Ocean View, DE -- (SBWIRE) -- 04/09/2020 -- Blockchain technology market trends are poised to disrupt end-users, including financial services, government, healthcare, media and consumer market in the wake of increased interest and investment by stakeholders. Of late, data has unveiled itself as a bedrock of the future industrial space. Emerging technologies such as blockchain have allowed organization to drive business value throughout their supply networks. Nevertheless, the integrity of data in the blockchain enables stakeholders to vouch for transactions.

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Blockchain has boosted identity management framework as it helps organizations do away with collecting and storing every identity data attribute. In the same vein, identity fraud is eliminated by the fact that blockchain withstands tampering. The sheer impact of data privacy and the immutability of blockchain have propelled the evolution of blockchain identity. It appears regulatory watchdogs have stepped in to address the data identity. Notwithstanding reforms such as GDPR and the EU cookie regulation have fostered identity data, it is the emergence of blockchain technology that data is inaccessible to others and virtually tamper-proof.

Maintaining an efficient supply chain is a tedious task for businesses. To simplify operations and reduce cost, different technologies like blockchain are being adopted. Blockchain technology is extensively used in supply chain management to reduce cost of data storage and improve efficiency.

The technology offers decentralization across data storage, which reduces costs for end-users. Blockchain technology market leaders are acknowledging the pain points in businesses and are embracing blockchain to pass on a better supply chain ecosystem. Taking 2018 for instance, IBM declared a joint venture with Maersk Group to deploy blockchain for improving global trade and digitizing supply chain.

On the regional front, North America is expected to offer lucrative growth opportunities to the blockchain technology market. The technology is deployed across several industry verticals for the implementation of payment & wallet solutions, documentation applications, smart contracts & digital identity detection services.

North America has witnessed heavy venture capital investments in the blockchain technology market. Notably, the United States held for around 56% of the share in global blockchain investments between 2012-2017. Several Chinese cryptocurrency mining companies are considering Canada as a lucrative hub for cryptocurrency mining owing to the region's reliable & cheap energy resources. Canada has a cold climatic which helps in maintaining a cool environment for servers, thereby safeguarding them from overheating.

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Blockchain technology market participants are actively involved in establishing partnerships and collaborations to tap a major market share. In 2018, R3 partnered with HSBlox, a technology company that delivers new services in healthcare, to develop new blockchain initiatives for the healthcare sector based on Corda Healthcare Community.

Company profiled in blockchain technology market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Amazon Web Services, Bitfury, Coinbase, Earthport, Huobi Global, IBM, Microsoft, Ripple, R3

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