Blockchain is growing efficiently and enormously. It has captured the attention with Governments, enterprises, institutions. The ever-growing Blockchain community is in talks on what this innovative technology can offer to society.
In fact, Europe has taken active measures to support the innovation of platforms and applications in the form of number of initiatives, such as the European Union Blockchain Observatory and Forum.
According to market research published by ReportBuyer, the global Blockchain business is anticipated to be worth $7billion by 2022. But despite being a ‘hot topic’, Blockchain is yet to be widely implemented in anything other than for the purpose of cryptocurrency.
Now, let us dive deep into the Blockchain technology.
What does Blockchain mean?
Blockchain is defined as a digitally distributed, decentralized, and shared database that assists enterprises in identifying, tracking, and tracing every transaction on the enterprise Blockchain network. These transactions are recorded in the form of blocks. The blocks are then added to the Blockchain in a linear and chronological order. The Blockchain technology provides secure sharing of information, while also making the process transparent and immutable for all the participants.
What are the types of Blockchain?
The Blockchain technology enables governments, organizations, institutions, and businesses to create records and processes that are highly secure, transparent, and more resistant to corruption. The technology has been further divided into public and private Blockchains.
What is the Blockchain market size?
The global Blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. The increasing need for simplifying business processes and the need for supply chain management applications integrated with the Blockchain technology will drive the overall Blockchain market.
Who are the major vendors in the global Blockchain market?
In the Blockchain market, the key and emerging market players are IBM, AWS, Microsoft, SAP, Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, Symbiont, BigchainDB, Applied Blockchain, RecordsKeeper, BlockPoint, Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint, NTT Data, Factom, SpinSys, ConsenSys, Infosys, iXLedger, and Stratis.
Which vertical is expected to witness high growth rate in the coming years?
The banking and financial services application area is expected to hold the largest market size in the Blockchain market. The banking and financial services application area has realized the significance of Blockchain technology which helps secure transactions for customers. The Blockchain technology in the banking and financial services is expected to experience rapid growth worldwide, due to various factors, such as high compatibility with the financial services industry ecosystem, rising cryptocurrencies and Initial Coin Offerings (ICOs), rapid transactions, and reduced total cost of ownership.
Where can we find some more information regarding Blockchain?
You can find it on TECHVED TV. Now, what is TECHVED TV? It is a platform where speakers and mentors from across the globe share their insight and knowledge about the digital realm. This digital platform offers Quick Knowledge Capsules for our audience regarding Design, Technology & Innovation as a primary topic. It is a platform which provides regularly updated web series of different aspects of Digital Content. Moreover, TECHVED TV is an OTT platform.
We have got Blockchain episodes out here too! Yes, you can watch it right here, click on to the links below and enjoy the content from one of the leading mentor and expert in Blockchain industry, Mr. Raj Kapoor.