Global Blockchain Technology in BFSI Market Growth (Status and Outlook) 2023-2029

Global Blockchain Technology in BFSI Market Growth (Status and Outlook) 2023-2029

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.

According to this study, the global Blockchain Technology in BFSI market size will reach US$ million by 2029.

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. 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 growing adoption of blockchain technology by the BFSI companies in Europe, will drive the growth prospects of the blockchain technology market in BFSI sector in EMEA. As a result, this region will be the major contributor to the blockchain market by the end of the forecast period.

This report presents a comprehensive overview, market shares, and growth opportunities of Blockchain Technology in BFSI market by product type, application, key players and key regions and countries.

Segmentation by product type:
Public Blockchain
Consortium Blockchain
Private Blockchain

Segmentation by Application:
Banking & Financial Services Industry
Others

This report also splits the market by region:
United States
China
Europe
Other regions:
Japan
South Korea
Southeast Asia
Rest of world

The report also presents the market competition landscape and a corresponding detailed analysis of the major players in the market. The key players covered in this report:
IBM
Microsoft
Amazon

Please note: The report will take approximately 2 business days to prepare and deliver.