Blockchain is a basic database on which cryptocurrency system can work. Blockchain hold different batches of blocks with valid information of transactions which are encoded and stored in a structure like merkle tree. Merkle tree is a structure of blocks where every leaves or nodes are labeled with a mathematical algorithm related to registered data. Each block consist details of previous block which forms a chain type structure. This iterative process confirms the relatability of the previous block, all the way back to the initial block which is also called as genesis block. In order to attend secured history, Blockchain has a specified algorithm for scoring different versions of history. At the time of the inclusion, higher scoring history type will be selected. Blockchain depends on peer-to-peer system for ensuring safety of information. Peers who are supporting the database also have versions of history from time to time. Whenever a peer receives a higher scoring version of data (usually old one with new added blocks) they extend or overwrite their own database. Another popular facility provided by Blockchain technology is smart contracts. Smart contracts can be partially or fully executed without human interference. A key factor for the smart contracts is that they do not need any third party interference into transaction process.
According to the research report “Asia-PacificBlockchain Market Outlook, 2027" published by Bonafide Research, Asia-Pacific Blockchain market has forecasted to have CAGR of 47.71% by 2027. By the country, Asia-Pacific region is segmented into four major countries which are China, Japan, India and Australia. China is expected to acquire more market share in Asia-Pacific region. China is aiming to introduce the world’s first major central bank-created digital currency which is DCEP (Digital Currency Electronics Payment). Currency is now being tested across the nation by large banks as well as ordinary people alike. The supervision of the financial industry is becoming stricter. China has taken some major measures in cryptocurrency field. Central bank of China has taken some active participation into Blockchain industry. As a trustful distributed system, Blockchain presents multiple advantages including immutability, transparency and auditability. Any user can visualize the complete block and trace every transition. Due to security provided by the chain type of structure, Blockchain data are resistant to malicious forgeries.
Around the world, many economies are adopting the unique Blockchain technology more and faster than others. Asia-Pacific region far surpasses in Blockchain growth. Within Asia-Pacific region government and private companies are working in harmony to deliver more effective solutions, charity donations, fraud prevention, including advancements to supply chains and much more attributes with respect to Blockchain technology. One of the biggest reasons for huge interest in Blockchain technology is that the government of the Asia-Pacific region supports it as well. There are many policies supporting Blockchain technology is in progress to increase the trust factor as well as benefit from its use. Asia-Pacific region is major entity in the world because of its regulatory environment. Blockchain market is experiencing spectacular uprising with Asia-Pacific region. Rising demands and growth of Asia-Pacific Blockchain market will implicate higher need for quicker transactions, need to simplify business processes, to create business transparency and immutability.
2020 has been one of the most thunderous years for many manufacture and developers in recent history. Covid-19 pandemic halted the world and slowed down every industry present. This affected much of ordinary daily life. Not only has the virus spread rapidly, infecting thousands, it also appears to affect Global economy.In addition to a downturn in Blockchain investments and delays in new project developments, major processes of Blockchain had to be postponed or even cancelled. For the Asia-Pacific region, China’s Blockchain halted for a while but remained ambitious throughout the year. For Asia-Pacific region 2020 has been full steam ahead. Even the pandemic didn’t stop China’s determination to push forward with core technology. This attribute directed nation’s future towards overall increasing and prominent market growth. More than 59% of organizations present in Asia-Pacific region confirmed that the pandemic accelerated digital transformation for Blockchain technology.
Major Companies present in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.
Considered in this report
• Geography: Asia-Pacific
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Asia-Pacific Blockchain market with its value and forecast along with its segments
• Country wise Blockchain market analysis
• Segment wise Blockchain Market
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Countries covered in the report
By Types of Blockchain in the report:
By Provider type in the report:
• Application & Solution
By Enterprise in the report:
• Large Enterprise
• Small & Medium Enterprises
By Application in the report:
• Banking & Financial Services
• Media & Entertainment
• Retail and Ecommerce
• Transportation & Logistics
• Energy and Utilities
• Others (Insurance, Manufacturing, Travel, It & Telecom, etc.,)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, Key and innovative vendors related to Blockchain industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample