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Blockchain Technology Market Analysis By Type (Public, Private, and Hybrid), By Application, By Region And Segment Forecast, 2015 - 2024NEW YORK, Jan. 18, 2017 /PRNewswire/ -- The global blockchain technology market is expected to reach USD 7.74 billion by 2024, according to a new report by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions. The technology works as an electronic transaction-processing and record-keeping system. This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification. The major drivers include the growing interest of the BFSI sector and increasing merchants accepting crypto currencies among others. The probable opportunity of this technology further includes the instant settlement of various financial transactions and achieving optimized settlement options for the netting and clearing process. Further key findings from the report suggest: Recently, investments have been made in the technology by various financial institutions in association with key technology players to further improve the efficiency of the underlying financial processes and help minimize the risk The technology will be able to support IoT applications, book keeping in the healthcare sector, instantaneous payments in the transportation segment, and maintenance of records for land ownership by the governments in the public sector. Some of the prominent vendors in the market include Chain Inc., Circle Internet Financial Limited, Digital Asset Holdings, Eric Industries, IBM Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple, and Safello. Read the full report: http://www.reportlinker.com/p04604994-summary/view-report.html To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/blockchain-technology-market-analysis-by-type-public-private-and-hybrid-by-application-by-region-and-segment-forecast-2015---2024-300393068.html SOURCE Reportlinker |