The blockchain market is expected to be segmented on the basis of geography in North America, Europe, Asia Pacific, Latin America, Middle East, and Africa regions. The market in North America is expected to be dominant in the global market, owing to rising awareness and increasing applications of this technology in various segments. For instance, U.S. Department of Energy is exploring the application of blockchain technology for the management of next-generation power grids.
Rising demand for e-Commerce in emerging economies of Asia Pacific such as China and India is another factor fueling growth of the market. According to Coherent Market Insights’ analysis, in 2016, China accounted for over 63% of digital buyers, followed by India and Japan in the region. Hence, Asia Pacific accounted for over 10% of the global retail e-Commerce sales in 2016. This is owing to increasing implementation and improving blockchain services in this region. Blockchain technology is used in e-Commerce for gathering data on exchanges, real-time tracking of digital transaction, and payments. Increased adoption and development of Bitcoin in China is expected to fuel growth rate of block chain market in Asia Pacific region. According to Coherent Market Insights, in 2017 the number of Bitcoin users in China were relatively high and over 80% of Bitcoin transactions were done in the Chinese Yuan.
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Blockchain technology is a decentralized software program that enables protected digital transactions of digital currencies such as Bitcoin. These transactions are recorded in the register from a number of computers. The register maintains a continuous set of data containing information about the transaction records without changing the transaction information. The data in the register is maintained in the form of lists, which are organized in Blocks for each time period. These Blocks consist of information about the transactions, and provide a reference to the previous Block, thus, linking the prior to the present. Block links to the prior Block to form a Blockchain. Generally, one Block contains the information about a set of transactional records for a particular period of time or fixed memory size.
Blockchain permits applicants to authenticate and review transactions. Blockchain-based transactions of value can be completed in faster way, more safely, and economically than conventional transaction systems. Rising popularity of these ledger chains has led to a significant increase in total capital investments in cryptocurrencies. As of December 2017, according to CoinMarketCap, a cryptocoin price market capital tracker, total market capitalization of the cryptocurrencies was valued at over US$ 500 billion from around US$ 18 billion in 2016.
Blockchain protocol has application in various segments such as Initial Coin Offering institutions, digital currency providers, blockchain stocks, peer-to-peer lender, banking, financial services, and insurance (BFSI), and information technology to perform digital transactions, securely. Owing to this factor, blockchain-based systems are increasingly being adopted by financial sectors including digital currency providers, banking, financial institutes, and insurance.
Blockchain technology can be used to build a permanent and transparent ledger system for gathering data on exchanges, real-time tracking of digital transaction and payments, and to prevent frauds and errors, are also factors expected to boost the blockchain technology market growth.
Additionally, some major applications of blockchain includes use in cryptocurrencies such as Bitcoin, Black coin, Dash, and Nxt and blockchain platforms such as Factom as a distributed registry, Gems of decentralized messaging, Storj and Sia for distributed cloud storage, and Tezos for decentralized voting.
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