Hashgraph Market Is Expected to Witness Robust Growth in the Near Future with Growing Volume of Online Transactions and Rising Penetration of High-Speed Internet in Emerging Economies

 

Hashgraph is an on-block distributed ledger technology invented by Leemon Baird, the founder and CTO of Swirlds. It is an asynchronous Byzantine Hashtable proof algorithm that they consider quite capable of securing the distributed ledger against attacks by external actors. The concept is not entirely new to programmers, but hashgraph does add a new dimension to the distributed ledger design, by combining the advantages of Proof-of Capacity with the efficiency of a ledger. According to the developers, this new combination offers a number of unique benefits, such as lower system cost and faster transaction processing speed for example. In general, it may be worthwhile to implement a hybrid form of ledger technology such as Hashgraph, since it will help to strengthen both scalability and performance of the distributed ledger. Hashgraph uses an off-block scheme to provide its proof-of-capacity capacity capabilities, which has the potential to revolutionize how off-blockchain technologies will be perceived going forward.

Increasing volume of online financial transactions and banking activities is expected to drive growth of the global hashgraph market. Rising penetration of high-speed internet and smartphones has increased online transactions significantly over the years in both developed and emerging economies. According to the Internet World Stats, up until September 2020, there were over 4.9 billion internet users across the globe Asia leading the way. According to the same source, in 2020, the internet penetration rates in North America reached 90.3%, followed by Europe at 87.2% and Latin America/Caribbean with 71.5%. Such vast internet penetration accelerated growth of online financial transactions. As a result of this, the adoption of hashgraph is expected to boost significantly in the near future. Hence, these factors are expected to drive growth of the global hashgraph market. Furthermore, advanced security features as compared to conventional payment solutions are expected to propel the global hashgraph market growth in the near future. Hashgraph provides advanced security solutions for online transactions since its algorithm achieves this by its fast, fair Asynchronous Byzantine Fault Tolerance (aBFT).

Stringent government regulations on cryptocurrency are expected to hamper the global hashgraph market growth in the near future. Among regions, North America is expected to witness significant growth in the global hashgraph market. This is the early adoption of hashgraph technology in the local finance industry as a security solution in the U.S. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to rising internet penetration across the region.