Global Blockchain Technology Market 2021-2030: Industry Expansion Analysis, Application, Opportunities and Key Markets.

In order to provide a penetrative market insight Absolute Markets Insights has added statistical data to its repository titled as Blockchain Technology Market. The data generated in a unique way using detailed primary and secondary research methods is unique and reliable. The information presented in this way affects various business dynamics designed to provide a complete description of the changing variables.

Blockchain technology, established by an individual group of people that goes by the pseudonym Satoshi Nakamoto, has taken the world by storm. It was developed to keep track of the transactions of the popular cryptocurrency called bitcoin. Ever since its arrival, the banking and financial services industry (BFSI) has invested heavily in blockchain technology to incorporate a digital, tamperproof ledger for keeping track of the financial transactions. The solving of the double-spending problem that was prevalent in digital currencies was accomplished by bitcoin, owing to blockchain technology. Smart contracts contain pre-set conditions that trigger certain actions. Simply put, smart contracts are automated by certain rules that have been confirmed and agreed upon by the stakeholders.

Blockchain technology has developed the adoption of smart contracts. For example, a financial loan based that is governed by a smart contract will transfer the ownership of the collateral to the lender in case the loan has defaulted. The decentralized nature of blockchain ensures that additional verification isn’t required by a government authority. Blockchains, in nature, can’t be tampered with, which ensures higher transparency among the stakeholders. The technology can also help in reducing the instances of contract by default. The adoption of smart contracts is in turn leading to the growth of the global blockchain technology market.

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Industries are embracing blockchain technology with glee. Large conglomerates are spending millions in dollars in blockchain research. Banks and Insurance companies, in particular, are collaborating with key market players to increase the ease of customer verification. For example, the banking consortium in UAE, which consists of six leading banks in the region, has announced its partnership with blockchain applications and platform providers, Nordbloc.

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Payments and transactions tracking segment is expected to account for the highest market share. Increasing investments by government bodies to reduce payment fraud and embezzlement of money is one of the major factors for the same. The highest growth during the forecast years is expected from the healthcare sector, primarily due to the increasing demand for bringing down the cases of healthcare insurance related frauds and drug abuse. North American dominated the blockchain technology market. This can be attributed to the rapid implementation of blockchain technologies in developed countries like the United States and Canada.

The major participants in the blockchain technology market:
Altoros, BigchainDB GmbH, Blockchain Intelligence Group, IBM Corporation Blockchangers, Microsoft, Ripple, ChromaWay AB and Interbit, Intellectsoft US, amongst others.

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Blockchain Technology Market:

By Offering
o Solutions
o Services

By Organization Size
o Small and Medium Enterprises
o Large Enterprises

By Applications
o Payment and Transaction
o Smart Contract and Documentation
o Digital Identity
o Digital Asset Exchange
o Others

By Industry
o Banking, Financial Services and Insurance (BFSI)
o Education
o Healthcare
o Government
o Energy and Utilities
o IT and Telecommunication
o Media and Entertainment
o Food and Agriculture
o Real Estate
o Others

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