Blockchain is a distributed ledger with transparency and immutable features. Recording the transactions and tracking assets are parts of the blockchain technology process. An asset can be substantial or concrete such as a house, a car, land, cash, etc., or intangible such as intellectual property, patents, copyrights, branding, etc. Anything of value can be tracked and traded virtually on a blockchain network, reducing risks and cutting costs. Blockchain business depends on information. The faster it is recorded in the system and more accurate the information is it can be beneficial for the blockchain system. Blockchain is an ideal platform for presenting or delivering information. Due to being immediate, shared, and transparent, Blockchain technology is the most effective and efficient distributed ledger. As for the permission of blockchain, only licensed network members can access the information. Besides applying blockchain for only bitcoin, there are various applications available for blockchain technology. Blockchain technology can track orders, payments, accounts, production, and much more things. Users can visualize all information about transactions end to end which gives them greater confidence, new efficiencies, and opportunities. The emergence of blockchain technology is expected to bring a revolution in many aspects of human lives. Through decentralization and removal of intermediaries, blockchain technology provides the world a unique opportunity to take a digital leap.

According to the research report “Global Blockchain Market Outlook, 2027″ published by Bonafide Research*, the global blockchain market is forecasted to have a CAGR of 49.24% by 2027. The global blockchain market is segmented into five major regions which are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region is expected to acquire more market share in the global blockchain market. In this region, the Asian Development Bank has announced that it will use blockchain technology as its essential database to make cross-border securities transactions providing efficient and secure services. Initial investments in Ethereum produced unpredicted returns in the Asia-Pacific region. As public chain technology, it is vastly spreading and expanding the possibilities of blockchain. Asia-Pacific region has successfully invested in Polkadot, Blockfi, and Terra too. From the underlying infrastructure blockchain system to the decentralized financial app (DeFi), the blockchain industry has grown into the Asia-Pacific region. Blockchain technology is driven by a unique investment strategy, comprehensive and long-term perspective. IBM Corporation, Amazon Web services, Wipro limited are some of the major players in the global blockchain market.

Blockchain, a distributed ledger technology has the potential to transform a wide range of markets and industries fundamentally. As to enhance the blockchain technology approach, Global Blockchain Policy Center is exploring the benefits and risks of blockchain technology. This can be utilized to ensure raising the economy globally. By the essential output of blockchain technology, it could be used as a foundational technology in forecast years. Blockchain technology has many unfolding potentials for various applications. For instance, banks can use a blockchain database to handle remittances for higher productivity at a lower cost. With this feature, they can improve the transactions without sacrificing security. Blockchain technology could boost the global economy in upcoming years through raising levels of tracking, tracing, and trust. Healthcare, education, and public administration sectors are estimated to have higher benefits of blockchain technology. Even though blockchain was introduced with the vision of the banking sector, it has started disrupting other industries as well.

The Covid-19 pandemic has affected almost all countries and had a significant effect on daily lives. It has hampered the movement of goods as well as people across the globe. Because of Covid-19 implications, the various levels of regulations are assessed by national and local governments throughout the world. The pandemic concerns delayed and disrupted virtually all supply chain networks. However, Pandemic has shown the advancement of blockchain technology itself. This ‘temporary Slowdown’ should lead the blockchain industry investors to recover when the pandemic subsidies. As many people are remaining at home during the pandemic, the use of blockchain as a digital currency is expected to increase. With that blockchain developers are also working to create solutions to track medical supply chains and drug supply chains.

Major blockchain tech or service providers in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.

*Bonafide Research is global market research and consulting company providing syndicated research reports, customized research reports, and consulting services to a range of verticals.