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Blockchain technology
Market overview
A blockchain or also referred to as distributed ledger technology (DLT) is a growing list of records called blocks that are encrypted linked. Each block is composed of a cryptographic hash of the previous block, which is a timestamp and transaction data. Blockchain is a faster, safer and cheaper technology used to perform online transactions in the financial services and non-financial sectors. Decentralization in this technology eliminates the need for third parties or intermediaries to verify online transactions. The application of the blockchain has been extended to a variety of areas, including mobile payment and factoring. There has been a huge growth in the number of startups developing blockchain technology solutions over the period from 2014 to 2016. Blockchain has been considered a revolutionary technology as it helps reduce risk, eliminate fraud and bring transparency for a variety of applications.
The global blockchain technology market was accounted for $ 1,977.1 million in value terms in 2019 and is expected to grow at a CAGR of 58.7% for the period 2019-2027
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Competitive section
Major players operating in the global blockchain technology market are Digital Asset Holdings, LLC, Microsoft Corporation, Ripple, Deloitte Touche Tohmatsu Limited, R3, Consensus Systems (ConsenSys), IBM Corporation, JP Morgan Chase & CO, Coinbase, Accenture and Chain Inc.
Market Dynamics – Drivers
1. Faster and cheaper transactions offered by blockchain technology are expected to drive the growth of the global blockchain technology market during the forecast period
In blockchain technology, data is decentralized, thus eliminating the need for intermediaries or third parties to verify transactions. Eliminating third-party interference reduces the cost of third-party verification and data authentication. This control is distributed among the parties involved in the transactions, which in turn makes it faster. Furthermore, blockchain technology minimizes the infrastructure costs incurred due to intermediaries thus accelerating transactions. As a result, blockchain technology has attracted various sectors, including non-financial sectors. Therefore, the reduced time to transactions is expected to drive market growth over the forecast period.
2. The availability of a secure means to perform truncations is expected to stimulate the growth of the global blockchain technology market over the forecast period
Online payments via blockchain technology are safe as there are no intermediaries and the data is decentralized. The transition chain is fully automated from start to finish and requires no documentation, thus reducing errors caused by duplication. Furthermore, the availability of real-time transaction monitoring prevents fraud caused by errors during online payment. This enabled online transactions with large scale payments. Therefore, these factors are expected to spur the growth of the global blockchain technology market in the near future.
Market opportunity
1. Large-scale use of blockchain technology in cybersecurity, banking and the IoT can provide significant growth opportunities
Blockchain technology provides end-to-end, faster and more secure transactions. As there is no third party intervention, the cybersecurity industry has quickly started adopting this technology. Furthermore, the banking and insurance financial services and Internet of Things (IoT) sectors have begun to gradually adopt blockchain technology, due to its lucrative advantages. Service providers can take advantage of this untapped market and expand their consumer base.
2. Gradual adoption in the health and music sector is expected to present profitable growth opportunities
Several companies in the healthcare and music industry have begun to gradually adopt blockchain technology. In the music industry, this technology can help maintain a distributed database of music rights ownership information. In the music industry, this technology can help maintain a distributed database of music rights ownership information. In addition, the verification and authentication of documents for notary services can be done using blockchain technology.
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Market trend
1. Increase in investments in blockchain startups
According to the World Economic Forum’s “Deep Shift: Technology Tipping Points and Societal Impact” report in 2015, 10% of world GDP will be stored on blockchain platforms by 2027. The financial industry is the leading investor in blockchain technology solutions through the globe. Investments in blockchain technology have taken off since 2014. 2016 saw a total investment of US $ 1.4 billion in blockchain technology. In 2015, around 30 major global banks were part of the R3 consortium. Chain Inc., Consensus Systems, Ripple and R3 were the first venture capital-funded start-ups in the period from 2014 to 2015.
2. FinTech investments
Since 2015, there has been a significant increase in global FinTech investments. FinTech investments have gained significant traction in Asia Pacific, Europe and the United States; Europe leads global FinTech investments. The global blockchain technology market is expected to see significant growth during the forecast period, due to FinTech investments in the insurance, banking and online payments sectors.
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