Blockchain technology is a decentralized, distributed and a public digital ledger which records transactions across different computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. Blockchain technology is usually associated with Bitcoin and other Cryptocurrencies and digital assets. Today, many businesses are utilizing this technology in their business process to create, save, and transfer confidential data.
According to a recent study, the Global Blockchain Technology market is predicted to reach USD20 billion by 2024, at a surprisingly increasing CAGR of 58.9 percent. In the year 2015, the market was valued USD 315.9 million, but the rapid increment of major Blockchain-driven companies in the space is likely driving the market growth. Additionally, due to venture capital funding and investments in the Blockchain technology by key market players also accelerating the Global Blockchain Technology market. In the region wise, North America is likely to dominate the market growth, due to the presence of major players in the region and rising adoption of Cryptocurrency in retail and other distribution chains. According to the report, Microsoft, IBM, SAP, Oracle, Cegeka, Intel, Butfury, Guardtime, Earthport, Digital Asset Holdings, Chain, BlockCypher, Huawei, and Symbiont are anticipated to lead the market share of the Global Blockchain Technology market. Based on application, Private Blockchain technology market is expected to hold maximum share in the market.
Moreover, transparency in and reduced cost of transactions are the two major drivers behind increasing adoption of Blockchain technology by business leaders. Due to its huge capabilities, businesses today are adopting Blockchain technology as their preferred transaction mode. Besides this, the technology also provides users trustless exchange and fortifies them to control all their information and transactions. Owing to these benefits, the rapid evolution of a new class of programmable Blockchain platforms is predicted to fuel the Global Blockchain Technology market throughout the projected timeframe.