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