Blockchain is an advanced technology and a distributed ledger that operates in a transparent environment without the need for a trusted authority to validate the information. It is a distributed ledger or decentralized database with peer-to-peer connection, which keeps records of digital transactions. The transactions are cross checked by different nodes in the Blockchain network that enable to verify, validate, authorize and record the transactions.
Due to the modernization of various sectors with the help of digitalization that enables the technology to penetrate deeply into the various industry verticals including banking, financial services and insurance (BFSI), information and communication, government and public sector, healthcare, transportation, E-commerce and retail, and others. Preliminarily Blockchain were used in financial sectors to serve as the basis of crypto-currency. Most of the industries require third party intermediary for most of the services, but this technology has potential to change the scenario of transaction model by eliminating the third party intermediary. With the help of advanced Blockchain technology all these transaction can be carried out from peer-to-peer connection. This peer-to-peer connection can cut the costs and increase the efficiency of the processes. According to a recent report published by IndustryARC, Banking, financial services and insurance industry vertical is estimated to reach $2,965.2 million by 2023. Global Blockchain market is estimated to grow at a CAGR of 52.01% during the forecast period from 2017 to 2023.
In the U.S. and Canada, due to increasing demand for the Blockchain technology there is a rise in investments for Blockchain startups. In 2015, Ripple has completed a $28M series A funding with the help of IDG (U.S.), CME Group (U.S.) and Seagate Technology (U.S.) to enable an Internet of Value (IoV) and powering the real-time, secure settlement of funds for banks and various MNC’s. In addition, APAC region has also evolved with Blockchain which enables the flexibility of maintaining the permission less distributed databases with transparency. The growing awareness about the importance of Blockchain technology is the key driver for growth of the market across the globe.
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