Consortium Blockchain Market to be Dominated by North America Region through 2027
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.
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on "Global
Consortium Blockchain Market"
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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