Global Market Research Company US Global Blockchain Market Forecast & Opportunities, | Page 15

Industry Brief
Global Blockchain Market to Skyrocket at 43% CAGR until 2022
According to recently released TechSci Research report, “Global Blockchain Market By Type, By
Application, By Enterprise, By End User, Competition Forecast & Opportunities, 2012 – 2022”, the
global blockchain market is projected to grow at a CAGR of more than 43% during 2017 – 2022 on
account of growing awareness about the blockchain solutions among the fortune 500 companies
coupled with rapidly increasing FinTech spending across the globe. With a surging number of
multinational financial institutions across the world adopting blockchain technology, the global
blockchain market is on a strong upswing.
Public blockchain dominated the global blockchain market in 2016, and the segment is expected to
maintain its dominance over the next five years as well. Public blockchain protocols are based on the
Proof of Work (POW) consensus algorithms, which are open source, which implies that everyone can
explore them. Anyone can download the code and run a public node on their local device, validating
the transactions in the network, thus participating in the consensus process (the process for
determining which blocks get added to the chain and what is the current state). BFSI sector is the
largest user of blockchain technology across the globe, and the trend is expected to prevail during the
forecast period.
“Blockchain technology helps in resolving challenges associated with transaction speed, verification
process and data limitations. Blockchain technology enables disintermediation & trustless exchange,
enabling two parties to make an exchange without the oversight or intermediation of the third party,
thereby strongly reducing, or rather, eliminating the counterparty risk. In addition, this technology
empowers the users as they are in absolute control of all their information and transactions.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
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