Blockchain technology is a decentralized software program that enables protected digital transactions of digital currencies such as Bitcoin. These transactions are recorded in the register from a number of computers. The register maintains a continuous set of data containing information about the transaction records without changing the transaction information. The data in the register is maintained in the form of lists, which are organized in Blocks for each time period. These Blocks consist of information about the transactions, and provide a reference to the previous Block, thus, linking the prior to the present. Block links to the prior Block to form a Blockchain. Generally, one Block contains the information about a set of transactional records for a particular period of time or fixed memory size.
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Blockchain permits applicants to authenticate and review transactions. Blockchain-based transactions of value can be completed in faster way, more safely, and economically than conventional transaction systems. Rising popularity of these ledger chains has led to a significant increase in total capital investments in cryptocurrencies. As of December 2017, according to CoinMarketCap, a cryptocoin price market capital tracker, total market capitalization of the cryptocurrencies was valued at over US$ 500 billion from around US$ 18 billion in 2016.
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.
Competitive Insights
Key players in this market are focusing on new application areas for this technology. For instance, in April 2017, IBM partnered with ASCAP and PRS for implementing blockchain technology in music distribution to improve data accuracy.
Key players operating in the Blockchain market include IBM Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture Plc, and Infosys Ltd.
Blockchain Market Taxonomy:
On the basis of offering, the blockchain market is segmented into:
• Hardware
◦ GPU
◦ FPGA
◦ ASIC
◦ Microprocessors
◦ Memory
• Software
◦ Platform
◦ Solution
On the basis of market type, the blockchain market segmented into:
• Private
• Public
• Consortium
On the basis of end-user industry, the blockchain market segmented into:
• Initial Coin Offering Institutions
• Digital Currency Providers
• Blockchain Stocks
• Peer to Peer Lender
• Banking, Financial Services, and Insurance (BFSI)
• Information Technology
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