In the wake of early adoption of blockchain technology, North America is slated to reign supreme in the industry and boost blockchain technology market revenue. According to a research report, U.S. to account for a lion’s share in blockchain technology investment between 2012 and 2017. Reportedly, Chinese cryptocurrency mining companies are vying Canada to be a happy hunting ground for cryptocurrency mining. These factors are set to fuel blockchain technology market share during the assessment period.
Blockchain has been highly sought-after across identity management, risk & compliance management, and supply chain management. Dramatic cost reduction and propelled efficiency are touted as catalysts in fueling the adoption of blockchain among end-users. In a bid to digitize the supply chain, IBM in January 2018 announced a joint venture deal with Maersk Group that would implement blockchain. Stakeholders predict such robust business strategies to bolster blockchain technology market outlook.
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The global blockchain technology market size to surpass US$25 bn by 2025. In the fast-paced consumer goods market, blockchain can help find ingredients, thereby satisfying consumers pertaining to corporate social responsibility (CSR).
Blockchain technology market trends are poised to disrupt end-users, including financial services, government, healthcare, media and consumer market in the wake of increased interest and investment by stakeholders. Of late, data has unveiled itself as a bedrock of the future industrial space. Emerging technologies such as blockchain have allowed organization to drive business value throughout their supply networks. Nevertheless, the integrity of data in the blockchain enables stakeholders to vouch for transactions.
Blockchain has boosted identity management framework as it helps organizations do away with collecting and storing every identity data attribute. In the same vein, identity fraud is eliminated by the fact that blockchain withstands tampering. The sheer impact of data privacy and the immutability of blockchain have propelled the evolution of blockchain identity. It appears regulatory watchdogs have stepped in to address the data identity. Notwithstanding reforms such as GDPR and the EU cookie regulation have fostered identity data, it is the emergence of blockchain technology that data is inaccessible to others and virtually tamper-proof.
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Even though it may take years for blockchain to mature fully, several blockchain applications and solutions appear to be feasible in the ensuing period. When it comes to innovative potential, Bitcoin is only the tip of the iceberg. Banks, insurance companies and credit providers have their eyes on blockchain to boost up their application process and safeguard their client’s data.
Given the exponential expansion of digital global economy, stakeholders-propelled blockchain and decentralization of business models, impact of blockchain on commerce is expected to present a seismic shift to the way business is conducted.
When it comes to risk management, blockchain is perceived as a foundational technology for the future of risk management. In a bid to harness the opportunities and capabilities which blockchain has to offer, risk management has become paramount in the blockchain technology market landscape.
Whether it is integrating supply chain, tracking spare parts, ordering new assets, blockchain technology leverages companies to offer real-time and transparent assessments and track material and product in the supply chain. As such, stakeholders are keen to invest in blockchain technology that will have considerable impact on transparency and traceability.
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Governments across the world are exploring blockchain as an anti-fraud control with countries such as the U.S. increasingly investing in research to see the potential of blockchain in warfare, security and healthcare.