The blockchain technology is impregnating in real-world scenarios more and more. Due to Coronavirus, the belief in traditional supply chains has faded, which lead to the proliferation of blockchain technology on a large scale.
The new report says that the blockchain market will touch $21 Billion by 2025. The world economy is under bearish clouds, and unemployment is reaching its peak. In this uncertainty, the blockchain startups are rising gaining pump from big fintech companies.
Key Companies in the Blockchain Market
Fortune Business Insights publishes the report titled “Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025.”
According to the report, the big fintech firms are investing in blockchain to tackle flaws in traditional tech networks. The industry is booming on the enterprise level rather than small-level startups as governments are also taking interest in this new technology. The document reads,” Government and public authorities are showing more interest in gaining regulatory and research approvals for their products.”
On the basis of past and upcoming trends in the market, the report says, “The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.”
The IBM is on the forefront to deploy blockchain solutions in world supply chains and other sectors. Besides IBM corporation, the giant companies which control most of the blockchain technology market share include The Linux Foundation, Oracle Corporation, Fintech and Blockchain Software House, Deloitte, Consensus Systems, Microsoft Corporation, Schvey, Inc. (Axoni), Altoros, Bits, Inc. (Tendermint, Inc.), VironIT, and others key firms.
The COVID-19 proved as a nightmare for the economy and global structure about how entities interact with each other. According to many analysts, the system needs to be rescheduled so that we can prepare ourselves from any kind of unnatural attack of such kind in the future. If blockchain becomes successful in offering efficient solutions to face this uncertain situation, then it would be difficult to stop its adoption across the world.