Global Blockchain Technology Market Forecast 2024 by Type (Public, Private, and Hybrid)

The global blockchain technology market is expected to reach USD 7.74 billion by 2024, according to a new report by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions. The technology works as an electronic transaction-processing and record-keeping system. This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification.

Browse the report: http://www.orbisresearch.com/reports/index/blockchain-technology-market-analysis-by-type-public-private-and-hybrid-by-application-by-region-and-segment-forecast-2015-2024

The increasing adoption of the technology in the financial services sector and expected adoption across the public sector and healthcare segments are few of the major factors that are expected to fuel the demand for the said market.

The market is expected to grow rapidly owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative record keeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement.

With the use of the said technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer togetherand help increase the efficiency.

Request a sample of the report: http://www.orbisresearch.com/contacts/request-sample/198781

The increasing demand for this technology across financial services, consumer or industrial products, technology, media & telecom, healthcare, transportation, and public sector is largely responsible for driving the market toward growth.

The major drivers include the growing interest of the BFSI sector and increasing merchants accepting crypto currencies among others. The probable opportunity of this technology further includes the instant settlement of various financial transactions and achieving optimized settlement options for the netting and clearing process.

Further key findings from the report suggest:

Recently, investments have been made in the technology by various financial institutions in association with key technology players to further improve the efficiency of the underlying financial processes and help minimize the risk.

Buy the report@http://www.orbisresearch.com/contact/purchase/198781

The technology will be able to support IoT applications, book keeping in the healthcare sector, instantaneous payments in the transportation segment, and maintenance of records for land ownership by the governments in the public sector.

Some of the prominent vendors in the market include Chain Inc., Circle Internet Financial Limited, Digital Asset Holdings, Eric Industries, IBM Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple, and Safello.

About Us:

Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our clients to map their needs and we produce the perfect required market research study for our clients.

Contact Information:

Hector Costello
Senior Manager – Client Engagements
4144N Central Expressway,
Suite 600, Dallas,
Texas – 75204, U.S.A.
Phone No.: +1 (214) 884-6817; +9164101019
Email: sales@orbisresearch.com

This release was published on openPR.