Global Blockchain Market is anticipated to thrive in the forecast period
2023-2028. For a variety of commercial applications,
including payments, exchanges, smart contracts, documentation, and digital
identification, use of blockchain technology solutions has grown significantly
during the previous two to three years. During the first half of 2022, venture
capitalists made more investments in blockchain technology. In 2022, Web3
was the most often invested in segment of the blockchain market. The demand for
blockchain is rising in the government sector because of advantages such as protection
of sensitive data, lower costs, and more efficiency, which are fueling market
expansion. Applications based on blockchain technology are in demand from a
number of government organisations, including the Department of Homeland
Security (DHS) in the United States, to improve their data security.
The Blockchain is a technological
database that is connected through cryptography and is a collection of data and
records. Data such as the date, time, payment participants, and other details
are stored in the block, which is referred to as a digital bit of information.
Each block is given a distinctive code known as a hash. The block is prepared
to be added to the blockchain if a code hash has been assigned to it. A wide
range of industries, including agriculture, healthcare, retail, and others, can
benefit greatly from blockchain technology. A blockchain is simply a network of
computer systems that duplicates and disseminates a digital log of
transactions. Several transactions are included in each block of the chain, and
each participant's ledger is updated whenever a new transaction occurs on the
blockchain. The term "distributed ledger technology" describes a
decentralised database that is controlled by numerous users (DLT).
Increasing government initiatives to
boost demand for blockchain platforms and services
Numerous businesses have adopted
blockchain technology, and the number of use cases for it is expanding daily.
Governments and businesses alike are using technology for routine business
processes for a number of reasons, including reduced middlemen and faster
transaction processing times. The latest technology offers openness and
security.
One of the many ways that different
solutions might benefit cybersecurity companies, end users, or even governments
is transparency. One of the few technologies that can simultaneously ensure an
attack's authenticity and make it public is blockchain. It aids in the better management of
sensitive information, which is crucial to the enterprise. By producing records
that are impenetrable and end-to-end encrypted, it aids in preventing fraud and
unwanted activity. With cutting-edge technology, privacy concerns can be solved
by anonymizing data and limiting access with user consent. Every stage of the process is documented
by a blockchain-based provenance trail for assets. This enables customers to
voice concerns about the environment, human rights, or situations where fraud
and counterfeiting are harming an industry. Via the procedure, customers may easily
view provenance. Furthermore, supply chain inefficiencies, such as those that
are waiting to be carried on loading docks, can be brought to light by
traceability data. Moreover, paper-based solutions take a lot of time, are
prone to human mistake, and involve a third party. These procedures can be
streamlined with blockchain technology to speed up and improve the efficiency
of transactions. There are around 82.22 million blockchain wallet users
worldwide, per data from 2022. The technique preserves transaction
information along with documents, preventing the exchange of papers.
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Demand for cryptographic ledger solutions will increase due to
increasing identity and data theft activities.
BFSI businesses are implementing digital
ledger technology to protect end-user identification and financial information.
The BFSI sector is seeing increased adoption of technology applications such as
cross-border transactions, clearing and settlements, trade finance platforms,
digital identity verification, and credit reporting. Consequently, one of the new trends
anticipated to fuel the growth of the blockchain market is the increasing
awareness of data protection from hackers activities among businesses and
consumers.
BaaS provides new market opportunities
for major market players
Through the development of a cutting-edge
approach for businesses to allow work-from-home access, the pandemic has
created an opportunity for cloud-based services. The need for cloud-based tools
to create virtual work environments has increased. As a result, software is
increasingly in demand across industries to maintain employment. The problems
that SMEs (small and medium-sized enterprises) have are perfectly solved by
BaaS. The need for BaaS products is rising as SMEs using cloud-based solutions
install distributed ledger-based services to protect digital entities and
authenticate human identities.
Growing demand for e-identity has driven
the expansion of Blockchain technology
The
development of Blockchain technology has been fueled by the rising need for
e-identity. The systems built on blockchain technology have a variety of application. To encourage secure transactions in the
public and private sectors, many governments have adopted market demand-based
identity systems using Blockchain technology at the national level. Over the
past few years, numerous governments have used blockchain technology with their
e-citizenship programmes. As a result, these nations have been successful in
reducing bureaucracy and developing identity-related procedures independently.
Also, with a secure digital identification, this technology has enabled them to
digitise all forms of public transactions. Also, the risk of financial investments
made by various nations has increased due to the expanding capitalization of
market-linked cryptocurrencies. According to the market size for Blockchain
technology, cryptocurrencies have contributed significantly to innovation
across a range of payment settings. These currencies have reduced transaction
fees as compared to other payment methods. Also, since transaction costs are
high, cryptocurrencies are enticing people and businesses to employ
international payment systems. Additionally, cross-border regulators are unable
to impose any limits on these transactions because of the decentralised
ownership of these coins. Low transaction fees are therefore advantageous for
the market for Blockchain technology, cryptocurrency capitalisation, and other
characteristics, which encourage venture capitalists to invest in Blockchain
technology market share.
Market Segmentation
The Blockchain market is segmented based on type, provider, organization
size, and vertical. Based on type, the market is segmented into public, hybrid,
and private. Based on provider, the market is segmented into infrastructure
& protocols provider, application & solution provider, and middleware
provider. By organization size, the market is segmented into Small & Medium
Enterprises and Large Enterprises. Based on vertical, the market is segmented
into Healthcare & Life Sciences, Retail & Ecommerce, BFSI, Government
& Public Sector, Automotive, Media & Entertainment, and Others.
Market Player
Major
market players in the Global Blockchain
Market are Accenture Plc, Alibaba Group Holding Ltd, Amazon.com Inc, International
Business Machines Corp, Infosys Ltd, Microsoft Corp, Oracle Corp, Salesforce
Inc, Tencent Holdings Ltd, Wipro Ltd.
Recent Development
- Amazon Web Services
(AWS) declared in March 2021 that Ethereum, a well-known decentralised
blockchain technology that created a peer-to-peer network allowing participants
to transact without the need for a reliable central authority, would be freely
accessible on Amazon Managed Blockchain. One of the most well-known use cases
is decentralised finance, a network of financial apps built on blockchain
networks.
- Enterprise distributed ledger technology (DLT) from
Oracle Corporation was made available in April 2021 for use in the healthcare,
financial services, supply chain, and other industries. The organisation has
put in place a variety of measures to prevent COVID-19, including as reliable
data collecting and anchoring, tamper-proof test result submission, and
validated health credentials.
- Accenture and
Digital Ventures, the fintech division of Siam Commercial Bank, created the
first fully integrated procure-to-pay blockchain solution in October 2020 to
speed up loan acquisition for Thai businesses.
- In September 2020,
Huawei introduced Blockchain Service 2.0, a cloud service based on blockchain.
(BCS 2.0). The updated platform satisfies 50,000 Transactions Per Second (TPS)
performance requirements, which is a lot more than Bitcoin and Ethereum can
manage. Also, BCS 2.0 extension will have a capacity of more than 1,000 nodes,
meeting the demands of large-scale and commercial blockchain networks.
- The IBM Blockchain
Platform 2.5, built on Hyperledger Fabric 2.5, will enable developers to transition
to cutting-edge multi-party systems in May 2020.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 –
2021
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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