New
York, NY 21 Nov 2019 : According to a new study published by Polaris Market
Research the global blockchain
technology market is anticipated to reach USD 16.82 billion by
2026. Also termed as Distributed Ledger Technology (DLT), blockchain enables
secure transaction over a distributed network. Since the transactions are taken
place usually over the network, it is difficult to reverse the transaction
history. Blockchain also eliminates the need of third-party verifications since
the ledgers are shared by all the parties over the distributed network. These
are some of the major factors for adoption of blockchain technology.
Blockchain technology is currently being adopted majorly by
the financial institutions due to its benefits such as reduced infrastructural
costs for reconciling statements, data management settlements etc. It has also
been proven beneficial to increase the transactional speed by eliminating the
need of trusted third party. Bitcoin uses cryptography for securing its
ledgers, thus ensures high security platform for the transactions.
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Adoption of blockchain is not limited to the financial
sector, however it is being implemented across different verticals. For
example, with blockchain’s extended support for Internet of Things (IoT), the
technology and telecom vertical is implementing blockchain for initiating a
better coordination between different devices. This sector is also benefitting
from blockchain because of its feature to eliminate the processing fees which
gets levied by third parties. Healthcare vertical is also focusing on
blockchain for securing its important and sensitive data and documents and for
securing its digital assets.
The
adoption of blockchain can be clearly seen in the North America followed by
Europe at a fast pace. However, the market for blockchain is gaining traction
in Asia Pacific region owing to the developing economies such as India and
China adopting this technology. Countries such as Australia have already
adopted this technology and are developing a private blockchain for its stock
exchange’s clearing and settlement process.
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Key Findings from the study suggest the largest share of
this market in 2017 was of North America, as there are a fundamentally high
number of ventures adopting the blockchain technology. The technology will have
the capacity to help IoT applications in technology and telecom sector along
with the enhanced payment solutions. The healthcare segment will adopt this
this technology owing to secure their sensitive information. Asia Pacific
market is anticipated to grow at a faster pace because of its changing financial
framework which drives the demand for secure and low-cost online payment
transfers. Speculations have been that more companies would invest in this
technology, thus tapping the huge potential in this market. Companies such as
Chain Inc., Ripple, Eric Industries, Microsoft, Circle Internet Financial
Limited, R3, Samsung, Deloitte, IBM, Deloitte, Linux Foundation, BTL Group, are
some of the prominent players in this market.
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