Blockchain Distributed Ledger Market Value Projected to Expand by 2028

The global blockchain distributed ledger market is anticipated to grow at a significant CAGR of 15.5% during the forecast period. The BFSI companies operating in the global market are rapidly adopting digital ledger technology to secure end-users financial and monetary data & identity. Technology applications including cross-border transactions, clearing and settlements, trade finance platforms, and credit reporting are gaining traction across various end-user industries, this is expected to foster market growth. For instance, in June 2021, Indian banks such as SBI, HDFC Bank, ICICI Bank, and 12 others have come together to further widen the blockchain application for the processing of Letters of Credit (LCs/LoCs), GST invoices, and e-way bills. The project is expected to use Infosys' Finacle Connect, a blockchain-based platform that enables digitization and automation of trade-related finance processes. For this to be implemented, the 15 banks have formed a company called Indian Banks' Blockchain Infrastructure Co Pvt Ltd (IBBIC).

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Moreover, the several key producers of blockchain distributed ledgers such as Blockstream, Coin Sciences Ltd., and Well Fargo are expected to increase their footprint through joint ventures and mergers. In December 2021, Wells Fargo partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions. By using the HSBC-developed FX Everywhere platform settling three million transactions to date worth $2.5 trillion. Furthermore, in January 2022, Google Cloud announced a new digital assets team to support the customers' needs in building, transacting, storing value, and deploying new products on blockchain-based platforms. The Google Cloud team provides several short- and long-term initiatives to support companies in the digital assets/blockchain ecosystem, this includes node hosting, remote procedure call (RPC), hosting several public BigQuery databases, including bitcoin, Ethereum, bitcoin cash, Dash, Litecoin, Zcash, Theta, Hedera Hashgraph, Band Protocol, IoTeX, Polygon, XRP, and Dogecoin.

Market Coverage

• The market number available for - 2021-2028

• Base year- 2021

• Forecast period- 2021-2028

Segment Covered-

· By Enterprise Size

· By Application

· By End-User

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

• Competitive Landscape includes- Depository Trust & Clearing Corp., Digital Asset Holdings, LLC, Elrond Network, Enterprise Ethereum Alliance, and others.

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Blockchain Distributed Ledger Market- Segmentation

By Enterprise Size

· Large Enterprises

· Small & Medium Enterprises

By Application

· Payments

· Smart Contracts

· Supply Chain Management

· Compliance Management

· Trade Finance

· Others

By End-User

· BFSI

· Government & Public

· Manufacturing

· Retail & E-Commerce

· Media & Entertainment

· Transportation & Logistics

· Healthcare

· Energy & Utilities

· Others

Global Blockchain Distributed Ledger Market by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· Alchemy Insights, Inc

· AlphaPoint Corp.

· Amazon aws

· Auxesis Services & Technologies Pvt Ltd.

· Blockstream

· Coin Sciences Ltd

· ConsenSys Software Inc.

· Dapper Labs Inc.

· Depository Trust & Clearing Corp.

· Digital Asset Holdings, LLC

· Elrond Network

· Enterprise Ethereum Alliance

· Financial Services Blockchain Consortium (Shenzhen)

· Huobi Global Platform

· IBM

· Linux Foundation

· NTT Data

· oracle

· Polygon Technology

· Sky Mavis

· TomoChain Lab Pte. Ltd

· Zhejang Huawei Scientific Instrument Co. Ltd.

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