Blockchain Technology Market
Trends in the Blockchain Technology Market 2016-2026
The blockchain is a distributed database of a public ledger of transactions, which maintains a continuously growing list of records named as blocks. The each block contains a timestamp which is linked to the previous block. The blockchain technology is based on the distributed computing system with high byzantine fault tolerance. The blockchain technology is an important and innovative technology as it stands as the proof of all the transactions on the network. The blockchain technology creates the chain of the all blocks stored in the system. The blockchain technology has maintained complete information and a database of all addresses and their balances right from the origin blocks to the most recent blocks, which is the key factor drives the demand of the blockchain technology worldwide.
Blockchain Technology Market – Drivers and Restraints
The global blockchain technology market is projected to register a significant CAGR over the forecast period as the increase in the demand of the innovative blockchain technology from the various industries such as banking, financial institutes and insurance. The blockchain technology creates the transparency and immutability in the transactions which is the key driving factor of the global blockchain technology market. The adoption of the technology based applications such as payments, exchanges, documentation and digital identities also boost the demand and drives the global blockchain technology market.
However, the ever growing size of the blockchain and database might become leads to the problem of data storage and synchronization, which may hamper the growth of the global blockchain technology
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