Global Blockchain Market To Reach $9.6 Mn By 2024: Report
Given the stunning rise in the prices of Bitcoin, we can say that the technology behind it- Blockchain- is gaining immense momentum. However, the popularity and usefulness of the tech are not just restricted to cryptocurrencies but various other operations around the world.
The global blockchain market was valued at $216.1 million in 2016 and is projected to reach $9.6 million by 2024, or growing at a compound annual growth rate of 60.8 percent during the forecast years, according to a report from Esticast Research and Consulting. Blockchain, best known as a distributed database of a public ledger of transactions, now has been used for various financial and non-financial applications. The report indicated that the Banking, Financial Services, and Insurance (BFSI) held the largest market share in 2016 and is expected to maintain its domination during the forecast years.
Financial institutions’ interests in blockchain technology continue to grow.
Blockchain technology that was developed to reinforce digital currency bitcoin, is picking up pace in India. A recent effort in this area is the setting up of The Blockchain Foundation of India (BFI) is a community effort to promote the growth of blockchain-based initiatives in India.
While relatively nascent in India, it is considered the most efficient technology against cyber fraud that allows financial transactions to be verified electronically over a network of computers.
Blockchains promises enormous opportunities for various sectors. It can create a cross-national network of diverse participants including individuals, companies, NGOs and government bodies. No single entity would control the blockchain unlike a government or corporate database. Every entity would have a verifiable record of all transactions on the blockchain and the record could only be altered through a consensus of participants. (Click here to read more)
Several major players have already begun pilot projects to measure the feasibility of adopting blockchain into their ecosystems. As Blockchain is virtually unhackable due to time stamps that mark a data entry in a distributed ledger, banks will explore options to leverage the power of blockchain to transform backend operations.
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