Launch of Cryptocurrencies to Augment Growth of the Global Blockchain Technology Market - Coherent Market Insights (CMI)

A blockchain or also referred to as distributed ledger technology (DLT) is a growing list of records called blocks that are linked cryptography. It is used to make the process of trading a lot more convenient. A trader can buy or sell using his own funds instead of having to wait for the funds to reach their hands. With the use of the Internet, you'll be able to trade in minutes without having to leave your home. You'll also be able to see what the prices of the currencies have done so far and what the future might hold.

Market Dynamics:
Launch of cryptocurrencies is expected to propel growth of the global blockchain technology market. For instance, in June 2019, Facebook launched its cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees.
Increasing integration of blockchain in various systems is expected to offer lucrative growth opportunities for players in the global blockchain technology market. For instance, in November 2020, The XDB Foundation announced the addition of Stably Corporation, a Seattle-based fintech firm hyper focused on stablecoin development, to the DigitalBits ecosystem.

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Blockchain technology is prone to service outages, which is expected to hinder growth of the global blockchain technology market. For instance, in November 2020, Infura, an Ethereum infrastructure provider, announced the company is experiencing a service outage for its Ethereum mainnet API and it was investigating the issue.

Among applications, the non-financial sector is expected to witness significant growth in the global blockchain technology market, owing to significant advancements in the telecommunications sector. For instance, in November 2020, TOMIA, the market leader in end-to-end connectivity optimization solutions, partnered with Clear, the developer of blockchain-based settlement and clearing networks, to provide the global roaming ecosystem with a joint roaming management, reconciliation and settlement platform.
The financial sector is also expected to witness significant growth in the global blockchain technology market, owing to increasing adoption of blockchain technology in the sector. For instance, in November 2020, Fusang, a Hong Kong-based Fintech, partnered with the China Construction Bank to issue US$ 3 billion worth of bonds utilizing blockchain technology.

Competitive Analysis
Major players operating in the global blockchain technology market include, Digital Asset Holdings, LLC, Microsoft Corporation, Ripple, Deloitte Touche Tohmatsu Limited, R3, Consensus Systems (ConsenSys), IBM Corporation, JP Morgan Chase & CO, Coinbase, Accenture and Chain Inc.
October 2019: IBM Corporation launched a new integrated blockchain supply product, which based on Watson AI and IBM Blockchain.

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