Consortium Blockchain Market are expected to drive the demand for the global consortium blockchain market in the forecast period, 2023-2027.
According to TechSci Research report, “Consortium Blockchain Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global consortium blockchain market is expected to register growth at a formidable rate during the forecast period. The market growth can be attributed to the rising need among organizations to incorporate distributed ledger technology to enhance transparency, boost operation efficiency, and strengthen data security. Besides, increasing use of consortium blockchain across various end-user industry such as logistics, banking & finance, agriculture, food & beverage, etc. In addition, high investment by banks to develop consortium blockchain for improved peer-to-peer communication and automated order-to-payment process on intelligent contracts is expected to fuel the growth of the global consortium blockchain market in the coming years. In consortium blockchain, the participants cannot remain anonymous and everyone on the platform knows each other and keeps one in check, which prevent the risk of criminal activities. Thus, enterprises are leveraging consortium blockchain platforms to ensure safety and reduce the risk of fraudulent activities. Unlike private blockchains, consortium blockchains do not have a single authority or organization to govern the platform and hence multiple organizations are responsible to make a decision. In coming years, increased focus of government and private players to digitize systems and strengthen data security is anticipated to boost the growth of the global consortium blockchain market.
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The global consortium blockchain market is segmented into application, organization size business model type, platform type, end user, and region.
Based on application, the market is bifurcated into financial and non-financial. The financial segment is expected to hold the largest share in the global consortium blockchain market, owing to the increasing number of collaborations by banks to form a consortium for using blockchain technologies in financial services. Financial institutions are looking for solutions to streamline their international trade transactions by digitizing the trade financing process as trade wars continue to intensify. Consortium blockchain allow transparency around trade transactions and operations, ensure timely clearance of cross-border payments and remittances, enable fraud and error reduction, and lower administrative costs for banks.
Based on organization size, the market is fragmented into large enterprises & SMEs. The large enterprises segment is expected to register the highest growth in the global consortium blockchain market in the forecast period. The segment growth can be attributed to the well-developed technological infrastructure in those organizations, enabling them to form consortia with other institutions. Besides, large enterprises are currently investing in experimenting and integrating distributed ledger technology for conducting corporate-led initiatives.
Based on business model type, the market is segmented into non-profit entities and profit entities. The profit entities are expected to hold the largest share in the global consortium blockchain market as the technology is being widely used by corporations who are inclined to keep their operations internal and private and maximize their profits.
Based on platform type, the market is divided among hyperledger, corda, ripple, multichain & others. The hyperledger segment is anticipated to hold a significant share in the global consortium blockchain market during the forecast period. Hyperledger platform allows faster and better transactions without any concern. Besides, hyperledger has high level of trust as authentication required across nodes and network scalability are optimized. Hence, these advantages of hyperledger are contributing to their increasing penetration across various organizations.
Based on end user, the market is divided into logistics, insurance, and healthcare, BFSI government & others. The BFSI segment is expected to dominate the global consortium blockchain market during the forecast period. Consortium blockchain is being widely used in the BFSI sector to fulfill the increasing need to streamline the banking processes with distributed ledger technology.
Major market players operating in global consortium blockchain market are:
- Contour Blockchain (Voltron)
- BankChain
- Marco Polo Network
- We.trade
- B3i
- FundChain
- Hashed Health Collective
- China Ledger
- Financial Blockchain Shenzhen Consortium (FISCO)
- Enterprise Ethereum Alliance
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“Governments of several countries are experimenting with the application of blockchain and distributed ledgers to improve processes and address internal needs. Non-financial institutions are also investing to develop consortium blockchain platforms to streamline business processes and develop industry-wide technological solutions. With growing focus on enhancing data privacy, both government and private players are likely invest more in consortium blockchain platforms, which is expected to boost their market growth in the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.
“Consortium Blockchain Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Application (Financial & Non-Financial), By Organization Size (Large Enterprises & SMEs), By Business Model Type (Non-Profit Entities & Profit Entities), By Platform Type (Hyperledger, Corda, Ripple, Multichain & Others), By End User (Logistics, Insurance and Healthcare, BFSI, Government & Others), By Region”, has evaluated the future growth potential of global consortium blockchain market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global consortium blockchain market.
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