Blockchain Trends in the year 2021!!!

 

Blockchain Trends in the year 2021!!!


The global blockchain market size is suspected to expand from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. The growing demand for enhancing the business processes and the necessity for supply chain management applications integrated with blockchain technology will drive the overall blockchain market.





Based on type, the private blockchain type segment to be the largest patron to the blockchain market growth during the forecast period


The private blockchain type is assumed to retain the largest market size in 2020. A private blockchain is a shared distributed ledger that is secured by traditional security techniques, such as limited user rights. Generally, security is provided to a private blockchain using private keys that are known only to authorized persons in the organization. A private blockchain is a category of blockchain technology, where write permissions are kept centralized to a single organization. Authorized persons are permitted to access the records in the Blockchain. A private blockchain provides more opportunities to businesses in terms of utilizing the blockchain technology for business-to-business use cases. Enterprise Blockchain Solutions are developed customized according to business needs. they provide higher efficiency, privacy, reliability, and transparency.


The banking and Financial sectors are going to hold the largest market size in the blockchain market during the forecast period


The banking and financial services application area has recognized the importance of blockchain technology which helps secure transactions for clients. Blockchain technology in banking and financial services is expected to have exponential growth globally. Blockchain technology has various factors, such as high adaptability with the financial services industry ecosystem, growing cryptocurrencies, and Initial Coin Offerings (ICOs), rapid transactions, and reduced total cost of ownership.


Blockchain is adopted in various Enterprise Sectors 


  • Transportation and Logistics

  • Agriculture and Food

  • Manufacturing

  • Energy and Utilities

  • Healthcare and Life Sciences

  • Media, Advertising, and Entertainment

  • Banking and Financial Services

  • Insurance

  • IT and Telecom

  • Retail and eCommerce

  • Government

  • Others (Travel and hospitality, education, real estate, and construction, and mining)


Blockchain Technology is growing rapidly, and it is widely deployed in automating business processes with enhanced security, privacy, reliability, and transparency.

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