London, UK -- (SBWIRE) -- 10/11/2022 -- The latest publication by GlobalData Plc titled Blockchain in Payments – Thematic Research predicts the emergence of new blockchain networks such as Ethereum and the strong adoption of cryptocurrencies as the key factors driving the market. The study also projects China to emerge as the first major economy for launching a digital currency. This blockchain theme study also identifies various players classified as disruptors and market leaders based on their contribution to the industry.

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Blockchain facilitates trust among parties, allowing participants in the network to securely share a record of transactions even if they do not trust (or know) each other. Once a transaction has been added to the blockchain, it cannot be changed or removed. Emerging economies are also witnessing a strong adoption of cryptocurrencies. The rising need to access economic solutions over conventional remittance platforms has motivated this acceptance of cryptocurrencies in developing countries. Furthermore, the fact that cryptocurrencies are a convenient way to protect against inflation in a country where local currency is devaluing will also propel the adoption of blockchain in payments or the banking sector.

Blockchain in Payments Trends

The main trends shaping the blockchain theme over the next 12 to 24 months are shown below. These trends are split into three categories: technology, macroeconomic, and regulatory:

Technology Trends
- AI
- Bitcoin
- BaaS
- Blockchain-based payment service
- The Blockchain-based Service Network (BSN)
- Cybersecurity
- Cryptocurrency
- Cryptocurrency wallet
- Decentralized vs centralized
- DeFi
- Decentralized oracle network (DON)
- DLT
- Ethereum
- Integration
- IoT
- Internet infrastructure/5G
- NFT
- Permissioned blockchains
- Real-time payments (RTP)
- Stablecoin
- Smart contracts
- Tokenization
- Zero-knowledge proof (ZKP)

Macroeconomic Trends
- Banks' interest in blockchain technology
- Blockchain talent
- Consortia
- Rise of eCommerce
- Environmental impact
- Networks of networks
- Younger population
- COVID-19

Regulatory Trends
- Blockchain regulation
- CBDCs
- Electronic payment adoption is driving new regulations
- Crypto regulations
- Fintech regulations

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Blockchain in Payments Value Chain Highlights

Blockchain infrastructure
- Nodes
- Mining
- Storage
- Tokens

Blockchain protocols
- Permissioned
- Permissionless

P2P networks
- Private
- Federated
- Hybrid
- Public

Blockchain components
- Smart contracts
- Side chains
- State channels
- Off-chain computing
- Oracles
- APIs

Blockchain applications
- Payments
- Supply chain
- Digital assets
- Identity management
- Trade finance
- Provenance

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Blockchain in Payments Market Players

GlobalData highlights the companies that are making their mark within the blockchain in these payments thematic research study. The report also covers the key strategic initiatives taken by each player to strengthen their market positions and ensure dominance in the upcoming years as well.

- Accenture: In late 2020, Accenture hired the head of blockchain innovation to expand its blockchain capabilities, primarily by expanding the company's talent pool.

- Alibaba Group: As of 2020, Alibaba had accumulated over 2,298 blockchain patents–the most of any blockchain patent holder in the world.

- Amazon: Amazon made its Amazon Managed Blockchain (AMB) and Amazon Quantum Ledger Database (QLDB) services available in 2019, supporting Hyperledger Fabric and Ethereum.

- Axoni: Axoni is a capital markets startup focusing on blockchain infrastructure, distributed app development, and workflow automation tools. AxCore (its enterprise blockchain protocol) allows for data sharing between systems and institutions while maintaining the privacy and scalability required for capital markets.

- Bitt: Bitt is a blockchain startup that is dedicated to helping institutions adopt blockchain technology.

- Block One
- ConsenSys
- Coinbase
- Facebook
- Figure Technologies
- HSBC
- IBM
- Infosys
- ING
- Kraken
- JPMorgan Chase
- Microsoft
- Oracle
- Ping An
- R3
- Ripple
- Roxe
- Salesforce
- Tencent
- Wipro

For more insights on each vendor, grab a Sample Report Copy at: https://www.globaldata.com/store/talk-to-us/?report=3069108

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About GlobalData
GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our mission is to help our clientele ranging from professionals within corporations, financial institutions, professional services, and government agencies to decode the future and profit from faster, more informed decisions. Continuously enriching 50+ terabytes of unique data and leveraging the collective expertise of over 2,000 in-house industry analysts, data scientists, and journalists, as well as a global community of industry professionals, we aim to provide decision-makers with timely, actionable insights.

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