The latest market report published by Credence Research, Inc. “Block Chain Technology Market, By type (Private, Public and Consortium), By End-use industry (Banking, Financial Services, and Insurance (BFSI) and Non-Financial Services) By Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global block chain technology market was valued at US$ 482.1 Mn in 2016, expanding at a CAGR of 55.5% from 2017 to 2025.
Browse the full Block Chain Technology market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/block-chain-technology-market
Block chain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties.
The numerous benefits involved in developing such a platform have already attracted the attention and hence, investments, from the financial sector as well as many technological giants. Recent investments have been made in the technology by various financial institutions in association with key technology players to further improve the efficiency of the underlying financial processes and help minimize the risk. Not only does the technology hold the ability to disrupt the way the financial sector often works, but it will also have conclusive effects on non-financial industries including consumer goods, technology, and media & telecom, among others.
Market players present in the market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), BitFury (U.S.), Coinbase (U.S.), Circle Internet Financial Limited (U.S.), Digital Asset Holdings (U.S.), Blockchain Tech Ltd (Canada), Global Arena Holding, Inc. (U.S.), Digital CC Ltd (Australia), 21 Inc. (U.S.), and Earthport (U.K.). Stakeholders of the block chain technology market includes service providers, consulting firms, IT service providers, and technology providers.
- Growing interest of the BFSI sector and increasing merchants accepting crypto currencies offers huge growth potential
- Block chain technology powered by artificial intelligence is gaining huge traction
- Uncertainty in regulatory status