The Blockchain Market to Witness Significant Growth in North America and the Asia Pacific
#3200,SEATTLE, WASHINGTION , UNITED STATES, December 9, 2021 /EINPresswire.com/ — United States/WA: Blockchain Market Perspective 2021
Blockchain is a decentralised software programme that enables secure digital transactions of digital currencies or cryptocurrencies like Bitcoin, Zcash, Dash, Litecoin, Ethereum, and others. Cryptocurrencies are becoming increasingly popular and accepted in both developed and emerging economies. It is simply a digital log of transactions that is duplicated and spread across the blockchain’s complete network of computer systems. With the growing popularity of blockchain technology in retail and supply chain management, the need for blockchain technology is likely to drive blockchain market growth.
Blockchain technology can be used to create a permanent and transparent ledger system for collecting data on exchanges, real-time tracking of digital transactions and payments, and preventing frauds and errors, all of which are likely to drive blockchain market growth.
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In April 2021, Tech Mahindra Ltd. partnered Quantoz, blockchain application incubator, to launch ‘stablecoin-as-a-service’ blockchain solution for global banks and financial institutions. The new blockchain solution will enable automated token, crypto, and fiat transaction processing for a variety of banking and payment functions. Moreover, MUFG and Akamai launched blockchain payment network GO-NET to connect payment service providers. Such initiatives by market players are also responsible for the blockchain market growth. Digital currencies work on the principle of blockchain technology, which involves mining transactions in blocks to execute and perform multiple computations, so that those blocks can be sealed.
Companies Covered as part of this study include:
IBM Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture Plc, and Infosys Ltd.
These Blocks consist of information about the transactions and provide a reference to the previous Block, linking the prior to the present. Block links to the prior Block to form a Blockchain. Block contains the information about a set of transactional records for a particular period or fixed memory size. Furthermore, the blockchain market is witnessing robust growth, in North America and Latin America, due to rising awareness and increasing applications of this technology in various segments. For instance, the United States Department of Energy is exploring the application of blockchain for the management of next-gen power grids.
Blockchain market Taxonomy:
On the basis of type, the blockchain market segmented into:
Private
Public
Consortium
On the basis of application, the blockchain market segmented into:
Asset Management
Insurance
Payment
Supply Chain
Others
On the basis of end-user industry, the blockchain market segmented into:
Banking, Financial Services, and Insurance (BFSI)
Information Technology (IT)
Healthcare
Education
Telecom
Others
Moreover, In April 2021, Citi Innovation Labs patterned with the Inter-American Development Bank (IDB) to test the use of blockchain technology and tokenized money to send payments from the US to Latin America and the Caribbean. Rapid growth of the e-commerce in emerging economies of the Asia Pacific, such as India and China, is another major factor driving the blockchain market growth. According to the India Brand Equity Foundation (IBEF), the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. In the e-commerce sector, blockchain technology is used to gather data on exchanges, payments and real-time tracking of digital transaction.
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Table of Contents:-
1. Research Objective and assumption
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
3. Market Dynamics, Regulations, and Trends Analysis
Drivers
Restraints
Market Opportunities
4. Global Blockchain Competition by Types, Applications, and Top Regions and Countries
Global Blockchain (Volume and Value) by Type
Global Blockchain (Volume and Value) by Regions
5. Competitive Landscape
6. Market Size and Future Potential, By Industry Components
7. Production Market Analysis
8. Global Blockchain Market Analysis, By Industry Components
9. Market Share Analysis, By Region
10. Research Methodology
Continued…
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