Blockchain technology is a distributed public register that stores all transactions that have happened, which is absolute and accessible to anyone.Recently, Blockchain has allowed using smart contracts on platforms such as Ethereum. Blockchain can accomplish the difficulties by providing solutions to long-standing cybersecurity and efficiency issues.
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Market Dynamics
The increasing use of blockchain in financial services for quick and efficient payment services is driving the growth of the market.Increased use of blockchain technology in the banking, financial service, and insurance (BFSI) sector will drive the blockchain market in the coming years.The rise in blockchain adoption in different sectors and the increasing demand for Blockchain-as-a-Service (BaaS) solutions will drive the growth of the Blockchain market globally.Lack of adoption and awareness could hamper the blockchain market on a global scale. Besides security threats such as compromised data confidentiality would be added danger to the market.
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Segment Analysis
The banking or payment segment is accounted for a significant share of the blockchain market in recent years. In the coming years, Blockchains will be used extensively to improve transparency in financial systems and make quicker and more efficient payments over time.By Sector the market is segmented into the public and private sectors. The private sector is accounted for a significant share of the blockchain market with increasing private banking institutes globally. The public blockchain sector is expected to show stronger growth in the coming years.By application, the market is segmented into Banking, financial, BFSI, Media and entertainment, supply chain management, and others. Blockchain is primarily used in financial services.
Competitive Landscape
Some of the Key Players in the blockchain market are IBM, Accenture Plc., Intel Corporation, Deloitte, and Microsoft Corporation. IBM is the dominant player in the blockchain market.Increasingly companies such as Overstock and PayPal are adopting cryptocurrencies to create a strong foundation and support, pushing blockchain towards mainstream despite recent drops.
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