A blockchain or previously referred to as block chain is an increasing list of records called blocks containing transaction data and timestamps of the previous block that are linked using cryptography. Blockchain is a faster, more secure, and more economical technology used to carry out online transactions across financial services and nonfinancial sectors. Since the blockchain technology is decentralized, it eliminates the necessity of third parties or intermediaries to verify online transactions. As a result of this, the global blockchain technology market is expected to witness a paradigm shift during the forecast period owing to its increased adoption in the financial services and nonfinancial sectors.
 
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Market Dynamics
 
In blockchain technology, the data is decentralized, which thereby removes the need for intermediaries or third parties to verify transactions. Elimination of third party interference reduces the magnitude of the cost required for third-party verification and data authentication. This control is distributed between the parties involved transactions, which in turn, makes it faster. Furthermore, blockchain technology significantly minimizes the infrastructure cost incurred due to intermediaries thereby speeding up the transactions. As a result of this, blockchain technology has attracted various sectors including nonfinancial sectors. Thus, reduced time for transactions is expected to drive the market growth over the forecast period.
 
Market Opportunities
 
Large scale use of blockchain technology in cybersecurity, banking, and IoT can provide major growth opportunities
Blockchain technology provides end-to-end, faster, and secured transactions. Since there is no third-party intervention, the cybersecurity industry has rapidly started adopting this technology. Moreover, banking financial services and insurance and Internet of Things (IoT) sectors have started adopting blockchain technology gradually, owing to its lucrative benefits. Service providers can capitalize on this untapped market and expand their consumer base.
Gradual adoption in healthcare and music sector is expected to present lucrative growth opportunities
Various enterprises in the healthcare and music industry have started adopting blockchain technology gradually. In the music industry, this technology can aid in maintaining a distributed database of information about the ownership of music rights. In the music industry, this technology can aid in maintaining a distributed database of information about the ownership of music rights. Moreover, verification and authentication of documents for notary services can be done by using blockchain technology.
 
Key features of the study:
 

This report provides an in-depth analysis of the Global Blockchain Technology Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2019 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
It profiles leading players in the global Blockchain Technology Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
The global Blockchain Technology market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Blockchain Technology Market

 
Detailed Segmentation:
 
Global Blockchain Technology Market, By Product Type:

Public blockchain,
Private blockchain
Consortium blockchain

Global Blockchain Technology Market, By Application:

Application
Financial Services
Non-Financial sector.

 
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Competitive Section
Key players operating in the global blockchain technology market are Digital Asset Holdings, LLC, Microsoft Corporation, Ripple, Deloitte Touche Tohmatsu Limited, R3, Consensus Systems (ConsenSys), IBM Corporation, JP Morgan Chase & CO, Coinbase, Accenture and Chain Inc. 
 
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