Blockchain Technology Market: Global Industry Trend Analysis and Forecast 2018-2022

By | 13th March 2018

MRC Announces the Publication of its Research Report – Global Blockchain Technology Market in BFSI Sector 2018-2022

MRC recognizes the following companies as the key players in the global blockchain technology market in BFSI sector: IBM, Microsoft, and Amazon.

Commenting on the report, an analyst from MRC’s team said: “One trend in the market is growth of BaaS. BaaS is a cloud computing solution that provides a platform to manage distributed ledger systems. Ethereum BaaS (EBaaS), developed by Microsoft and ConsenSys, provides cloud-based blockchain developer environment. The EBaaS solution can be implemented through the Microsoft Azure cloud computing platform to manage and develop blockchain applications.”

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According to the report, one driver in the market is increasing government investments in blockchain technology. The increasing investments in blockchain technology by various governments across the world is a major factor driving the growth of the global blockchain technology market in BFSI sector. Countries such as the UK, Canada, Russia, and China are experimenting by placing their national currencies on the blockchain.

Further, the report states that one challenge in the market is trust deficit in blockchain technology for financial transactions. One of the major factors hindering the growth of the global blockchain technology market in BFSI sector is the lack of trust in the blockchain technology. The technology is still in the nascent stage, and its vulnerabilities are yet to be explored. Many companies are also skeptical about the scalability of blockchain when it comes to handling large volumes of enterprise data.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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