Global Blockchain Market is the way of transfer of digital assets to another user over the internet, and the transfer is guaranteed as safe and secure. Moreover, everyone connected over the network knows about the transfer hence its legitimacy cannot be challenged. Fast and secure transfer of data over the internet is one of the key concern for many organizations. Moreover, with the advent of the concept of digital currency, copying of data is seen as the major challenge for the financial transaction. Increase in the digital transaction, the rise in demand of decentralization of data, secured and fast transaction are the factors propels this market.
Major restraining factors includes storage of data, as storage is tedious and requires lots of energy and space. Strict regulations and privacy laws in different countries also hinders the growth of this market. Beside the hindrances, the opportunity for growth of this market is enormous. Blockchain technology is widely applicable in other sectors such as a digital identifier, digital voting, and smart contracts. Introduction of the Internet of thing in Blockchain technology will drive the future growth of the market.
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Geographically market is divided into North America, Asia Pacific, Europe and Rest of the world. North America is expected to lead the market because of because of early adoption of technology in banking as well as other financial sectors. The market will propel in Asia Pacific region in the forecasted period because of the rapid adoption of the technology. The Middle East, Africa and South America are in early stage of adoption of such technology hence they are yet to capture significant portion in the market.
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The era of digitization has helped many companies to emerge in the blockchain technology sector. The established player like Microsoft Corporation and IBM corporation has revolutionized the way any transaction happens over the internet. Safe and secure online transaction is the demand of any financial sector, with the emergence of players such as Bitfury, ChromaWay AB, Chain Inc the secured and fast payments over the internet has become possible. Besides these mainstream companies, organizations like Ethereum, Coinbase and Golem provides services such as smart contracts, digital wallet and open source decentralized computing system. Other major players in the segment are BTL group Ltd, IOTA, Chain Inc, Interbit. The report includes a detailed analysis of companies, market overview, analyst insights and market segmentation.