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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