Global Blockchain Poised for Major Growth
The global blockchain market is poised for 57.6 percent compound annual growth between 2017 and 2023. That’s according to a report published by Allied Market Research. The research firm says the private blockchain segment dominated in 2016 in terms of revenue. It expects that to continue going forward.
Allied Market Research explains the blockchain distributed ledger market is bifurcated into private and public blockchain groups.
“The data on public blockchains are available to every person by default, although it is common to hide the actual identity of all associated participants on them,” the firm says. “This exposure comes with advantages that have never existed before, such as the ability to resist hacking or capital controls from oppressive regimes. Thus, public blockchains have more advantages as compared to private blockchains, due to their attractiveness for developers. Their nature itself implies more opportunities for innovation.”
The company says key blockchain end user groups include automotive; banking, financial services; insurance; media and entertainment; retail and e-commerce; and others. The company references a survey, although not its source, indicating nine out of 10 major U.S. and Canadian banks are exploring blockchain for financial payments.
Regionally, the U.S. was the blockchain leader, at least as of 2016. It accounted for 55 percent of bitcoin and blockchain deal share at that time, Allied Market Research reports.
Key blockchain solution providers noted by the firm include Accenture PLC, Blockchain Tech Ltd., Chain Inc., Deloitte, Digital Asset Holdings, Earthport, Eris Industries, IBM Corp., Intel Corp., and Microsoft Corp.
Blockchain is a decentralized and encrypted ledger technology. It provides a secure and verifiable way to store information without the need for intermediaries. Many people think it’ll be a game-changer.
If you want to learn more about this topic, The Blockchain Event is a great place to do that. It will take place May 16 and 17 at the MGM Grand in Las Vegas.Edited by Erik Linask
