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Blockchain Technology Market is poised to witness significant demand through 2025 driven by advancing technologies along with rapid digitization within all the major industries. Blockchain has accelerated digitization through tokenization of physical resources, activities and codification of main contacts and automation. It offers numerous benefits like validation of transactions and the reduction of duplicative recordkeeping.The blockchain technology market revenue is estimated to reach USD 25 billion by 2025, as stated by the most recent study by Global Market Insights Inc. Blockchain technology usually enhances business transparency, eases the process of business and improves efficiency. Startups from countries like the U.S., U.K. and Israel have begun emphasizing on areas like cybersecurity, international shipping, DNA storage, diamond registration and cryptocurrencies.
There are several major industry players comprising blockchain technology market dynamics such as Microsoft Corporation, SAP SE, IBM Corporation and R3. There have been some new entrants of blockchain development companies within the industry who have been making efforts to raise funds from investors, VCs and other major industry leaders to propel their spending on research and development.
Governments in various nations have laid undertaken initiatives and let out heavy funds that have helped increase the deployment of blockchain across the world. Listed below are a few trends that are expected to influence blockchain technology market outlook over the coming years.
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1) Blockchain technology in stock markets -
Blockchain has massive potential in the stock markets as it helps in enabling faster exchanges, offers security and transparency and reduces risks. The shareholders of the stock market like the traders, regulators and brokers have to generally undergo complicated processes that usually take up nearly three days to complete through the number of intermediaries who have a role to play.
Blockchain can be used in stock markets for the direct transfer of shared ownership among several participants in place of using centralized hub for every transaction. The technology simplifies the entire mechanism through automation and decentralization. It can also help the stakeholders in cost reduction while also accelerating the process for faster transactions.
2) Widening application scope as a service -
Blockchain technology has been able to find various applications as a service in identity management, risk & compliance management, supply chain management and payments. Prime factors that have been attributing to the increased adoption are enhanced efficiency and cost reduction in data storage.
The technology provides decentralization in data storage which proves to be extremely effective in reducing costs for the end-users. IIBM had announced that it will enter a joint venture with Maersk Group in 2018 so that it could implement blockchain to enhance the digitizing of the supply chain and the global trade.
3) Growing venture funding for blockchain -
North America blockchain technology market will be expected to dominate the industry over the next few years on account of early adoption of the technology in several industry verticals to implement digital identity detection & smart contracts, documentation applications and payment & wallet solutions. The region also has some of the leading blockchain firms in terms of development and blockchain-as-a-service.
U.S. has received major venture capital investments within the blockchain industry. The U.S. had accounted for nearly 56% of share in the global blockchain investments between the years 2012 and 2017. There have been several Chinese cryptocurrency mining firms that have been focusing on Canada as it is an attractive destination for cryptocurrency mining owing to its cheap as well as reliable resources. Being a country that has a cold environment, it prevents the servers from getting overheated.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Website: https://www.gminsights.com/pressrelease/blockchain-market
Release ID: 89038670
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