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Blockchain Technologies Industry: Need for Fast and Secure Channel for Financial Transactions to Drive Market

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Published on : Nov 23, 2016

ALBANY, NY, Nov 23, 2016: The report is titled ‘ Blockchain Technologies ’ and is available for sale on the official website of ResearchMoz.us. The report discusses key factors driving the global blockchain technologies market along with challenges faced by key players in the industry. It also discusses the global trends that are impacting the industry and scope of market growth in the future. The report discusses main properties of the blockchain technology, its working, and evolutions and extensions. It also discusses blockchain infrastructures such as peer to peer network node developers and operators and blockchain initiators. The distributed applications and services offered by blockchain in IT infrastructure and for a decentralized web have also been discussed. 

The report analyzes the emergence of new roles, shift to decentralized economy, and sizeable societal risks. It also takes into account factors shaping the blockchain’s development. According to the report the blockchain technology market is driven by an organization’s need for reduced cost of ownership, immutability, and transparency. Blockchain technology solutions are being used across industrial verticals such as government and public sector, banking, financial services, and insurance (BFSI), healthcare and life sciences, media and entertainment, automotive, and retail and ecommerce. The high adoption of blockchain technology across varied applications such as smart contracts, payments, exchanges, documentation, and digital identities will help drive the market in the coming years. 

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The blockchain technology enables instant financial operations and are thus in high demand by companies for secure and fast channel for transactions and payments. This is expected to ensure a healthy growth of the market. Start-ups making use of blockchain technology are increasing across countries in Asia Pacific such as India, Singapore, China, and Australia, owing to the digitization of businesses. 

On the basis of service, the market can be segmented into digital identity, payments and transactions, exchanges, contracts, and documentation. By application the market is segmented into healthcare, media and entertainment, government, retail, and banking and finance. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World, of which North America is leading in the blockchain technology market. North America is estimated to continue its leading position in the coming years. Consistent efforts taken by North American players in the market for the development of ledger technology is expected to be behind the growth of the market in the region.

Some of the players operating in the global blockchain market are Vevue, Storj, BTCC, HSBC, IBM, Barclays, Coinbase, J.P. Morgan, Monegraph, Morgan Stanley, La'Zooz, OpenChain, Safello, Orange, Ripple, Abra, BitMain, and Litecoin. 

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