Blockchain Technology Market is Booming Across The Globe Explored in Latest Research 2028

The global blockchain technology market size was valued at USD 5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030. The market growth can be attributed to the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for 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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• The latest product launches, along with technological changes and developments, are included in the report.
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