Blockchain protocol has application in various segments such as Initial Coin Offering institutions,
digital currency providers, blockchain stocks, peer-to-peer lender, banking, financial services,
and insurance (BFSI), and information technology to perform digital transactions, securely. Owing
to this factor, blockchain-based systems are increasingly being adopted by financial sectors
including digital currency providers, banking, financial institutes, and insurance.
Blockchain technology can be used to build a permanent and transparent ledger system for
gathering data on exchanges, real-time tracking of digital transaction and payments, and to
prevent frauds and errors, are also factors expected to boost the blockchain technology market
growth.
Additionally, some major applications of blockchain includes use in cryptocurrencies such as
Bitcoin, Black coin, Dash, and Nxt and blockchain platforms such as Factom as a distributed
registry, Gems of decentralized messaging, Storj and Sia for distributed cloud storage, and Tezos
for decentralized voting.
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Regional Insights
The blockchain market is expected to be segmented on the basis of geography in North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa regions. The market in North America
is expected to be dominant in the global market, owing to rising awareness and increasing
applications of this technology in various segments. For instance, U.S. Department of Energy is
exploring the application of blockchain technology for the management of next-generation power
grids.
Rising demand for e-Commerce in emerging economies of Asia Pacific such as China and India is
another factor fueling growth of the market. According to Coherent Market Insights’ analysis, in
2016, China accounted for over 63% of digital buyers, followed by India and Japan in the region.
Hence, Asia Pacific accounted for over 10% of the global retail e-Commerce sales in 2016. This is
owing to increasing implementation and improving blockchain services in this region. Blockchain
technology is used in e-Commerce for gathering data on exchanges, real-time tracking of digital
transaction, and payments. Increased adoption and development of Bitcoin in China is expected
to fuel growth rate of block chain market in Asia Pacific region. According to Coherent Market
Insights, in 2017 the number of Bitcoin users in China were relatively high and over 80% of
Bitcoin transactions were done in the Chinese Yuan.