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The global blockchain market size is expected to gain momentum by reaching USD 104.19 billion by 2028, as this technology allows customers to take maximum advantage of cloud-based solutions in building, hosting and operating their own apps and related functions on the cryptographic ledger technology. This information is provided by Fortune Business Insights in its report titled “Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain as a service), By Type (Public blockchain, Private blockchain, and Consortium blockchain), By Applications (Digital Identity Payments, Smart Contracts, Supply Chain Management and Others), By Deployment (Proof of Concept, Pilot and Production), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation and Others) and Regional Forecast, 2021-2028 ”, mentions that the market stood at USD 3.06 billion in 2020 and is projected to exhibit a CAGR of 55.8% during the forecast period.
Algorand, announced its Partner Program called Algorand Partner Program (APP)
Algorand declared its partner program called Algorand Partner Program (APP) in November 2020. This program is designed to provide an environment which will allow Algorand-based products to market faster, easier, keeping their end users in mind. APP participants will be able to differentiate their services and widen their business prospects in both public and private sector by finding out their block chain potential and the ones who are already working on these projects.
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Varied Application in Different Sectors to Drive Market Growth
Using Cryptographic ledgers have helped in increasing transparency of costly goods, pharmaceutical drugs and diamonds in supply chain management. It also helps in operational efficiency of payment systems. Thus its increasing use in the supply chain management market is expected to drive blockchain market growth. Besides, increasing investment governments and essential players in the oil and gas, energy and utilities, and transportation sectors is also accelerating the demand for this technology.
Key Players Focus on Partnerships & Collaborations to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching new products, forming partnerships to widen their product portfolio and further boost sales revenues. For instance, in February 2019, Accenture made collaboration with Amazon Web Services, Mastercard, Mercy Crops and Everledger to launch circular supply chain capabilities, payment technologies and digital identity to reward sustainable practices of suppliers and small scale growers. Such strategies will contribute to the growth of the market during the forecast period.
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Component; Type; Deployment; Application; Industry; Region