The global blockchain technology market size was valued at USD 3.67 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028. Blockchain has emerged as a highly promising technology in the IT domain. It is an open, immutable, distributed public ledger that can be accessed by several parties involved in the transaction and acts as a universal depository of all transactions between the involved parties. The increasing acceptance of cryptocurrency worldwide is one of the major factors driving market growth.
The traditional stock exchange involves a lot of bureaucracy and stages and thereby, requires three days for processing. However, blockchain technology’s decentralization nature in banking removes unnecessary intermediates and enables trade to be run on computers globally. At the same time, blockchain helps improve performance by reducing the redundancy of information in trading transactions. Various financial service providers use blockchain technology for enhancing their stock exchange processes.
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The blockchain technology market has witnessed growth during the COVID-19 pandemic. Blockchain technology plays a vital role in developing a platform for managing the COVID-19 pandemic. Various hospitals are using blockchain technology for tracking the COVID-19 vaccine. Two Hospitals, in Warwick (London) and Stratford-upon-Avon, are using blockchain technology to monitor the storage of the temperature-sensitive COVID-19 vaccine.
Key Player Mentioned:
- IBM Corporation
- Microsoft Corporation
- Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Limited
- Deloitte Touche Tohmatsu Limited
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHI)
- Monax
- Ripple
Application Segment Analysis:
- Digital Identity
- Exchanges
- Payments
- Smart Contracts
- Supply Chain Management
- Others
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
The remittance cost within the blockchain is 2% to 3% of the total amount as compared to other third parties as blockchain does not require third-party authentication. Various financial service and solution providers are entering into partnerships with blockchain solution providers to enhance their cross-border payment processes. For instance, in September 2019, Mastercard announced its partnership with R3, an enterprise blockchain software provider, to develop a blockchain-enabled cross-border payment solution.
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The increasing global demand for digital payment systems is driving the market growth in the current days. Digital payment relies on multiple parties to process transactions, including merchant banks, retail banks, card issuers, and payments software companies, which creates the demand for blockchain technology to secure the transactions. Simultaneously, the reliability of users on trusted institutions to complete their day-to-day electronic transactions is also creating the demand for blockchain technology.
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