According to a new report published by Acumen Research and Consulting titled “Blockchain Distributed Ledger Technology Market (By Type: Public, Private, Consortium; By Industries: BFSI, Government, Healthcare, Energy & Utilities, Manufacturing & Industrial Products, Retail & E-commerce, Others; By Application: Financial transactions, Smart property, Smart contract, Blockchain identity, Supply chain management, Digital voting) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, the global market for block chain distributed ledger technology accounted for 550.40 million in 2017. Among the major factors responsible for this astounding growth are the increased adoption of the block chain technology globally. In addition, the technological advancement towards the enhancement of the properties of block chain distributed ledger technology in order to make it more secured also supports the growth of block chain distributed ledger technology market globally. Moreover, the increasing acceptance of block chain distributed ledger technology in the public & government further supports the growth of the market. Advantages such as low cost of transaction, reduction in the chances of thefts, and an increased secrecy compared to other electronic payments methods paves growth ways for the block chain distributed ledger technology. However, the lack of awareness regarding the advantages of cryptocurrency is the major restraining factor for the block chain distributed ledger market. .
Block chain is a database used for recording all the transactions made by the different parties as it offers verifiable record of every transaction made. The blockchain also helps in maintaining complete database of all addresses and their balances from the origin blocks to the most recent blocks, which is the crucial factor for driving the growth of the market.
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North America Dominated the Market for Block chain Distributed Ledger Technology
The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. Among these markets, North America accounted for the major share of block chain distributed ledger technology. This trend is attributed because of the increased adoption of the technology in sectors such as BFSI, IT, and automotive. In addition, the rise in the R&D investment by the key players of the region towards the enhancement of block chain distributed ledger technology in order to make it more secure and transparent boosted the growth of the market. U.S. is estimated to account for more than 50% of the block chain deal due to the presence of majority of U.S.-based blockchain startups.Europe accounted for significant share of the block chain distributed ledger technology market due to wide adoption in banking sector. UK and France are estimated to account for more than 50% share of the block chain distributed ledger technology market in the region. It is also believed that central bank of France has announced theset up a new innovation labin order to collaborate with block chain startups.
Asia Pacific is projected to be the most attractive market for block chain distributed ledger technology owing to the matured BFSI sector in most of the countries of the region.Expansion in IT and automotive sector in countries such as India, China, Malaysia, and Singapore further supports the growth of block chain distributed ledger technology market in the region.Also, the expansion in the different mode of internet payment options in countries such as South Korea, China, Japan, and India further supports the growth of the market.
Some of the leading companies operating in Block chain distributed ledger technology market include Deloitte, IBM Corporation, Accenture, Microsoft, Capgemini, Touche Tohmatsu Limited, Global Arena Holding, Inc., Block chain Tech Ltd, Digital Asset Holdings, Ethereum, BitFuryUsa Inc., Chain, Inc., Coinbase Inc., and Abra, Inc.These key players are actively involved in technological development in order to make the technology more secured and transparent. These players have also adopted the strategies such as merger and expansion in order to compete in the global block chain distributed ledger technology market.
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