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Blockchain Technology Market Size Worth $7.59 Billion by 2024: Grand View Research, Inc.SAN FRANCISCO, June 20, 2018 /PRNewswire/ -- The global blockchain technology market size is expected to reach USD 7.59 billion by 2024, according to a new report by Grand View Research, Inc., registering a 37.2% CAGR during the forecast period. Increasing demand for this technology across financial services, consumer or industrial products, technology, media and telecom, healthcare, transportation, and public sectors is largely responsible for market growth. (Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg ) Blockchain technology works as an electronic transaction-processing and record-keeping system. This allows various participants who 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. Increasing online transactions, digitization of currency, and secure online payment gateways are few of the major factors expected to fuel demand over the coming years. The market is expected to exhibit significant growth owing to abundant benefits provided by this technology, such as eliminating need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicative recordkeeping, facilitating faster settlement, and minimizing error rates. This technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency. Major growth drivers include growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies. The probable opportunity of this technology further includes instant settlement of various financial transactions and achieving optimized settlement options for netting and clearing process. Browse full research report with TOC on "Blockchain Technology Market Size, Share & Trends Analysis Report By Type (Public, Private, Hybrid), By Application (Financial Services, Consumer Products, Technology, Telecom), And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/blockchain-technoogy-market Further Key Findings From the Report Suggest:
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The global blockchain technology market has been segmented on the basis of type, application, and region:
Explore the BI enabled intuitive market research database, The Grand Library, by Grand View Research, Inc. About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Contact: Web: https://www.grandviewresearch.com SOURCE Grand View Research, Inc. |