The Blockchain Services market size is expected to reach USD 550.68 Billion in 2030 and register a revenue CAGR of 69.1% over the forecast period, according to the latest report by Reports and Data. Surge in data and identity theft activities is driving Blockchain Services market revenue growth. Blockchain Services has developed over the years and aids in conduction of financial transactions. Increase in cashless payments, credit and debit cards, and card-based payment methods are becoming quite common. Blockchain Services supports these changes by increasing transaction processing speed and providing greater efficiency in real-time processing.

Blockchain Services brings digital technology into real-time computing systems management. Blockchain Services can change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment. Blockchain Services offers a sturdy environment for sharing data securely in real-time. The technology provides enhanced security to real-time digital economic process. Blockchain Services in retail industries is being used by companies such as Walmart and Visa. They are using Blockchain Services to streamline supply chains, speed-up payments, and store records.

Blockchain Services is a technology that keeps record of any digital transaction made by users in multiple systems for decentralized storage of data. Digital economy has changed dramatically over the years with a rise in the value of cryptocurrencies, such as ‘Bitcoin’ increasing exponentially in last couple of years. Technology that supports cryptocurrency is known as the Blockchain Services. It serves as an encrypted ledger to keep a track on cryptocurrency’s value and ownership. Blockchain Services significantly decreases cost by removing the “middleman” in digital marketing. In case of search engine marketing through Blockchain Services, website owners can save cost by removing the need for Google or Facebook or any other intermediaries.

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Blockchain Services technology is a decentralized system that records digital transactions across multiple systems, providing secure and transparent data storage. It has gained significant prominence in the digital economy, primarily due to the exponential increase in the value of cryptocurrencies like Bitcoin. Cryptocurrencies rely on Blockchain Services technology to track their value and ownership through an encrypted ledger.

One of the key advantages of Blockchain Services technology is its ability to eliminate intermediaries, thus reducing costs in digital marketing. By removing the need for middlemen, Blockchain Services enables direct peer-to-peer transactions, bypassing platforms like Google, Facebook, and others. This decentralized approach not only streamlines the process but also reduces associated fees and restrictions.

Cryptocurrency is perhaps the most well-known application of Blockchain Services technology. It serves as a digital currency used for online buying and selling. With its global reach, cryptocurrencies can function as a form of digital money anywhere in the world. The underlying Blockchain Services technology acts as a public ledger, recording and securing online transactions. This enhanced cryptographic security system makes it challenging for cryptocurrency theft, as each unit has a unique identification number accessible only to its owner.

Cryptocurrencies also have the potential to reduce reliance on central banks and individualized currencies. Unlike traditional fiat currencies, cryptocurrencies can be sent to anyone, anywhere in the world, without the need for currency exchanges or interference from central banks. This enables fast and seamless cross-border transactions, making it an attractive option for international trade and financial inclusion.

A notable development in the adoption of cryptocurrencies occurred on 8 June 2022, when PayPal enabled its users in the United States to send digital currency to third-party wallets or exchanges. Initially supporting Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, this feature aims to expand nationwide in the near future. This move by PayPal signifies a significant step toward mainstream acceptance and integration of cryptocurrencies into everyday financial transactions.

Some Key Highlights in the Report

• Smart contracts segment accounted for largest revenue share in 2020. Organizations are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over Blockchain Services guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter contract.
• Supply chain management segment revenue is expected to register highest growth rate during the forecast period. Blockchain Services revolutionizes retail sector supply chain management by deploying real-time digital ledger of transactions and movements for all participants in supply chain network. Benefits gained by this will save company’s time and money and redefine the way of business.
• Availability of resources and capital for the incorporation of new technologies is expected to propel the adoption of Blockchain Services in large enterprises. Large enterprises segment accounted for a larger revenue market share in 2020. High investment in research and development activities to build the best-fit technology to enhance organization’s business is driving revenue growth of large enterprises segment.
• Blockchain Services makes it possible for retail giants to create their own brand of currency for customers to claim rewards. It can also allow brands to share those loyalty points among themselves to reward their customers. Retail & e-commerce segment revenue is expected to grow at a significant rate during the forecast period.
• Market in North America accounted for largest revenue share in 2020. The region emerged as most attractive market for Blockchain Services owing to more adoption of technology in banking, financial services and insurance sector, and retail and e-commerce. Highly competitive market in the region is due to presence of major companies which in turn is driving growth of the market.

Some of the key companies operating in the global Blockchain Services market include:

IBM Corporation, Accenture, Intel Corporation, Amazon Web Services, Inc., Oracle, Huawei Technologies Co., Ltd., SAP SE, Blockchain Services Foundry, Inc., NTT DATA Corporation, Infosys Limited, BigchainDB GmbH, and SpinSys.

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Global Blockchain Services market segmentation:

Component Type Outlook (Revenue, USD Billion; 2019–2030)

• Platform
• Services

Type Outlook (Revenue, USD Billion; 2019–2030)

• Public
• Private
• Hybrid

Provider Outlook (Revenue, USD Billion; 2019–2030)

• Application Providers
• Middleware Providers
• Infrastructure Providers

Organization Size Outlook (Revenue, USD Billion; 2019–2030)

• Small and Medium-sized Enterprises
• Large Enterprises

Application Outlook (Revenue, USD Billion; 2019–2030)

• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Supply Chain Management
• Others

End-use Outlook (Revenue, USD Billion; 2019–2030)

• Government
• IT & Telecommunications
• Healthcare
• BFSI
• Real Estate
• Retail & e-Commerce
• Media & Entertainment
• Transportation and Logistics
• Energy and Utilities
• Others

Regional Outlook:

·       North America

o   U.S.

o   Canada

o   Mexico

·       Europe

o   Germany

o   Italy

o   U.K.

o   Rest of EU

·       Asia Pacific

o   India

o   China

o   Japan

o   South Korea

o   Rest of APAC

·       Latin America

o   Brazil

o   Argentina

o   Rest of Latin America

·       Middle East & Africa

o   Saudi Arabia

o   South Africa

o   U.A.E

o   Rest of MEA

Key objectives of the report:

·       Details about revenue growth, market size, drivers, opportunities, constraints

·       Historical and forecast revenue of the key segments, products, applications and detailed analysis of the regions in the market

·       Production capacity, revenue, pricing structure, market share, and CAGR.

·       To offer insights about current market position, forecast estimation, competitive landscape and research and development activities

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