Blockchain is progressively being embraced as the next massive innovation after the development of the web and is expected to disrupt and transform the landscape of both financial and non-financial industries. Although the current point of view toward the innovation looks rather idealistic, it presents a variety of advantages that, whenever acknowledged, can change existing frameworks and drastically affect all members of the value chain.
The expanding worldwide demand for digital payment frameworks is driving market development in the current days. Digital payments depend on different gatherings to handle transactions, including merchant banks, retail banks, card issuers, and payment software organizations, which provokes the demand for blockchain innovation to get the transactions. All the while, the dependability of users on trusted institutions to complete their everyday electronic transactions is additionally encouraging the demand for blockchain innovation.
The blockchain technology market has seen development during the COVID-19 pandemic. Blockchain innovation assumes an imperative part in fostering a stage for dealing with the COVID-19 pandemic. Different medical clinics are utilizing blockchain innovation for following the COVID-19 antibody. The Hospitals, in Warwick (London) and Stratford-upon-Avon is utilizing blockchain innovation to monitor the storage of the temperature-sensitive COVID-19 antibody. Besides this, the shortfall of devoted guidelines to direct the utilization of blockchain for fin-tech applications is controlling the market development.
Blockchain has arisen as an exceptionally encouraging innovation in the IT area. It is an open, permanent, disseminated public ledger that can be accessed by several parties engaged with the exchange and goes about as a widespread depository of all transactions between the involved parties. The expanding acknowledgment of cryptocurrency overall is one of the major factors driving market growth development. Commercial and central banks across the world are currently utilizing blockchain technology for payment processing and issuing of their digital currencies. The technology enables cross-border payments that are less expensive and faster as compared to traditional systems. The global blockchain technology market size was valued at USD 3.67 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028.
Major vendors in the global blockchain markets include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (Netherlands), Cegeka (Netherlands), Earthport (UK), Guardtime (US), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), BlockPoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (UK), AlphaPoint (US), NTT Data (Japan), Factom (US), SpinSys (US), ConsenSys (US), Infosys (India), iXLedger (UK), and Stratis (UK).
North America is projected to hold a huge market size in the blockchain market. Early reception of blockchain innovations by the associations in the region and the development of several blockchain innovation suppliers will add to the overall portion of the market. Huge organizations in North America have perceived the capability of blockchain innovation in conveying improved client experiences; thus, they have begun embracing the innovation to foster business applications.