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(IT-NEWSWIRE.COM, February 26, 2018 ) According to Publisher, the global blockchain market to grow from USD 212.09 million in 2016 to USD 4847.7 million by 2023, at a CAGR of 56.37%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
A blockchain is a digitized ledger that keeps secure track of digital currency transactions without any centralized record. Blockchain technology refers to distributed ledger technology (DLT) that stores the data across the network ensuring secured business transaction with less friction and more transparency. The blockchain technology is expected to make more scalable and safer business in a cost-effective way due to its ability to make efficient digital agreements, a better mean of establishing identity.
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The major forces driving the growth of the blockchain market include the need of transparency and immutability in transaction and consumer protection and money laundering regulations. Moreover, secure transaction and improved auditability reduced transaction and transaction settlement time more use cases and removal of middlemen and distributed database. However issue of low scalability, lack of understanding and knowledge, uncertain industry regulation and governance, and user privacy and security concern may hinder the market growth. In the middle of difficulty lies opportunity such as the fintech and insurtech, and industry apps and cloud. The possible challenges for the market growth are iot with complete transparency of the decentralized ledger, complex technical, and integration concerns. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global blockchain market is studied across aerospace & defense, banking, financial services & insurance, consumer goods & retail, education, energy & utilities, government, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, transportation & logistics, and travel & hospitality. Based on geography, the global blockchain market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
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Key Players:
AlphaPoint Exchange Solutions
BigchainDB Blockchain Database
Blockchain on Azure
Chain Core
IBM Blockchain as a Service
Oracle Blockchain Cloud Service
Rubix
SAP Leonardo
Stratis Blockchain
TIBCO Blockchain Solution
ReportsWeb.com
Rajat Sahni
+1-646-491-9876
sales@reportsweb.com
Source: EmailWire.Com 
Source: EmailWire.com
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