Blockchain Technology Market: Cross-Border Transactions and Applications in Banking to Augment Growth


Published on : Jul 18, 2018

Albany, New York, July 18, 2018: Surged applications of advanced blockchain technologies in banking and finance verticals reflect positively on the growth chart of blockchain technology market. Further, use of blockchain technology in foreign exchange further instills growth avenues. In its latest report titled, ‘Global Blockchain Technology Market (2018-2023)’ Market Research Hub (MRH) enumerates the impact of ongoing developments on the growth of blockchain technology market.

FinTech Investments in Blockchain Technology, Major Driver in Growth

To reciprocate with evolving end-user expectations such as quick foreign currency exchange and enablement of secure payment models, service providers in blockchain technology are integrating resources to remain industry specific, thereby ensuring a durable position in blockchain technology market on global platform.

To strengthen its arsenal of blokchain technology services, leading marlet player, Tata Consultancy Services (TCS) has recently unveiled its Quartz blockchain solution that empowers stakeholders in a finance gamut to operate on blockchain platform. To further accelerate digitization, TCS offers open banking API framework. The company has recently entered into a pertnership with BNP Paribas Securities to spearhead developments in a new blockchain venture that will present major company announcements to global customers across regions. The project is christened Event Connect and will be designed on Quartz blockchain technology.

Further, to extend blockchain technology in the energy sector, leading IT giant Wipro has partnered with Energy Web Foundation a pioneer in providing blockchain infrastructure to the energy sector. To fuel new developments, Wipro, under the agreement will be entitled to access blockchain system of EWF besides earning access to use extensive research literature of EWF on blockchain technology. This new partnership foresees to implement blockchain technology in the energy sector, besides strengthening Wipro’s position on the growth chart of blockchain technology market.

BFSI Comprises the Largest Share in Blockchain Technology Market

Key research findings encapsulated the report allow readers to get a comprehensive overview of market segmentation. This section of the report enumerates user accessibility and end-user applications as major segments prevalent in blockchain technology market. Based on user accessibility, blockchain technology market is bifurcated as public blockchain technology, private blockchain technology, and mixed blockchain technology. Based on end-user applications, blockchain technology market is further classified as Healthcare Sector, Supply Chain Management, Energy, Media, Informatics, and Banking financial services and insurance (BFSI) amongst others. Complete research postulates compiled in the report allow readers to identify the segment associated with increased revenue generation, besides comprehending the impact of segments in triggering growth in blockchain technology market.

Further, the report specifies prevalence of regional distribution of blockchain market. Based on region, blockchain technology market is sectioned as Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. Detailed summary on regional segmentation allows readers to gauge into various marketing tactics administered by leading players in blockchain technology market, besides enumerating the effect of these strategies in garnering end-user response, besides holistic growth in blockchain technology market.

Competitive Landscape: Blockchain Technology Market

Thorough research components encapsulated in the report allow readers to understand the impact of marketing strategies in stimulating favorable end-user response, end-user preferences, and their subsequent end-user purchase journey. Market players in blockchain technology market can decipher core deductions after through analytical study of these strategies and thereby design effective marketing plans and investment decisions that promise revenue generation and durability in blockchain technology market. Key players identified in blockchain technology market comprise of IBM, Microsoft, Deloitte, Accenture, Cape Gemini, Cognizant, Infosys, and TCS amongst others.

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