8 October 2018: The global blockchain technology market is anticipated to reach a market capitalization of USD 7.74 billion by 2024, according to a report by Grand View Research, Inc. Blockchain technology (BT) is an online ledger which stores data in blocks, with each block assigned a separate hash pointer with the help of cryptography. The open-source and decentralized nature of the technology made it an attractive pick by technology enthusiasts to conduct financial transactions securely. It can be used in identity management, food traceability, and management of electronic health records.
The technology gained prominence due to mining of bitcoins, a cryptocurrency. But the fluctuating value of bitcoin as of 2018 has led to the emergence of alternative digital currencies such as Ethereum, Litecoin, and Ripple. The introduction of smart contracts in Ethereum to provide additional security to users with the help of private keys lends credibility to the popular use of the currency. The advent of Internet of Things (IoT) and artificial intelligence (AI) is expected to lead to fiats encouraging the use of BT in the forthcoming years. For instance, R3 is a company with a consortium of banks and financial firms on its panel launched a new version of BT platform, Corda, to make it easier for their partners to create applications based on the technology.
Sectors such as telecommunications, healthcare, and financial service sectors are prime advocates encouraging the use of the technology. In November 2017, British Telecom plc, one of the biggest Internet providers in the United Kingdom filed a patent for preventing cyber attacks on blockchains. Moreover, the International Monetary Fund (IMF) has given the nod to various organizations in the European Union (EU) to develop the technology for safer financial transactions.
The blockchain technology market is projected to expand robustly over the forecast period (2015-2024) owing to advantages of BT such as low capital. The increased spending budget of financial firms to build a secure platform for their clients is one of the biggest drivers of the market. The change in business models of investment banking and healthcare sectors to adopt cryptocurrencies can be beneficial to the market. Regulatory hurdles in developing economies can pose a challenge to market growth. Key market players include R3; Ripple Labs Inc.; Digital Asset Holdings, LLC; and IBM Corporation.
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