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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.
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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