Public Blockchain Segment Dominates Global Market

BW Online Bureau Aug 27, 2018

According to the latest market research report released by Technavio, the global blockchain technology market in the BFSI Sector is expected to accelerate at a CAGR of close to 63 percent during the forecast period. Increasing digital transformation is one of the key factors triggering the growth of the market.

The market research analysis categorizes the global blockchain technology market in the BFSI sector into the following products:
* Public blockchain
* Private blockchain
* Consortium blockchain

In 2017, the public blockchain segment accounted for 43% of the global market and is projected to reach 46 percent by 2022, exhibiting close to 3 percent increase in market share.

Increasing use of analytics with blockchain technology is an emerging trend in the enterprise application space. Analytics solutions help in the efficient trading of cryptocurrency by tracking the status and records of online transactions. Real-time data analytics tools implemented in blockchain technology enable bitcoin traders to reduce online thefts and security breaches.

Information can be easily retrieved through advanced analytical tools modified in blockchain databases. Analytics is always helpful in online transactions carried out in the financial services industry. Analytics tools can convert large volumes of unstructured data into structured, meaningful insights that can be used by cryptocurrency traders and stakeholders.