Blockchain Market: Growth, Technological Advancements & Competitive Insights by 2024

The global blockchain technology market has emerged as one of the most
profitable business avenues in the last few years owing to the new
technology’s numerous benefits including increased efficiency and speed
of transactions, improved traceability, enhanced security, and greater
transparency. Blockchain technology has disrupted and transformed
various business verticals along the likes of transportation and
logistics, media and entertainment, IT services, healthcare, and most
importantly, the BFSI sector. Remarkably, the well-known technology
giants across the globe appear keen to deploy blockchain technology at
their workplaces due to its ability to reduce infrastructure cost and
ease of digital information sharing. The need to eliminate slow,
complicated, and paper-heavy procedures has proved instrumental in
proliferating the commercialization potential of the overall blockchain technology industry in the recent past.

How increasing investment by
venture capital firms in blockchain technology startups is driving the
blockchain technology industry trends

The traditional venture capital
companies are playing a crucial role in funding the development of
blockchain technology infrastructure across the world. After realizing
the outstanding potential of blockchain technology to disrupt the
conventional business models, venture capital firms have adopted
different operating procedures and strategies to gain a strong foothold
in the blockchain technology market. Enumerated below are a few
instances that highlight the significance of venture capital funding in
the development of blockchain technology:

The Florida-based Global Blockchain
technology Ventures, LLC has recently launched an ambitious blockchain
technology technology-focused venture capital fund worth USD 100 million
to fuel innovation distributed ledger technology. The fund further aims
to assist the most promising and transformational projects with the
capacity to offer practical blockchain technology-enabled applications
to benefit the State of Florida.

Following its participation in the USD
100 million funding of the cryptocurrency brokerage eToro, South Korea’s
foremost venture capital funds Korea Investment Partners (KIP) has
recently invested in blockchain technology startup Temco. It is being
said that Temco intends to implement the proof-of-work (PoW) protocol
and find a robust solution for the disorganized nature of existing
supply chain management systems by utilizing blockchain technology.

The blockchain technology-based social
network Minds has raised a total of USD 7.4 million by venture capital
firms in October 2018. The startup recently released its crypto token
exchange that would be integrating securely distributed ledgers with
traditional market procedures to enhance auditability, efficiency,
transparency, and reduce settlement times and expenses – a phenomenon
which is being widely discussed in the global blockchain technology
market.

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One of the major trends visible in the
overall functionality of the world’s largest financial institutions is
the favorable results being obtained by deploying blockchain technology,
essentially boosting the blockchain technology industry share.
Leveraging the capabilities of the technology to compete with the
fintech startups, identify new business prospects, and cut down
operating costs, prominent banks are incorporating blockchain technology
on a priority basis. Bank of England, for instance, intends to
restructure the system that underpins the banking operations of the
nation by 2020 and fortify defenses against cyber threats by utilizing
distributed ledger technology.

In another instance, the State Bank of
India has recently declared that it would deploy blockchain technology
in its trade finance, remittances, and reconciliation operations by the
next financial year. The initiative is in line with a consortium, named
Bankchain, formed in 2017 to develop blockchain technology-powered
solutions for banking operations in India.

Considering the aforementioned
instances, it is quite imperative to mention that the BFSI sector has
taken a substantial lead when it comes to exploring the potential of the
distributed ledger technology. In fact, as per a research report put
together by Global Market Insights, Inc., the BFSI sector apportioned
more than 60 percent of the total revenue share of the blockchain
technology industry in the year 2017.

In addition to securing financial
transactions, blockchain technology is being increasingly viewed by
various governments as a facilitator that would speed up innovation and
economic growth. Reinforcing its leadership position in the blockchain
technology industry, South Korea announced in August 2018 that it would
invest approximately USD 4.4 billion in blockchain technology and
formulate different administrative frameworks for the distributed ledger
systems.

Indeed, the rapid adoption of blockchain
technology across a multitude of business verticals would invariably
propel the remuneration portfolio of blockchain technology market in the
years ahead. Driven by the rising investment by venture capital firms
to find effective strategies of deploying distributed technology in
various walks of life along with increasing acceptance by numerous
governments, blockchain technology market is slated to garner a revenue
of over USD 16 billion by 2024.

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