New York City, 14 Jan 2019: Many of you have heard about the new wave in technology market which is taking everyone by surprise because of its revolutionary benefits. Yes, you guessed it right…Blockchain.
According to a recent research published by Polaris Market Research, one of the most trusted market research, consulting and business analytics firms, global blockchain technology market size is projected as USD 16.82 billion by 2026. Even though the blockchain technology marketplace is combating with government regulations and safety concerns, it is anticipated that blockchain technology will be gaining momentum in the future.
Factors like reduced total cost of business, quicker transactions with transparent and streamlined business processes, growing cryptocurrencies market cap and ICOs are supposed to be responsible for the global growth of the blockchain technology market. The main features of blockchain technology are –
Source- Polaris Market Research
What is Blockchain Technology?
The blockchain is like an open ledger system that stores information in the form of blocks. Once a transaction is initiated, it is saved in the blockchain as new data. The blockchain consists of a grid of nodes which authenticate the warehoused communications or transactions using a smart set of rules.
Once the transaction is confirmed, it is added to the block of authorized transactions, which is then saved as a new block as a permanent record in the blockchain. These blocks are attached to each other in a sequential order.
The characteristic that makes blockchain technology so efficient is the data stored as blocks are permanent and cannot be altered. Blockchain technology, also known as distributed ledger technology or DLT, can authorize secure transactions over a decentralized network. Data cannot be changed or altered and the transactions cannot be reversed as the details are saved on the network.
Factors Backing the Spectacular Rise of Blockchain Technology Market
Source- Polaris Market Research
Factors like reduced total cost of business, quicker transactions with transparent and streamlined business processes, growing cryptocurrencies market cap and ICOs are supposed to be responsible for the global growth of the blockchain technology market. The main features of blockchain technology are –
• Blockchaintechnology is based on a decentralized system, in contrast to the cloud-based centralized storage system
• There is no need for third parties to get involved in any kind of transactions
• Blockchain technology is very secure as each transaction goes through strict authorization process
• It is transparent system
• Transactions and identities can be easily tracked
The migration from a centralized architecture to the decentralized will be responsible for enhanced business models in payments, online banking and financial technologies. Blockchain integration continuously registers and shares information to address out-dated process incompetence for all industries. Companies operating in the market offer blockchain platforms powered by tokens to get lifetime access to organization services.
Key Insights from the Research about the Blockchain Technology Market
Source- Polaris Market Research
Blockchain technology has already been adopted in North America and Europe. That being said, Blockchain technology is also setting its foot in Asia Pacific region specifically in the developing economies like India and China.
• Australia has also joined the task force and is developing its own reserved blockchain for stock exchange’s clearance and settlement procedures.
• In 2017 itself, North America had the largest share in the blockchain technology market many organizations are accepting the advantages and adopting blockchain technology.
• Blockchain technology is capable of helping IoT applications and telecom segment by improving the payment solutions with advanced security. Similarly, it can help healthcare sector too by securing the private and delicate hospital data.
• Asia Pacific market is anticipated to grow rapidly with the evolving financial structure to supply safe and economic payment transactions.
• Blockchain Technology is projected to tap huge market segment as more and more companies are willing to invest in it.
This technology has convinced many top players in the market of its potential. Companies like Chain Inc., Ripple, Circle Internet Financial Limited, Eric Industries, Microsoft, Samsung, R3, Deloitte, IBM, BTL Group, Linux Foundation and Deloitte are some of the major players in this blockchain technology market.
Read More: https://www.polarismarketresearch.com/industry-analysis/blockchain-technology-market/
Read More: https://www.polarismarketresearch.com/industry-analysis/blockchain-technology-market/
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