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Blockchain Finance Market Expected to Reach $79.3 Billion by 2032—Allied Market Research

 
2022
Blockchain Finance Market

Report Code : A11750

quote The market for blockchain finance has experienced significant growth in recent years due to the increasing demand from the financial sector. The blockchain finance system facilitates massive information distribution, which leads to effective fraud prevention measures. Blockchain systems' inherent openness and security make it difficult for fraudulent operations to increase. The growth of the blockchain finance market is also anticipated to be driven by increasing demand from the financial sector in the upcoming years. quote

Naga Surya Sanka - Manager
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Blockchain Finance Market by Type (Public Blockchain, Private Blockchain, Others), by Application (Cross-border Payments and Settlement, Trade Finance, Asset Management, Identity Verification, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032," The blockchain finance market size was valued at $792.31 million in 2022, and is estimated to reach $79.3 billion by 2032, growing at a CAGR of 60.5% from 2023 to 2032.

Blockchain is an electronic data storage system. They is a critical component of the Bitcoin system, as it keep a secure and decentralized record of transactions. Blockchain stores data in the form of blocks. Each block has a set capacity, and when it is full, it shuts entirely and is linked to the previously filled block, producing a blockchain. A freshly created block is provided with new information. Blocks in a blockchain contain transaction data and other relevant information, and when a new block is created, it typically contains the most recent transactions that need to be added to the blockchain ledger. When a completed block is added to the chain, a timestamp is added. In decentralized data, the blockchain framework creates an irreversible timeline of data. These factors are anticipated to boost blockchain finance market share. 

Blockchain technology can avoid traditional fraud protection methods that require several parties to validate transactions. Due to its peer-to-peer network and anti-tampering capabilities, blockchain is one of the greatest technologies for any sector that benefits from the rapid transfer of verified, fraud-free information and transactions. Contracts, financial procedures, and transactions are critical components of the financial industry. The implementation of blockchain technology has the potential to significantly improve the efficiency of this massive quantity of moving documents. Significant improvements in the financial sector include blockchain technology's ability to reduce fraud, provide quick and secure transactions, and ultimately aid in risk management within the networked global financial system.

Financial institutions are usually the target of fraudsters. When digital payments pass via payment processors and banks, there is a danger that information will be stolen. To process and store transaction blocks, blockchains utilize cryptographic algorithms. When processing transactions, financial organizations may find that utilizing this cryptography is less dangerous. Contracts take up a lot of time in businesses because they are an important part of financing. Self-executing contracts have the potential to significantly improve the effectiveness of blockchain technology in the blockchain finance market.

Despite being anonymous and encrypted, all network nodes on a public blockchain have access to data. Therefore, all network users have legal access to this data. Transactional data is used to identify a person within a network in the same way that websites normally use cookies and web trackers. Undesirably, this demonstrates that blockchain technology is not completely safe. Also, the financial industry's embrace of blockchain technology is hindered by regulatory uncertainties, scalability issues, and the need for improved interoperability and standardization. Addressing these challenges could be crucial for the technology's broader adoption and integration into the financial sector. There is also a scarcity of people with experience in specific fields such as encryption and distributed systems because of the huge talent demand and supply imbalance. The blockchain industry's supply of engineering and information technology talents is insufficient to meet the demand of the blockchain finance market. These factors could potentially hamper the blockchain finance market growth in the upcoming years.

Blockchain in blockchain finance market enables the assurance of both security and transparency. The lack of transparency in the system increases security concerns because no one knows what is going on until something goes wrong or data is compromised. Even though no one wants their financial information made public, having some level of transparency in the system is beneficial and necessary for financial service providers and their clients. As a distributed ledger is nearly impossible to modify, ownership can be monitored more readily. The ledger can authenticate data for ownership transfers and liens, which increases trust among users. Blockchain technology provides automation, lowering transaction costs, complexity, and time. Smart contracts can track when a buyer pays and delivers and handle any issues that arise during the transaction. Automated systems operate continually and reduce human errors. Considering blockchain's low costs, startups can compete with incumbent institutions, increasing financial inclusivity. 

The blockchain finance market share is segmented on the basis of type, application, and region. By type, it is classified into public blockchain, private blockchain, and others. By application, it is classified into cross-border payments & settlement, trade finance, asset management, identity verification, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the Blockchain Finance market analysis report Deloitte Touche Tohmatsu Limited, R3, Alphabet, Circle Internet Financial Limited, JP Morgan Chase, Microsoft Corporation, Goldman Sachs, Global Arena Holding Inc. (GAHI), International Business Machines (IBM) Corporation, and Accenture.

The report offers a comprehensive analysis of the global blockchain finance market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Blockchain Finance Industry

  • The global blockchain finance market has been transformed by the COVID-19 pandemic, which resulted in substantial shifts in acceptance, priorities, and market dynamics. As the pandemic caused havoc on traditional banking institutions and posed unprecedented hurdles, blockchain emerged as a robust and inventive alternative with far-reaching outcomes for the sector.
  • The pandemic accelerated financial services' digital transition, boosting blockchain use. Financial institutions sought decentralized and digital solutions to preserve operational continuity in the face of remote work and limited physical interactions. In this setting, blockchain's potential to enable safe, transparent, and efficient transactions gained prominence.
  • Blockchain-powered digital payment solutions gained traction as hygiene concerns drove the desire for contactless transactions. Cross-border transactions, which are frequently hampered by traditional processes, discovered blockchain's efficiency useful in overcoming obstacles and minimizing delays.

Key Findings of the Study

  • Based on type, the public blockchain sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest-growing during the forecast period.
  • Based on application, the cross-border payments & settlement sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
  • Based on region, North America registered the highest market share in 2022 and Asia-Pacific is anticipated to generate the maximum revenue during the forecast period.

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quote Blockchain Finance Market by Type (Public Blockchain, Private Blockchain, Others), by Application (Cross-border Payments and Settlement, Trade Finance, Asset Management, Identity Verification, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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