Due to the need for security and transparency, the blockchain global market report shows the growth in the Covid era – Blockchain News, Opinion, TV and Jobs

The blockchain market looks forward to a bright future with a 79% annual growth rate (CAGR). The recent (2020-2021) growth is mainly due to the company’s resumption of operations and adapting to the new normal, while recovering from the impact of COVID-19, which earlier led to restrictive containment measures such as social distancing, remote work And the closure of business activities that cause operational challenges.

Unexpectedly, blockchain technology will be so popular this year. Companies from all walks of life are showing increasing interest in using this technology to enhance their business processes. The COVID-19 pandemic has accelerated digital transformation in many areas, especially through the use of a distributed ledger technology called blockchain. It is estimated that by 2025, the market will reach 60.2 billion USD at a compound annual growth rate of 97%.

Blockchain is favored because of its security, reliability and transparency, which has promoted the demand for blockchain technology in the industry and the public sector, and it is expected that this demand will not decrease in the next few years.

Companies such as Circle and BitPesa use blockchain technology for international overseas payments. Now, it is also used in supply chain, healthcare, government and other fields.

In Dubai, all government-related financial transactions are conducted through blockchain technology, making it the first government to adopt blockchain technology. In May 2019, online music streaming platform Muzika and the world’s leading cryptocurrency exchange Binance and a decentralized network were used to create a decentralized digital music ecosystem to reduce the gap between musicians and listeners. And give musicians the recognition they deserve.

Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market.

The inefficiency of the scalability of blockchain technology hinders the blockchain market because it hinders the processes involved. The health of the blockchain network depends in part on the number of nodes in the network and the spread of these nodes around the world.

The larger the block, the faster the scale of the blockchain increases, which will eventually eliminate individual miners, leading to more transaction accumulation. For example, Bitcoin’s scalability is due to the limited processing speed caused by problems related to transactions involving increased number of transactions and limited block size.

In 2019, the size of the blockchain increased from 184.622 GB in 2018 to 242.386 GB. In 2018, there were 165,000 unconfirmed transactions in a week, due to a large number of transactions causing expansion problems. Similarly, in December 2018, due to the 6-fold increase in transaction volume released by Cryptokitties, scalability issues caused the Cryptokitties application to congest the Ethereum network and cause all unprocessed transactions to pile up. Therefore, the increase in the number of transactions will cause scalability issues, which hinder the growth of the market.

The blockchain market covered in this report is broken down by type into private; public; hybrids. It is also broken down by provider into applications; middleware; infrastructure and applications to BFSI; telecommunications and information technology; and government.

United blockchain, also known as alliance blockchain, is expected to become the main trend shaping the blockchain market during the forecast period. The federated blockchain is a privately licensed type of blockchain that allows multiple entities to access the network or token system through voting.

Decentralization is maintained by pre-selecting authoritative nodes in the network that can continuously exchange data or information. In 2019, Oracle joined the HyperLedger Alliance, and dozens of cloud blockchain applications are running.

In February 2019, Hyland, a US-based content service provider and software developer, acquired Learning Machine for an undisclosed price. With this acquisition, Hyland aims to support its customers by generating and managing contracts that can be quickly verified and shared.

Learning Machine is a startup company that provides blockchain authentication solutions, helping customers by providing a platform that uses blockchain technology to create, issue, and verify contracts.
Read the full report: https://www.reportlinker.com/p06070255/?utm_source=GNW

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