Blockchain technology (BT) is based on a distributed ledger model which stores data in the form of blocks. All blocks are connected to each other with the help of a hash pointer, which in turn, is secured by cryptography. It gained prominence in recent years on account of acting as a secure system for online digital transactions with the help of bitcoin, a cryptocurrency. It has major applications in identity management, food traceability, and transaction processing.
Financial Services to Rise with Demand for Prevention of Cyber Threats
Major applications of blockchain technology include transportation, technology, media, and telecom, financial services, consumer or industrial products, public sector, and healthcare. The financial services segment is anticipated to benefit the most from the technology owing to its role in their development from the initial stages. Other sectors with similar interests to the segment such as banking and insurance sectors are expected to gain high revenue by providing efficiency and anonymity to their clients during transactions. For instance, Accenture partnered with Digital Assets Holdings in February 2016 to further develop the blockchain technology to assist the financial services sector.
The healthcare segment is predicted to grow at a significant growth rate in near future owing to seamless transactions services offered by blockchain technology. The decentralization of health records and additional security provided by blockchain network with the help of cryptography is expected to augur demand in near future. For instance, SimplyVital Health, Inc. launched a platform, ConnectingCare, for bringing clinical organizations to a common platform to provide information on patient data to bring down costs of vaccines and medicines.
Market Overview
The global blockchain technology market size is expected to touch a valuation of USD 7.74 billion by 2024, finds Grand View Research, Inc. The rise in prevalent use of cryptocurrencies for financial transactions is projected to drive market growth over the forecast period (2015 to 2024).
Rising interest of international financial bodies in the technology and its adoption in healthcare and investment banking sectors to alleviate upkeep costs can open up new growth avenues in the market. Key market players include Digital Asset Holdings, LLC; Ripple Labs Inc.; R3; and IBM Corporation.
In-depth research report on blockchain technology market, click the link below:
In-depth research report on blockchain technology market, click the link below:
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