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North America Global Leader of Blockchain Market 

Introduction

Blockchain is a public ledger designed to keep track of all cryptocurrency transactions. This is a transaction-processing and record-keeping system allowing several users to track information through a secure network. It is a decentralized method that eliminates the use of third party verification. 

 Decentralization, immutability, and transparency are the key features that led to the widespread popularity of blockchains. Blockchain is a decentralized way and there is no authority to keeps records of transactions. It provides transparency and provides all the transactions ever done by a user keeping their identity secret. The data once entered in the blockchain can’t be tempered. It allows multiple institutions to use the data at the very same time and helps in increasing efficiency.


 Drivers of the Blockchain market

 The market of the blockchain is being driven by its features such as transparency coupled with incorruptible ability. These features have led to the widespread acceptance of this technology among the public. The adaptation of distributed ledger technology in various applications has uplifted the market growth. The technology has been adapted in payments, smart contracts, exchanges, digital identities, and documentation. 

 The various benefits such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement associated with the use of this technology are expected to increase the blockchain market size. The market is expected to witness rapid growth on account of increasing investments in this technology start-ups and ties between financial organization and blockchain technology providers. Also, the strengthening and development of the banking sector in the emerging economies are expected to further boost the blockchain market growth.

Market Segmentation

Geographically, the global blockchain market is segmented as North America, Europe, the Middle East, and Africa, Asia Pacific, and South America. North America region is expected to have a significant market share of the global blockchain market share. The growth is projected as this North America has contributed to the leading shares in terms of revenue on account of high acceptance of blockchain technology due to its transparency and immutability. Europe region is also expected to have a significant market share and it is also expecting to witness rapid  growth over the forecast period. 

 The Asia Pacific is the most lucrative market due to the growing demand for the blockchain technology from the various industries such as banking, finance, insurance, media and entertainment and, retail and e-commerce sectors. South America and the Middle East and Africa are at a nascent stage in the global blockchain market on account of low awareness and adaptability in the regions and are anticipated to register a decent market growth over the forecast period.

By product, the global blockchain market is segmented as Bitcoin, Z-Cash, Etherium, Ripple, Litecoin, Monero, and Dash. Bitcoin is expected to have a significant market share. However, the market of   Etherium is expected to witness rapid growth during the forecast period. Ripple, since its inception, has shown signs of considerable growth and is expected to grow in an upward direction. Moreover, Litecoin is bounded for new growth spurt while the price of Monero has hit high recently indicating its growing popularity.
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