Mar 04, 2020, 06:07 EST
Pune, India, Mar 04, 2020, 06:07 /Comserve / -- The major participants in the blockchain technology market include Altoros, BigchainDB GmbH, Blockchain Intelligence Group, IBM Corporation Blockchangers
Blockchain technology, developed by an individual/a group of people that goes by the pseudonym Satoshi Nakamoto, has taken the world by storm. It was invented in 2008 to keep track of the transactions of the popular cryptocurrency called bitcoin. Ever since its arrival, the banking and financial services industry (BFSI) has invested heavily in blockchain technology to incorporate a digital, tamperproof ledger for keeping track of the financial transactions. The solving of the double-spending problem that was prevalent in digital currencies was achieved by bitcoin, owing to blockchain technology. Smart contracts contain pre-set conditions that trigger certain actions. Simply put, smart contracts are automated by certain rules that have been verified and agreed upon by the stakeholders. Blockchain technology has increased the adoption of smart contracts. For example, a financial loan based that is governed by a smart contract will transfer the ownership of the collateral to the lender in case the loan has defaulted. The decentralized nature of blockchain ensures that additional verification isn’t required by a government authority. Blockchains, in nature, can’t be tampered with, which ensures higher transparency among the stakeholders. The technology can also help in reducing the instances of contract by default. The adoption of smart contracts is in turn leading to the growth of the global blockchain technology market.
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Industries are embracing blockchain technology with glee. Large conglomerates are spending millions in dollars in blockchain research. Banks and Insurance companies, in particular, are collaborating with key market players to increase the ease of customer verification. For example, the banking consortium in UAE, which consists of six leading banks in the region, has announced its partnership with blockchain applications and platform providers, Nordbloc. Furthermore, companies and government agencies in the healthcare industry are experimenting with blockchain to reduce the risk of pharmaceutical fraud. Ministry of Health and Prevention (MoHAP) in UAE, for instance, came up with a blockchain platform to capture data related to the healthcare and pharmaceutical industry. The government believes that blockchain technology will reduce the cases of drug abuse since tamper-proof prescriptions can be produced. The global blockchain technology market is expected to see higher growth in the APAC and MEA region due to increasing government investments in these regions to ensure compliance.
The detailed research study provides qualitative and quantitative analysis of blockchain technology market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
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Blockchain Technology Market:
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