A blockchain represents a distributed database or ledger that is collectively maintained across nodes within a computer network. While blockchain technology has gained recognition for its pivotal role in cryptocurrency systems, where it ensures the security and decentralization of transaction records, its applications extend far beyond the realm of cryptocurrencies. Blockchains possess the capacity to render data immutable in any industry, a quality that signifies its resistance to alterations
The blockchain category is expected to grow at a CAGR of 87.7% from 2023 to 2030. Data traceability and transparency, trust and accountability, decentralization, and immutability are driving the category's growth. Venture capital investment is heavily increasing in technology.
Category growth is expected to be fueled by the increasing global adoption of cryptocurrency. The utilization of blockchain technology in cryptocurrencies like Ethereum and Bitcoin is a key factor driving this trend. The rising demand for cryptocurrency is attributed to its advantageous features, including convenient transactions, protection against inflation, and heightened security.
Companies around the world are actively engaged in partnering and developing cutting-edge technologies. Here are some notable examples:
These examples illustrate the diverse ways in which companies are embracing technology to reshape the financial landscape and enhance the efficiency and security of monetary transactions.
Key companies profiled - IBM, ConsenSys, LeewayHertz, ELEKS Software, Blockstream, Bitfury, Spring Labs, Chainanalysis, Galaxy Digital Holdings, Markovate, Appinventiv, Accenture Plc, and Cubix
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