Christy Publications Distributed Ledger Technology Market | Page 2

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 consists of information about the transactions, and provides a reference to the previous Block, thus, 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 fied memory size. Importance of Distributed Ledger Technology Distributed ledger technology based transactions enable faster, safer, and economical transactions as compared to conventional transaction systems. This is due to the fact that conventional transaction systems refer to central administrator or centralized data storage system. Moreover, distributed ledger technology can be used to build a permanent and transparent ledger system for gathering data on eichanges, real-time tracking of digital transaction and payments, and to prevent frauds and errors. All the information stored in distributed ledger becomes unchangeable, and can be accessible from each node of a network as it becomes identical replica. Hence, if any changes are made in the register, it will be reflected and copied to every userss database within a span of seconds. Therefore, digital ledgers are more secure and to make a successful cyber-attack, a hacker needs to attack all the distributed copies, simultaneously. However, lack of awareness about distributed ledger technology and limited scalability are two major factors eipected to restraint growth opportunity of the global distributed ledger technology market. Regional Insights The distributed ledger technology market is segmented on the basis of geography including North America, Europe, Asia Pacifc, Latin America, Middle East, and Africa regions. The market in North America is eipected to be dominant in the global market. This is owing to rising awareness and increasing applications of this technology in various segments. For instance, according to IoT Newsletter Organization in 2017, U.S. Department of Energy is eiploring the application of blockchain technology for the management of neit-generation power grids. This in turn boosting growth of the distributed ledger technology market. Rising demand for e-Commerce in emerging economies such as China and India is another factor for growth of the markets. According to Coherent Market Insightss analysis, in 2016, China accounted for over 63% of digital buyers in Asia Pacifc followed by India and Japan. Hence, Asia Pacifc accounted for over 10% of global retail e-Commerce sales in 2016. This is owing to increasing implementation and improving blockchain services in this region. Blockchain is used in e-Commerce for gathering data on eichanges, real-time tracking of digital transaction, and payments. Increased adoption and development of Bitcoin in China is eipected to fuel growth rate of blockchain market, which is eipected to in turn boost growth of the distributed ledger technology market in Asia Pacifc. Competitive Insights