The Growth Analysis Of The Blockchain in FinTech Market
Blockchain is known for maintaining records transactions, and it is called a decentralized database. This transparent tool allows the users to view the transactions and the data entered are irreversible. In comparison to other databases, the Blockchain is a secured and decentralized database that processes the data rapidly.
Factors Accelerating The Blockchain in FinTech Market Growth
The rise in the growth of huge industries, IT companies, and data centers is propelling the demand for Blockchain In Fintech Market across the world. The technological development of industry verticals in various developed countries accelerates the market's growth. Due to this, a huge amount of data is produced every day; the rise in concern to protect and safeguard the data and records has led to the development of blockchain technology.
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Blockchain technology is revolutionizing the finance industry, allowing for more secure and efficient transactions, as well as reducing the need for third parties. Blockchain is a distributed ledger system that uses cryptography to store data securely, allowing for transparent and secure transactions. This makes it ideal for financial applications, such as payments, lending, and trading. Blockchain-based applications can also be used to create smart contracts, which are self-executing agreements that can be used to automate transactions.
Market Segmentation:
Based on Application:
- Payments, clearing, and settlement
- Exchanges and remittance
- Smart contracts
- Identity management
- Compliance management/Know Your Customer (KYC)
- Content storage management
Based on Provider:
- Application and solution providers
- Middleware providers
- Infrastructure and protocols providers
Based on Organization Size:
- Small and Medium-Sized Enterprises (SMEs)
- Large enterprises
Based on Industry Vertical:
- Banking
- Non-banking financial services
- Insurance
Blockchain technology provides enhancing control over the data and eliminates data duplication. This technology has majorly become helpful for the financial institutions and banking sectors.
The data entered in the blockchain technology is stored in a block which is a fixed event, and it is locked into a required space. Each time the block is filled with data, they are added to the existing chain and arranged in chronological order. These processes have made the work easier for accessing and verifying. The risk of data corruption was reduced due to this blockchain technology because this network is highly secured. It doesn't allow access to any unauthorized use and keeps the data safe in various areas to which they are transferred. The banking and financial sectors highly utilize the Blockchain in Financial technology due to the features like higher compatibility, secure transactions, and rapid transactions, cost-effective processes.
The rise in the number of cyber data threats, cyber-attacks, and hacks has led to the inclination of large data-producing companies and sectors to blockchain technology. The digital identity feature provided by the Blockchain enables the users to select the identity and permit them to share their identity with whomever they want to. Due to the high data security and processing, the Blockchain in FinTech Market is highly progressing.
The Blockchain in Fintech market size is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period.
Several growth factors are driving the market and rising opportunities. Traditional transactions required several validations from third-party sources, making the process long and expensive. But the development of Blockchain in FinTech Market has led to eliminating such third-party validation, which reduced the costs and time.
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The growing demand and usage of Blockchain Technology in various other financial conditions like bitcoin is raising the Blockchain opportunity in FinTech Market. The recent reports of huge financial loss due to poor validation or failures invalidation process have led industry verticals to adopt Blockchain technology.
The increase in adoption of the applications like payments, smart contracts, identity management is propelling the market's growth. The automation processes of the technology have reduced the potential errors and delays in operations and transactions processes. The rise in the growth of cryptocurrencies and several wallet addresses is driving the market. Therefore, these are the factors accelerating the Blockchain in FinTech Market at the global level.
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