According to recently released TechSci Research report, “ Global Blockchain Market By Type, By Application, By Enterprise, By End User, Competition Forecast & Opportunities, 2012 – 2022” , the global blockchain market is projected to grow at a CAGR of more than 43% during 2017 – 2022 on account of growing awareness about the blockchain solutions among the fortune 500 companies coupled with rapidly increasing FinTech spending across the globe. With a surging number of multinational financial institutions across the world adopting blockchain technology, the global blockchain market is on a strong upswing.
Public blockchain dominated the global blockchain market in 2016, and the segment is expected to maintain its dominance over the next five years as well. Public blockchain protocols are based on the Proof of Work (POW) consensus algorithms, which are open source, which implies that everyone can explore them. Anyone can download the code and run a public node on their local device, validating the transactions in the network, thus participating in the consensus process (the process for determining which blocks get added to the chain and what is the current state). BFSI sector is the largest user of blockchain technology across the globe, and the trend is expected to prevail during the forecast period.
“Blockchain technology helps in resolving challenges associated with transaction speed, verification process and data limitations. Blockchain technology enables disintermediation & trustless exchange, enabling two parties to make an exchange without the oversight or intermediation of the third party, thereby strongly reducing, or rather, eliminating the counterparty risk. In addition, this technology empowers the users as they are in absolute control of all their information and transactions.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“ Global Blockchain Market By Type, By Application, By Enterprise, By End User, Competition Forecast & Opportunities, 2012 – 2022 ” has evaluated the future growth potential of global blockchain market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global blockchain market.