cryptocurrencies. IBM's new head of Blockchain development, Jesse Lund has said that the company will see tons of demand for digital asset issuance across the board. This news indicates a lot of IBM's interest in the cryptocurrency market and the fact that there are central banks with plans of digitizing their monetary system.
On March 20th, 2018, G20 countries gathered in Buenos Aires to discuss the possible regulation of cryptocurrency. Argentina, Australia, Turkey, South Africa, and the United Kingdom proclaimed that they decided not to regulate cryptocurrencies. and At the same time the Head of the Bank of England ‘Mark Carney’, who was a chairman of G20’s Financial Stability Board has mentioned that crypto-assets will not pose risks to global financial stability at present time citing the relatively small capitalization of the market.
Key Target Audience
Service providers and distributors, Blockchain application builders, Customer experience management professionals, Independent Software Vendors (ISVs), Analytics consulting companies, Enterprises and End-users