The worldwide Blockchain technology market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of $13.96 billion by 2022, said a report. Blockchain technology is being used increasingly in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and cross-border payments. In the banking and financial sector, it is utilized to secure payments, maintain customer identities, settle cross-border payments among others.
Blockchain technology is also employed in the healthcare sector, supply chain management, energy, media, informatics, etc. BFSI however, holds the largest share while Blockchain in retail industry under supply chain management is the fastest growing sector.
According to report, the US dominates in Blockchain patents application. About half of the total Blockchain patents applied are primarily for financial applications.
Financial Technology (FinTech) companies are planning to invest a part of their total investment in the distributed ledge technology, i.e., Blockchain. The decentralized nature of the technology attracts the banking sector to adopt it. The Blockchain technology market is expected to exhibit swift growth owing to less time consumption and its transparent nature that also requires less transaction costs. Even though the Blockchain market is expected to grow globally, there still a lack of awareness, regulation problems and clashes of ideology that hinders its adoption.