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Blockchain Technology Market 2019 - Increasing demand from BFSI sector to stoke growth in Blockchain Technology industry

April 18, 2019 | Information & Technology

The advent of blockchain in diverse industries is creating new dimensions of growth to the world of technology. Blockchain is not limited to mere algorithms, codes, and regulations, it is more than a decentralized phenomenon. Blockchain technology uses timestamps and cryptography in a digital ledger technology (DLT) in order to build secure and stable records.

Global players in the Blockchain Market are determining ways of developing digital payment methods with digital money such as bitcoins, amazon cash, PayPal, and others. Both private and government organizations are investing huge sums into research and development centers for developing and deploying blockchain solutions, thus creating new opportunities for the global blockchain technology industry.

Increasing CAGR of market Indicating Promising Growth in Blockchain Technology

According to a report by Fortune Business Insights (FBI), the global blockchain technology market, is likely to reach to US$ 21,070.2 Mn by 2025 from US$ 1,640.7 Mn in 2017, exhibiting an exponential CAGR of 38.4%. The forecast period is set from 2018 to 2025.

The increasing number of fraud and cyber-attacks in the banking, financial services and insurance (BFSI) sector has led to the faster implementation of blockchain certification. The annual value loss for cyber-attack and frauds in the BFSI sector is estimated to be more than thousands of millions of dollars. In order to overcome this challenge, major players such as Deloitte and Microsoft Azure are aiming to offer blockchain-as-a-service offerings. This, is further helping the blockchain technology market gain momentum.

Blockchain Solutions Connectivity to Various Industrial Aspects Aiding Towards Better Future

One may think that blockchain technology is all about cryptocurrencies and bitcoins, but it is not limited to those sections of business only. There are more revolutionary technologies that surround it. Blockchain applications are likely to change the way people and businesses interact. Given below are examples of how diverse industries derive benefits from the implementation of the blockchain technology:

  • Real Estate Mortgages and Ownerships – Since blockchain technology is decentralized and cannot be operated or held in any particular location, it is impossible to breach its security. The technology nearly nullifies the risk of fraud because transactions are built one on top of another. Implementing blockchain solutions in real estates will reduce the possibilities of theft, error, or fraud, because as soon as the file is transferred to blockchain, its immutable and secure features will cut down any possibilities of fraud unlike paper or digital documents.

  • Foreign Aid Delivery – Blockchain technology can help keep track of finances and flow of funds. This way, funds can be traced when they reach their intended recipient without being misappropriated or stolen. Greater accountability will help NGOs to raise funds from donors easily as they can track the impact of their contributions with the help of blockchain technology.

  • Food Supply Tracing- Bulk production of food supplies travel long way to reach grocery stores. Environment welfare, food safety, and the welfare of agricultural workers are given more importance at present unlike old days. And this is because of increasing population, hence, large scale machinery and logistics are used. The IBM Food Trust uses blockchain applications for tracking food transport right from the farm to the table. With their transparent process enhancing, it is more convenient to trace contamination in the event of recalls.

  • Digital Democracy- The future of voting system is most likely to be linked with blockchain technology. Due to its transparent and highly secure design, and high immutability, blockchain superior methodology will be implemented for fraud-and-error-free voting processes

Blockchain technology and its benefits are likely to be the new face of technology trust. Features such as no external verification of any event or activity and permission less nature of blockchain solutions will help build and run numerous applications in communities and industries smoothly and fairly.


Author - Raginee Sarkar

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