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Blockchain Technology Market is Set to Fly High in Years to Come | Microsoft, IBM, Deloitte
Blockchain Technology Market
The Major Players Covered in this Report: Microsoft, IBM, Deloitte, and Capgemini
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Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuously growing list of blocks (record) that are linked and secured using cryptography. Each new block created is connected to the previous block via a “cryptographic Hash”. Europe holds the second most significant share in the Blockchain technology market. Europe is expected to grow at a CAGR of 35.8% 2021-2026 and generate a global revenue of USD 4.3 Bn by 2023. A European Blockchain observatory and forum hub has begun monitoring existing Blockchain initiatives, trends and potential risk. The forum will create more awareness that should drive the adoption of the technology in this region.
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Key growth factors:
-Retail customers are now preferring digital platforms for making purchase/ payments. In order to provide continuous support, retailers are looking to adopt Blockchain technology for securing and streamlining processes. This would further accelerate the adoption of Blockchain by retailers.
-GDPR (General Data Protection Regulation) is expected to promote Blockchain technology to overcome barriers and ease cross-border payment
Threats
The decentralized characteristic of Blockchain technology clashes with European regulations on personal data protection. This hinders the adoption of the technology
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