Blockchain : A new Rapidly Maturing Technology Of Trust
Blockchain is a block of chains that contains information. Block Chain Refers to a Data Structure. Block Chain is a Distributed Ledger that is completely open to anyone. Blockchain is a ledger which is immutable i.e once something is written in it, It cannot be changed or removed. This ledger stores information, which can be anything from transaction information to persons details.
Blockchain is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency and substantial cost savings; and increasing number of innovative start-ups worldwide will drive the market during the forecast period and have a high impact in the short term. However, factors such as concerns related to data privacy, confidentiality and security; unclear regulatory environment; and interoperability, scalability, and sustainability challenges are anticipated to hinder the market growth in the coming years.
The nature of businesses is becoming very competitive in every industry across the world and to compete efficiently, enterprises nowadays relying on technology integration into various business functions to increase operational transparency and efficiency. Blockchain has several applications in the financial sector including payments, capital markets, trade services, investment & wealth management, and securities & commodities exchanges among many others and substantial cost savings is one of the main drivers for rising adoption of Blockchain in this sector.
Major industries across are globe including BFSI, retail, logistics & transportation, healthcare, automotive, media & entertainment, and government are embracing and investing in disruptive technologies such as Blockchain, artificial intelligence, IoT, big data, and predictive analytics among others. The rising adoption of Blockchain technology is driven by the successful uses cases and proof of concepts of Blockchain in various industries that resulted into increased transparency, enhanced operational efficiency, and reduced costs.
Key Players:
IBM , Microsoft , Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP , Oracle , Intel , Ripple, Bitfury Group