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The global Blockchain Technology Market is forecast to rise exponentially in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry.
In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in global blockchain technology market in 2017. The segment will gain further impetus following introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.
In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by high need of transparent transaction across industries such as healthcare, retail and BFSI.
Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate
“Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market“, said a lead analyst at Fortune Business Insights.
Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.
Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.
Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America
North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth US$ 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to high presence of blockchain technology developers.
In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech & Blockchain Software House.
Source: https://www.fortunebusinessinsights.com/industry-reports/blockchain-technology-market-100072
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A technology originally created for NASA communication now will be used by the new Microsoft blockchain project that will help tracking products worldwide.
Microsoft Blockchain’s Project called Manifest can also help to ensure the origin of the material used and the labor used to build the products, conforming them to company’s standards.
Thanks to a partnership with Mojix, Project Manifest uses Internet of Things (IoT) platform that is currently integrated with the Ethereum blockchain to help companies to track items using a radio frequency identification device (RFID).
This kind of implementation is able to inform each member of the supply chain about the history of a shipped product.
During a recent interview with Microsoft’s strategist Yorke Rhodes, he explained why this partnership was chosen:
“Project Manifest is actually designed to look at the challenges of visibility in the supply chain. One of the reasons why we worked with Mojix is because they already have technology and know-how in supply chains for scanning RFIDs.”
An early version of the Microsoft blockchain solution now integrates Mojix’s platform, called ViZix, with a smart contracts and it was exhibited during an event held last week at the National Retail Federation in NYC.
The ViZix integration has been designed to exploit the rapidly growing rate that goods are being labelled with RFID, Bluetooth and GPS sensors.
“The consumer would like to be able to see where the goods are to make sure they’re not coming from slave labor and things like that,” said Yorke. “By way of giving consumers the ability to do that we’d like to push certain parts of the data to a public blockchain.”
In addition to the Mojix partnership, Project Manifest also includes work with a standards body and support from the academic sector.
In fact, Project Manifest confirmed that two professors and 10 students from Auburn University’s RFID lab will also participate to the group.
Also, the lab has been engaged with seven brands and three retailers for seeking to create new ways to deal with a recent growth in supply chain data.
This team is studying and testing electronic proof of delivery, vendor scorecarding, anti-counterfeiting, anti-grey market, and data exchange data.
And a report about these researches is expected by the end of 2017.
Read more about Microsoft Blockchain’s project here.
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Microsoft officially announced its plans to add a Bitcoin Excel support in the upcoming release of its new version of Excel 2017,
This Bitcoin Excel Support will allow users to calculate, format and analyze bitcoin on the program.
Account executive at Microsoft, Martin Butler posted on Twitter:
“In 2017, Excel will be able to recognize, format, calculate and analyze numbers expressed in Bitcoin currency. The new feature will be available for Excel running under Windows 10, Android, Mac OS and iOS, and will include Excel Mobile versions as well.”
Bitcoin expert Alistair Milne first expressed his enthusiasm for the Bitcoin integration. and also the whole Bitcoin community reacted positively for this the company’s effort as it can help a massive adoption for Bitcoin.
During the past few years, a few government agencies and financial institutions avoided the word “currency” in describing Bitcoin.
The official recognition of Bitcoin worldwide by tax authorities is still a minefield, even if Russia recently declared its decision to recognize Bitcoin as a foreign value.
By the end of 2016, investors and traders were considering Bitcoin as a worldwide currency and the only safe haven asset for its capacity and ability to prevent financial issues and economic problems.
Bitcoin has been crucial in protecting the wealth of most households and businesses in the past 12 months. Maybe it is for this reason that Microsoft coined Bitcoin as a currency for its global users who utilize Microsoft Execel every day.
Microsoft is heavily involved in the development and deployment of various Blockchain-based platforms, including Azure Blockchain-as-a-service (BaaS) platform, where businesses can use the distributed ledger to simplify the settlement of financial data.
The company also supported meetups about Ethereum and other blockchain-related companies, demonstrating their love for the cryptocurrencies industry development.
To read more about Microsoft and Bitcoin, click here.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Since the end of 2014 Microsoft Corporation has started to test the blockchain technology.
About the author: Amelia Tomasicchio is a writer and a journalist of Bitcoin-related news and articles. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.
Open your free digital wallet here to store your cryptocurrencies in a safe place.