Published on : Nov 22, 2016
Albany, New York, November 22, 2016: Blockchain technology is a relatively new concept which is rapidly growing in the industry. A new report has been broadcasted to Market Research Hub (MRH) titled “Blockchain Technology”. It provides detailed analysis along with its potential impact and current applications.
In the initial section, the report offers brief overview about this technology. A blockchain is a distributed and decentralized transaction ledger, digitally recorded in data packages called “blocks”. It has been saved by each node in the network and is owned, maintained and updated by individual nodes. . It is basically a peer to peer system (either public or private) and no other central authority manages the transaction flow. A blockchain reliability depends on strong cryptography that authenticates and chains together the blocks of transactions, making it closely impossible to damage without any specific transaction record getting detected.
The report states that, the blockchain technology market is growing rapidly as the organizations are more focused on transparency & immutability along with scalability. However, some key factors such as lack of awareness about the blockchains and uncertain regulatory status are the major restraints in the overall growth of the market. The concept of blockchain has strengthened the financial services industry worldwide and there are various banks and financial institutions which have been actively investing in this blockchain technology. Using blockchain technology including bitcoin for payments and clearance in financial markets is now the most common type of utility case explored by financial institutions.
The report also analyzes the ecosystem and application of blockchain that describes the structure of its value chain, infrastructures, cryptocurrencies & FinTech along with some distributed applications as well as services. Moreover, the research has studied that growth in the next generation of blockchain technologies will enable more sophisticated applications and platforms, primarily in M2M and finance by the addition of smart contracts. This will open new opportunities for operators, but will also stance challenges to their existing business areas.
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At the end of the report, an analysis of today's market is carried out which include main factors shaping its development, and the potential impact of this new secure infrastructure technology. Due to these advancements, it is now clear that block chain can be further applied to many other disciplines including payments, trading assets digitally, identity management, data verification and smart contracts.
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