Blockchain technology offers a secure, fast, and cheaper medium of carrying out online transaction and online transfer of information without the need of third party verification. The adoption of blockchain technology in financial services sector has gained traction. Banking sector is willing to explore opportunities which would make the banking transactions more transparent and easy to process. Increased penetration of digital technology in the banking sector has resulted in the development of easy to use online platforms and applications. This drives the need to carry out the online transactions in a secure manner.
Blockchain technology eliminates the frauds due to errors and identity theft to a large extent. Hence the financial services sector has been keen in exploring the technology before undertaking a wide scale deployment of this technology. This technology can benefit industries such as music and healthcare by offering easy access and exchange of digital data of these industries over the Internet.
The demand for blockchain technology is expected to increase in the coming years owing to the investments in blockchain technology startups, partnership between blockchain technology providers and financial organization, FinTech investments, and digitization across various industries globally.
North America is expected to lead the blockchain technology market during the forecast period. Asia Pacific region is expected to witness the highest growth rate of blockchain technology during the forecast period.
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The Middle East and Africa and South America are in the early phases of adoption of the technology. The anticipated growth of banking sector in Africa is expected to support the market growth of blockchain technology during the forecast period.