High adoption of the blockchain technology for payments, smart contracts, and digital identities


Posted October 8, 2018 by Atishrithe1

Blockchain empowers enterprises to do things faster with greater trust, reduced frictions and inefficiencies, and notably minimized operating costs and complexities in cross-enterprise business processes.

 
Blockchain empowers enterprises to do things faster with greater trust, reduced frictions and inefficiencies, and notably minimized operating costs and complexities in cross-enterprise business processes. With the changing digital trends, the needs for data transparency and security, and customer intimacy are becoming essential to build a customer-centric organization and reduce the overall operating costs. Exponentially-emerging disruptive technologies, such as blockchain, and technologically-advanced cryptocurrency solutions, such as Ethereum and Bitcoin, are evolving rapidly to build industrial strength platforms for covering the entire value chain, from customer wallets and client-driven applications to transactions and money exchanges. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Market Dynamics
Drivers
• Increasing adoption of Blockchain as a Service
• Rising cryptocurrency market cap and ICO
• Simplifying business processes and creating transparency and immutability
• Faster transactions
• Reduced total cost of ownership
Restraints
• Uncertain regulatory status and lack of a common set of standards
Opportunities
• Rising importance and adoption of the blockchain technology among communication service providers
• Transforming international trade and supply chain management
• High adoption of the blockchain technology for payments, smart contracts, and digital identities
• New breed of programmable blockchain platforms
Challenges
• Security, privacy, and control
• Limited scalability
• Lack of awareness about the blockchain technology
The blockchain ecosystem comprises vendors, such as Abra (US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited (US), BTL Group Ltd. (Canada), Chain, Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK), Factom (US), International Business Machines Corporation (US), Microsoft Corporation (US), and Ripple (US).

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Issued By Marketsandmarkets
Country India
Categories Accounting , Banking , Blockchain
Tags blockchain , finance , Banking
Last Updated October 8, 2018