Seattle, WA -- (SBWIRE) -- 10/17/2019 -- The global blockchain technology market was valued at US$ 710 million in 2017 and is projected to reach US$ 128,802.1 million by 2027, exhibiting a CAGR of 66.2% over the forecast period (2019-2027), according to Global Blockchain Technology Market Report, by Type (Public, Private, and Consortium), by Application (Asset Management, Insurance, Payment, Supply Chain, and Others), by End-use Industry (BFSI, Information Technology, Healthcare, Education, Telecom, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.

Blockchain is a decentralized and distributed public ledger, which is used to record transactions. It is a growing list of blocks, which are linked using cryptography. Bitcoin is the first application of blockchain technology. Factors such as digitization of currency, safe online payment gateways, and increasing online transactions are expected to fuel demand for blockchain technology in the near future.

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Increasing sales of autonomous cars and communication devices is driving demand for shared, secured, and highly precise database to share the information of cars between automotive OEM's, parts distributors, dealers, service mechanics, and others, for monitoring the working condition of parts or equipment and storing the data securely in the shared ledger, which has led to growth of blockchain technology market. For instance, Nets Group, in partnership with the Danish Tax Administration, developed a vehicle wallet in 2017. It is used for storing data concerning the car, which is saved in one distributed ledger and creates one shared record of the vehicle history. This reduces risks for buyers and sellers, and helps in ensuring that Denmark receives all proper taxes.

Blockchain technology in smart contracts bypass the need of third parties to store the contracts. Smart contracts are applied in all industries such as finance, logistics, real estate recruitment, and manufacturing. Smart contract offers increased transparency and security, and speedup the supply chain process. Smart contracts could be signed and verified in real-time in a secured environment. For instance, in the insurance industry, certain policy agreements could be automated. A smart contract for travel insurance can be automatically triggered once a flight is cancelled. After the cancellation of ticket, the smart contract makes a payment directly to the policyholder, thereby bypassing the claim process.
Key Takeaways of the Market:

According to Coherent Market Insights' analysis, North America blockchain technology market held dominant position in 2018 in the global market and is expected to retain its dominance over the forecast period. North America blockchain technology market is projected to reach US$ 57,738.0 Mn with a CAGR of 66.0% over the forecast period. Rapid adoption of blockchain technology in North American banks and financial institutions is a major factor driving growth of the North America blockchain technology market. Furthermore, governments in North America are also trying to incorporate blockchain technology for open and efficient transactions. For instance, in March 2018, The United States Postal service (USPS) announced plans to use blockchain, in order to build a more secure and efficient identification system. This system leverages blockchain, private and public identification keys as well as email integrated into decentralized systems.

According to Coherent Market Insights' analysis, Asia Pacific blockchain technology market is projected to exhibit the highest CAGR over the forecast period. Asia Pacific blockchain technology market is projected to grow with a CAGR of 67.8% over the forecast period. Asia Pacific countries such as Singapore, Hong Kong, and China are working towards understanding and benefiting from blockchain technology. For instance, in November 2016, the Monetary Authority of Singapore (MAS) announced a partnership with R3 (R3LLC) to explore blockchain technology and utilize it for handling inter-bank payments.

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Some of the major players operating in the global blockchain technology market include Accenture Plc, Amazon Web Services, Inc., Advanced Micro Devices, Inc. IBM Corporation, Infosys Ltd., Intel Corporation, Microsoft Corporation, NVIDIA Corporation, SAMSUNG, SAP SE, Siemens AG, Xilinx, Inc., and others

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