Blockchain is a
block of chains that contains information. Block Chain Refers to a
Data Structure. Block Chain is a Distributed Ledger that is completely
open to anyone.
Blockchain is a ledger which is
immutable i.e once something is written in it, It cannot be changed or removed.
This ledger stores information, which can be anything from transaction
information to persons details.
Blockchain is anticipated to exhibit very high growth in near future. Some of
the major driving factors contributing to the market growth include extensive
adoption of Blockchain solutions in the BFSI sector; advantages such as higher
transparency, higher operational efficiency and substantial cost savings; and
increasing number of innovative start-ups worldwide will drive the market
during the forecast period and have a high impact in the short term. However,
factors such as concerns related to data privacy, confidentiality and security;
unclear regulatory environment; and interoperability, scalability, and
sustainability challenges are anticipated to hinder the market growth in the
coming years.
The nature of
businesses is becoming very competitive in every industry across the world and
to compete efficiently, enterprises nowadays relying on technology integration
into various business functions to increase operational transparency and
efficiency. Blockchain has several applications in the financial sector
including payments, capital markets, trade services, investment & wealth
management, and securities & commodities exchanges among many others and
substantial cost savings is one of the main drivers for rising adoption of
Blockchain in this sector.
Major industries
across are globe including BFSI, retail, logistics & transportation,
healthcare, automotive, media & entertainment, and government are embracing
and investing in disruptive technologies such as Blockchain, artificial
intelligence, IoT, big data, and predictive analytics among others. The rising
adoption of Blockchain technology is driven by the successful uses cases and
proof of concepts of Blockchain in various industries that resulted into
increased transparency, enhanced operational efficiency, and reduced costs.
Key Players:
IBM , Microsoft , Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP , Oracle , Intel , Ripple, Bitfury Group
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