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Blockchain Technology Market Trends & Forecast To 2024| Ripple, R3, Coinbase, Huobi, Amazon Web Services, IBM Corporation, Microsoft Corporation

Blockchain Technology Market

Blockchain Technology Market

Blockchain technology market size from smart contract applications is slated to grow at an annual growth rate of more than 80% by 2024. Citing an instance justifying the aforesaid, one of the largest UK based banks, Barclays, recently submitted a patent application regarding the development of a private blockchain platform that could be used for cryptocurrency transfer. The bank also plans to store customers' information on its private blockchain

The streamlined deployment of blockchain technology across the BFSI sector is poised to boost product demand over the years ahead. For the record, in 2017, BFSI emerged as the dominant segment in blockchain technology market by accounting for 60% of the business share.

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Indeed, the rapid adoption of blockchain technology across a multitude of business verticals would invariably propel the remuneration portfolio of blockchain technology market in the years ahead. Driven by the rising investment by venture capital firms to find effective strategies of deploying distributed technology in various walks of life along with increasing acceptance by numerous governments, blockchain technology is slated to garner a revenue of over USD 16 billion by 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Alpha point
2. Amazon Web Services Inc.
3. Asta Solutions Pty Ltd.
4. Bacoor Inc.
5. Blocko Inc.
6. Chain Inc.
7. Coinbase Inc.
8. Digiledge
9. Digital Asset Holdings LLC
10. Earthport
11. Exioms Technology Pvt. Ltd.
12. Hewlett Packard Enterprises (HPE)
13. Huobi
14. IBM Corporation
15. Microsoft Corporation

The traditional venture capital companies are playing a crucial role in funding the development of blockchain technology infrastructure across the world. After realizing the outstanding potential of blockchain technology to disrupt the conventional business models, venture capital firms have adopted different operating procedures and strategies to gain a strong foothold in the blockchain technology market. Enumerated below are a few instances that highlight the significance of venture capital funding in the development of blockchain technology:

o The Florida-based Global Blockchain technology Ventures, LLC has recently launched an ambitious blockchain technology technology-focused venture capital fund worth USD 100 million to fuel innovation distributed ledger technology. The fund further aims to assist the most promising and transformational projects with the capacity to offer practical blockchain technology-enabled applications to benefit the State of Florida.

o Following its participation in the USD 100 million funding of the cryptocurrency brokerage eToro, South Korea's foremost venture capital funds Korea Investment Partners (KIP) has recently invested in blockchain technology startup Temco. It is being said that Temco intends to implement the proof-of-work (PoW) protocol and find a robust solution for the disorganized nature of existing supply chain management systems by utilizing blockchain technology.

o The blockchain technology-based social network Minds has raised a total of USD 7.4 million by venture capital firms in October 2018. The startup recently released its crypto token exchange that would be integrating securely distributed ledgers with traditional market procedures to enhance auditability, efficiency, transparency, and reduce settlement times and expenses - a phenomenon which is being widely discussed in the global blockchain technology market.

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