Blockchain Technology Market (Application - Payments, Digital Identity, Smart Contracts, Documentation, and Others; Industry Vertices - BFSI, Media and Entertainment Sector, Healthcare and Life Sciences, Retail and E-Commerce Sector, Power Generation, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global blockchain technology market is projected to grow at a CAGR of 37.6% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 03/25/2019 -- The report defines the blockchain technology as the record keeping technology that contains the information within the chain of blocks. Blockchain uses cryptography to secure communication. In the blockchain technology, the chain of blocks is used to hold every information about transactions. Blocks used in the transaction contains a unique cryptographic hash along with the information about the previous block used in the same transaction. Even a small change in a transaction creates a completely new hash.
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Growing adoption of blockchain across various industry verticals is driving the growth of blockchain technology market. The blockchain is a trending technology used in the BFSI, media and entertainment sector healthcare and life sciences retail and e-commerce sector power generation and other industry verticals. Blockchain offers superior ability to maintain records with a minimum cost of operation. This technology is vastly used in the banks, government, and public databases as it provides a better security solution for fund transfers.
In addition, blockchain technology used in the backing and financial sector offers lower transaction fees, high transparency and minimize the hacker's attacks with improved securities. Furthermore, the use of this blockchain technology in the power sector is also increasing. Several utilities are evolving into a distributed and smart power grid. The various organization and the companies are investing in distributed power generation that expected to escalate the demand for blockchain technology in the energy sector. Moreover, adoption of the baas business model from the individuals and businesses is rising that anticipated to boost the demand of blockchain technology market in upcoming years.
Segmented by Applications
On the basis of application, global blockchain technology market segmented as Payments, Digital Identity, Smart Contracts, Documentation, and other applications. Blockchain technology is enormously being used in these applications owing to its offered security benefits. The growing popularity of smart contract is contributing to the growth of the blockchain market.
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The report of global blockchain technology market covers geographies such as North America, Europe, Asia-Pacific, and Rest of the World. Among these regions, North America is the dominating region in this market followed by Europe. High adoption of blockchain technology in the BFSI and healthcare industries are driving the growth of blockchain technology in this region. In addition, the high rate of new technology acceptance is contributing to the growth of this market. In addition, the Asia Pacific is the fastest growing region in this market owing to the rising adoption of blockchain technology, growing energy and healthcare sector, and digital advancements in the banking and financial sectors.
The report offers profiles of the companies in the global blockchain technology market such as IBM Corporation, Microsoft Corporation, Amazon, Blockchain Tech Ltd, AWS, Earthport, BTL Group, Factom, Ripple, and Abra.
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