BlockChain Technology Global Market — Overview
Blockchain technology is the trending word in the digital currency market. The technology has an ability to perform financial operations instantaneously through permissioned ledgers which are distributed uniformly. The major growth factors of the blockchain technology market, is the rising security concern for payment and transactions by companies. Blockchain technology offers secure and faster payment services with the help of cryptography technology which keeps the data encoded until it will reach to receiver.
The increase in adoption of blockchain technology in the financial services sector, public sector and healthcare segments are other prominent factors that is expected to fuel the market.
Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share. BFSI sector is investing in blockchain technology, owing to its ability to address multiple challenges associated with digital transaction such as double spending and currency reproduction. Double spending which is an attack where the given set of coins is spent in more than one transaction. It is also capable to reduce the cost of online transaction and simultaneously increase security and authenticity. These benefits are the prime reason for the adoption of blockchain technology within the banking sector.
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A number of players in the finance market are looking for investment opportunities in digital currency and many have made the first phase of investments to develop digital currencies and services in the industry. However, the market at present is struggling with regulatory uncertainties and security concerns, the coming years are expected to witness a larger role of the blockchain technology in financial transactions.
IBM Corporation (U.S.), Microsoft Corporation (U.S.), Deloitte, Inc. (U.S.), Ripple (U.S.), Coinbase (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), Bitfury Group (U.S.), BlockChain tech Ltd. (U.K.), and Earthport PLC (U.K.) are some of the prominent players at the forefront of competition in the Global Blockchain Technology Market and are profiled in MRFR Analysis.
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