A
blockchain is a decentralized database system that is managed autonomously
using a peer-to-peer network and a distributed time stamping server. Blockchain
technology allows for keeping track record of each Bitcoin transaction that has
been executed. The blocks which keep records are added to the blockchain in a
linear and chronological order. The technology has an ability to perform
financial operations instantaneously though permissioned ledgers which are
distributed uniformly.
Blockchain
in Security market is expected to grow from USD 178.37 million in 2017 to USD
1572.46 million by 2023, at a compound annual growth rate (CAGR) of 43.73%
during the forecast period. The growing need for reduction in error handling
and reconciliation, rising demand for improved contractual performance with
smart cards, and increased automation with data integrity and security are some
of the factors driving the growth of blockchain in security market.
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Key players
The prominent players in the blockchain in security
market have been identified across all the major regions based on their country
of origin, presence across different regions, recent key developments, product
diversification, and industry expertise. The major vendors of the market are
IBM (US), Microsoft (US), Deloitte Touche Tohmatsu Limited (UK), Hewlett
Packard Enterprise Company (US), Accenture PLC (Ireland), Cyber Infrastructure
Pvt. Ltd. (India), Empirica S.A. (Poland), SAP (Germany), Oracle (US), Intel
(US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Guardtime (Estonia),
Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US),
Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper
(Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada),
Blockchain Foundry (Singapore), AlphaPoint (US), AWS (US), and Factom (US).
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Regional
Analysis
The global market for blockchain in security market
is estimated to grow at a notable rate during the forecast period from 2018 to
2023. The geographical analysis of blockchain in security is done for North
America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the
blockchain in security market from 2018 to 2023 owing to strong foundation in
finance and commerce sector that is witnessing rapid implementation of
blockchain technology for financial transactions and data storage. Furthermore,
high concentration of market players in the region and availability of
proficient technical expertise drive cross-business collaboration and
blockchain interoperability.
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