Blockchain Distributed Ledger Market Analysis
The global blockchain distributed ledger market size is expected to reach USD 228.31 Billion in 2018 and register a steady revenue CAGR of 62.5% over the forecast period, according to the latest analysis by Emergent Research. Improved data transparency and accountability in blockchain distributed ledger technology is a key factor driving global blockchain distributed ledger market revenue growth.
Blockchain is one sort of distributed ledger. Independent computers (referred to as nodes) are used in distributed ledgers to record, share, and synchronize transactions in their electronic ledgers (instead of keeping data centralized as in a traditional ledger). In an append-only mode, blockchain arranges data into blocks that are chained together.
Blockchain/DLT are the foundation of the “internet of value,” allowing peer-to-peer recording and transfer of “value” without the need for a central coordinating agency. Any record of ownership of an item — such as money, securities, or property titles — as well as ownership of specific information such as identification, health information, and other personal data is referred to as “value.” The financial sector could be transformed by distributed ledger technology (DLT), making it more efficient, resilient, and dependable.
This could help to address ongoing financial sector issues and shift the responsibilities of financial sector stakeholders. Manufacturing, government financial management systems, and sustainable energy are among the industries where DLT has the potential to revolutionize.
Some major companies in the global market report include Intel Corporation, NTT DATA Corporation, Amazon Web Services, Inc., Global Arena Holding, Inc., International Business Machine (IBM) Corporations, Digital Asset Holdings, LLC, Accenture PLC, Huawei Technologies Co., Ltd., AlphaPoint, and iXledger.
The use of a blockchain distributed ledger gives financial transactions more transparency and eliminates the middleman, lowering transaction costs. In the coming years, this is likely to promote the adoption of blockchain distributed ledgers. Blockchain-enabled distributed ledgers are expected to transform the way commercial transactions are conducted as the complicated process of paperwork and third-party involvement lengthens the process. Furthermore, increased transaction security is another factor contributing to the technology’s expanding significance. Distributed ledger systems are unrestricted by legal norms and are not governed by any centralized body. Technology, on the other hand, is regulated by its own set of rules.
Blockchain distributed ledger technology is still in its early stages of adoption, with the financial sector leading the way. Security problems, such as hackers constantly attempting to break the authorized cryptographic code, as well as a lack of understanding of the technology, have hampered the spread of this technology chevalier.
Because this technology is still in its infancy, the World Bank Group has no broad recommendations for its application in international development. World Bank Group is still working with standard-setting bodies, governments, central banks, and other stakeholders to track, research, and prototype blockchain and DLT-based applications.