The buzz around blockchain has intensified more than ever with the soaring interest of investors in Ethereum and Bitcoin world over. The technology together with its underpinnings of cryptocurrencies is destined to be the next big thing in digital transactions. Blockchain has triggered groundswell of interest among government organizations, financial companies, and institutions from a host of industries. Essentially a sophisticated accounting system, it features distributed code-based ledger whose functionality is not limited to moving cryptocurrrency, notably bitcoin, swiftly and securely but enables the movement of large volumes of data.
The disruptive digital platform is characterized by a robustly encrypted database that prohibits any data tampering, thereby reducing security breaches. Plus, the technology prohibits any single entity to take control of the data. Engineered to achieve record reduction of business time, the blockchain technology promises myriad advantages. Harboring several exciting avenues, the blockchain technology market is set for an explosive growth ahead.
According to Transparency Market Research, the global market is projected to expand at a whopping CAGR of 58.7% from 2016 to 2024, to reach a valuation of US$20 bn by the end of the forecast period.
Which are potential applications of blockchain technology?
Equipped with unending possibilities, blockchain technology is likely to witness a surge of promising applications in a number of end-use industries. Financial organizations are implementing blockchain platform for interbank money transfers and to facilitate stock trading. Retailers with the likes of Walmart witness the vast benefits of blockchain to thoroughly track the journey their products make from node to node. Players in the supply chain logistics are experimenting with the technology to streamline their processes, maintain data integrity, and fix any error, all aimed at maximizing their efficiency.
One of the key trends that is accelerating the adoption is the implementation of internet-of-things (IoT) in the supply chain. A recent case where blockchain has enhanced efficiency is modum.io AG, a tech startup. It has implemented a system to connect a number of IoT sensors with blockchain platform and uses it to track product movements and ensure data integrity across the supply chains.
Recently Maersk, a prominent Danish shipping company, completed the testing of a 20-week blockchain proof of concept trial for its shipping insurance. The platform they used, called KSI, was developed by a startup and is aimed at facilitating audit processes in a shipping supply chain. One of the key objectives was to ensure secure sharing of data in real time without any tampering. Further, the platform enables the different entities in marine insurance to agree on the conditions of premium, in a timely manner.
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Which regions are predicted to witness substantial adoption in the coming years?
Regionally, North America is the dominant market for blockchain technology as it held the major share in 2015. A large number of early adopters, fueled by its growing acceptance, is likely to keep the regional market at the forefront. A growing number of enterprises, especially in the U.S., from across a wide number of industries consider are looking for substantial benefits in the applications of blockchain technology. Furthermore, in various parts of the region, numerous players in the areas of healthcare, retail, shipping, energy, and finance are experimenting with the technology to leverage its vast potentialities.
Meanwhile, Asia Pacific is projected to offer lucrative avenues to market players. The region is likely to witness a surge of opportunities brought about the rapid pace on industrialization in several developing economies. The regional market is projected to rise at an impressive CAGR of 61.3% during the forecast period. The demand for secure and fast online payment will further bolster the uptake in the region.