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Global Blockchain Market, Size, Share, Trends 2024 - Key Players are Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited
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On the basis of application, the blockchain market is segmented into smart contracts, payments, documentation, supply chain management, exchanges, governance, risk, and compliance management, digital identity, and others. Among all these segments, payment contributes the largest revenue globally and digital identity application is expected to witness the fastest growth during the forecast period.
The increasing and shifting trend that is observed in the growth of the blockchain market includes increasing utilization of the technology amongst several government organizations across the globe.
The major factors that are driving the growth of the blockchain industry include increasing adoption of cryptocurrencies from various merchants and business organizations operating in BFSI domain.
The key players in blockchain market are launching new link for various supply chain experts. Furthermore, there are several software development enterprises that are embracing the technique at an extensive rate as it helps them in fighting against fraudulent activities.
Geographically, North America has accounted for the largest share in the blockchain market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of large number of organizations having huge base of operation, adoption of payment and documentation uses in several industries along with widespread execution of smart contracts.
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The blockchain market is consolidated structure wit the presence of key players such as IBM Corporation, Ripple, Amazon Web Services, Inc., Microsoft Corporation, Abra, Chain Inc., BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
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