Report Code: A11750 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Blockchain Finance Market
Request Now !Blockchain is a way of storing data that makes it difficult or impossible to change. It is a digital ledger of transactions that is duplicated and distributed across the blockchain's entire network of computer systems. By investing heavily in blockchain technology and expanding its use, the financial industry continues to lead the way in blockchain adoption.
According to financial industry authorities & blockchain experts, blockchain improves security, lowers risk & lowers costs by bringing visibility, and lowers friction along the long list of transactions that accompany most financial interactions. These blockchain advantages result in lower costs for financial institutions. Moreover, in banking and finance, blockchain allows for the issuance of digital securities in less time, at lower unit costs, and with greater levels of customization. Therefore, surge in demand for blockchain finance is expected to boost the market growth during the forecast period.
The global blockchain finance market is segmented on the basis of component, type, application, enterprise size and region. Based on component, the blockchain finance market is divided into platform and services. In terms of type, the market is categorized into public, private and hybrid. On the basis of application, the market is divided into digital identity, payments, smart contract, supply chain management and others. On the basis of enterprise size the market is divided into large enterprise, small & medium enterprises. Geographically, the blockchain finance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global blockchain finance industry include International Business Machines (IBM) Corporation; Microsoft Corporation, Linux Foundation, BTL Group Ltd, Chain Inc, Circle Internet Financial Limited, Deloitte Touche Tohmatsu Limited, Digital Asset Holdings LLC, Global Arena Holding Inc. (GAHI), and Monax.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global blockchain finance market.
COVID-19 Impact Analysis
Top Impacting Factors
Increasing adoption of DLT system based on advanced analytics to aid growth and the ability to perform conventional tasks faster & cheaper are expected to drive the growth of the market. In addition, the rising need for faster transactions propels the growth of the market. However, high costs involved at the initial stage proves to be a constraining factor for the growth of the market. Contrarily, blockchain’s ability to streamline the process for highly complex transactions is expected to provide lucrative opportunities to the market in the coming years.
Increasing Adoption of DLT System Based on Advanced Analytics to Aid Growth
Increased adoption of the distributed ledger technology (DLT) system based on advanced data analytics is one of the emerging drivers for the blockchain finance market. DLT is a decentralized system that uses secure mechanisms and advanced data analytics to record transactions. Furthermore, the introduction of blockchain technology in the financial sector has helped in lowering risks and to save costs by lowering friction and bringing visibility. Therefore, with rise in the adoption of DLT systems and research services, the market is expected to grow in future.
Ability to Perform Conventional Tasks Faster and Cheaper
Traditional financial institutions act as middlemen, facilitating the transfer of funds between different parties through complex and time-consuming processes that add friction to transactions. By removing friction, blockchain can streamline these processes, such as reconciliation, clearing, and settlement, by reducing the time and cost.
Moreover, the financial industry uses blockchain to automate the collection and sharing of documents that are frequently required for transactions, whether they are in custom forms, insurance policies, or other types collected by banks and financial services firms. This significance of blockchain in the finance market is expected to foster the market growth during the forecast period.
Key Benefits of the Report
Questions Answered in the Blockchain Finance Market Research Report  Â
Blockchain Finance Market Report Highlights
Aspects | Details |
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By Component |
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By Type |
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By Application |
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By Enterprise Size |
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By Region |
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Key Market Players | International Business Machines (IBM) Corporation, Circle Internet Financial Limited, Monax., Digital Asset Holdings LLC, Microsoft Corporation, Linux Foundation, Global Arena Holding Inc. (GAHI), BTL Group Ltd, Chain Inc, Deloitte Touche Tohmatsu Limited |
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