The global market for Blockchain Technology market is expected to grow over the CAGR of around ~51% during the period 2016 to 2022 and expected to reach at market size of USD ~2 billion in 2022.
The global Blockchain Technology Market has been evaluated as growing market and expected that the market will touch high growth figures in upcoming years. The increasing concern regarding secure and faster online payment options by end-users, the banks & other financial institutes is investing in the bitcoins transaction market. Major industries such as IBM Inc., Microsoft Corporation, Coinbase and Chain Inc. among various other organizations is making innovative development in the field of Blockchain technology and thereby providing their services to the consumers.
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Blockchain Technology Market:
Blockchain technology is the technological innovation where it provides secure gateway for payment or money transaction without interference of third party and keeps track record of each bitcoin transaction in a designed digital blocks.
The Blockchain technology provides various services such as payments & transactions, contracts, digital identity, documentation, and exchanges among others. This block chain technology is serving various application sectors such as banking & finance, healthcare, government, media & entertainment, and retail among others.
IBM Corporation (U.S.), Microsoft Corporation (U.S.), and Deloitte, Inc. (U.S.), Ripple (U.S.), Coinbase (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), Bitfury Group (U.S.), Block-chain tech Ltd. (U.K.), and Earthport PLC (U.K.) among others.
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Market Research Analysis:
The fastest growing technology and business environment is developing need for fast and secure digital applications for instance a business deal or contract need to do payment transaction to make it a valid contract without interference of third party. Bitcoin transactions provide secure and encrypted gateway for payments where receiver can get his payment without any threat of loss in between transaction interval. The growing adoption of advanced programming platforms by companies is developing high demand for Blockchain technology market. The current challenges for the market are lack of security standards and growing threat of cyber-attack which is thereby hampering the market growth.
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