As per a report from GrandViewResearch.com, there is a huge scope for blockchain based implementations. Between 2022 and 2030, the market for blockchain technology is projected to increase at a compound annual growth rate (CAGR) of 85.9 per cent, from a market size of US$ 5.92 billion in 2021. Increased venture capital investment for blockchain technology startups is one of the reasons for this market expansion. For instance, blockchain technology supplier Circle Internet Financial Ltd revealed in May 2021 that it had secured US$ 440 million in investment from institutional and strategic investors. Legalisation of cryptocurrencies in nations like El Salvador and Ukraine is expected to open up new avenues for blockchain expansion.
The key applications and use cases of blockchain are:
- Cryptocurrencies and financial transactions
- Supply chain management
- Non-fungible tokens (NFTs)
- Digital health records
- Smart contracts
- E-governance
- Secured personal information
- Gaming
- Digital voting
- Internet of Things (IoT)
The blockchain market is divided into digital identity, exchanges, remittances, smart contracts, logistics management, and others based on applications. Blockchain technology increases the effectiveness of payment systems, lowers operational costs, and makes transactions transparent. Due to the advantages that it offers, its application in payment solutions is growing. Blockchain eliminates the need for a facilitator in the processing of payments, which is another important reason for its growth.
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