The global blockchain technology market is expected to reach
USD 7.74 billion by 2024, according to a new report by Grand View Research,
Inc. Blockchain is the underlying technology that originated in the form of a
public ledger to keep a track of all cryptocurrency transactions. The
technology works as an electronic transaction-processing and record-keeping
system. This allows various participants that are connected to the network,
usually public, to track information through a secure network, thereby
eliminating the need for any kind of third-party verification.
The increasing adoption of the technology in the financial
services sector and expected adoption across the public sector and healthcare
segments are few of the major factors that are expected to fuel the demand for
the said market.
The market is expected to grow rapidly owing to numerous
benefits that it provides, such as eradication of the requirement of a
financial institution to validate transactions, reduce duplicative record
keeping, eliminate reconciliation, minimize error rates, and facilitate faster
settlement. With the use of the said technology, the databases could become
universal in nature, thereby allowing multiple institutions to use it at the
same time to bring various different systems closer togetherand help increase
the efficiency.
The increasing demand for this technology across financial
services, consumer or industrial products, technology, media & telecom,
healthcare, transportation, and public sector is largely responsible for
driving the market toward growth.
The major drivers include the growing interest of the BFSI
sector and increasing merchants accepting crypto currencies among others. The
probable opportunity of this technology further includes the instant settlement
of various financial transactions and achieving optimized settlement options
for the netting and clearing process.
Browse full research report on Blockchain Technology
Market: http://www.grandviewresearch.com/industry-analysis/building-integrated-photovoltaics-bipv-market
Further key findings from the report suggest:
- Recently,
investments have been made in the technology by various financial
institutions in association with key technology players to further improve
the efficiency of the underlying financial processes and help minimize the
risk
- The
technology will be able to support IoT applications, book keeping in the
healthcare sector, instantaneous payments in the transportation segment,
and maintenance of records for land ownership by the governments in the
public sector.
- Some
of the prominent vendors in the market include Chain Inc., Circle Internet
Financial Limited, Digital Asset Holdings, Eric Industries, IBM
Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple,
and Safello.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the blockchain technology
market has been segmented on the basis of type, application, and region:
Blockchain Technology Type Outlook (Revenue, USD Million;
2015 - 2024)
- Public
- Private
- Hybrid
Blockchain Technology Application Outlook (Revenue, USD
Million; 2015 - 2024)
- Financial
Services
- Consumer
orIndustrial Products
- Technology,
Media, and Telecom
- Healthcare
- Transportation
- Public
Sector
Blockchain Technology Regional Outlook (Revenue, USD
Million; 2015 - 2024)
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
Access press release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-blockchain-technology-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information:
www.grandviewresearch.com
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