Global Blockchain Market is Expected to Reach USD 60 Billion by 2024

Global Blockchain Market is Expected to Reach USD 60 Billion by 2024

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US: According to a report published by Wintergreen Research, the global blockchain market was valued at USD 708 Millionin 2017 and is expected to reach USD 60 Billion by 2024. Blockchain is a type of distributed ledger system that provides enhanced security to real-time transaction processing. It also increases the speed and efficiency of transaction processing. Additionally, the blockchain technology is increasingly being adopted within various industry sectors. Online payments have benefited from using the blockchain technology as the distributed ledger technology further enables tracking of financial transactions. Victory Square Technologies Inc., Marathon Patent Group, Inc., Grayscale Investments, LLC , India Globalization Capital, Inc., Wipro Limited.

According to another report from Tractica, enterprise blockchain revenue is expected to grow from USD 4.6 Billion in 2018 to USD 20.3 Billion by 2025. The report suggested that blockchain enables a new business model that will replace intermediate trust agents. Principal analyst, Joe Hoffman, said, “Markets and applications ripe for blockchain are those where trust among participants is low and the need for records security and integrity is high. New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come.”