Blockchain is a distributed ledger with transparency and immutable facility. Recording the transactions and tracking assets are parts of the Blockchain technology process. An asset can be substantial or concrete such as house, car, cash, land etc or intangible such as intellectual property, patents, copyrights, branding etc. Anything of a value can be tracked and traded virtually on Blockchain network, reducing risks and cutting costs. Blockchain business depends on information. The faster it is recorded in the system and more accurate the information is it can be beneficial for Blockchain system. Blockchain is an ideal platform for presenting or delivering the information. Due to being immediate, shared and transparent, Blockchain technology is most effective and efficient distributed ledger. As for the permission Blockchain, only licensed network members can access the information. Besides applying Blockchain for only bitcoin, there are various applications available for Blockchain technology. A Blockchain technology can track orders, payments, accounts, production and much more things. Users are able to visualize all information about transaction end to end which gives them greater confidence, new efficiencies and opportunities. The emergence of Blockchain technology is expected to bring revolution in many aspects of human lives. Through decentralization and removal of intermediaries, Blockchain technology provides world a unique opportunity to take a digital leap.
According to the research report “Global Blockchain Market Outlook, 2027" published by Bonafide Research Global Blockchain market is forecasted to have CAGR of 49.24% by 2027. Global Blockchain market is segmented into five major regions which are North America, Europe, AsiaPacific, Latin America and Middle East & Africa. The Asia-Pacific region is expected to acquire more market share in global Blockchain market. In this region, the Asian Development Bank has announced that it will use Blockchain technology as their essential database to make cross-border securities transactions providing efficient and secure services. Initial investments in Ethereum produced unpredicted returns in Asia-Pacific region. As the public chain technology, it is vastly spreading and expanding the possibilities of Blockchain. Asia-Pacific region has successfully invested into Polkadot, Blockfi and Terra too. From underlying infrastructure Blockchain system to decentralized financial app (DeFi), Blockchain industry has grown into Asia-Pacific region. Blockchain technology is driven by unique investment strategy, comprehensive and long term perspective. IBM Corporation, Amazon Web services, Wipro limited are some of the major players in global Blockchain market.
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Block Chain a Distributed Ledger Technology has potential to Transform Wide range of Market and Industries Fundamentally, As to enhance the BlockChain Technology Approach, Global Blockchain Policy Centre is exploring Benefits and risk of BLockchain Technology. This can be utilized to rising economy globally . For instance, banks can use Blockchain database to handle remittances for higher productivity with lower cost. With this facility they can improve the transactions without sacrificing security. Blockchain technology could boost the global economy in upcoming years through raising levels of tracking, tracing and trust. Healthcare, education and public administration sectors are estimated to have higher benefits of Blockchain technology. Even though Blockchain was introduced with the vision of banking sector only, it has started disrupting other industries as well. The Covid-19 pandemic has affected almost all countries and had a significant effect on daily lives. It has hampered the movement of goods as well as people across the globe. Because of Covid-19 implications, the various levels of regulations assessed by national and local governments throughout the world. The pandemic concerns delayed and disrupted virtually all supply chain networks. However, Pandemic has shown the advancement of Blockchain technology itself. This ‘temporary Slowdown’ should lead the Blockchain industry investors to recover when the pandemic subsidies. As many people are remaining at home during the pandemic, the use of Blockchain as a digital currency is expected to increase. With that Blockchain technology developers are also working to create solutions to track medical supply chains and drug supply chains.
Major Companies present in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.
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