The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024
IBM and Microsoft are driving blockchain as their clients are making the transition to cloud services. Accenture has measurable market share as well.
This 2018 study has 210 pages, 73 tables and figures. Worldwide markets are poised to achieve continuing growth as blockchain proves its value by managing digital transactions in real time across enterprise boundaries, encouraging collaborative business efforts. Lowering transaction management costs is a key benefit.
A $706 million market worldwide in 2017 after 10 years of being available, the blockchain market has evolved rather slowly. It's biggest use has thus far been to hide the money of criminals and terrorists. After this inauspicious beginning, it is on the cusp of phenomenal growth, ready to reach $60 billion worldwide as it creates new digital economic infrastructure.
Moving past a nefarious history, the blockchain market moves into rapid growth mode as the digital economy takes hold. As the banks and finance industry move into the modern age of real time transaction processing, blockchain is a core enabling technology. This market segment previously has been held back in part by the outdated aspects of the mainframe computing technology. Blockchain is spurred by more modern ways to manage global transactions across national borders from IBM, Microsoft, and Accenture.
Blockchain is a type of distributed ledger system providing enhanced security to the real time digital economic process. Blockchain is comprised of blocks of digitally recorded data. Demand for blockchain technology is growing everywhere, for example among the largest users of IBM cloud capacity to manage supply chains.
60 IBM cloud data centers see blockchain as the top application driving growth. Digital technology is dominant worldwide. The old mainframe digital technology managed data in batches, now digital data is managed in real time over the Internet. Blockchain brings digital technology into real time computing systems management. It has the ability to change all aspects of the digital economy, including conducting business, delivering healthcare, shopping, enhancing education and learning, entertainment, and staying connected with a social world.
Recently, blockchain digital technology has evolved further to aid in conducting financial transactions. Online payments have gained huge traction. Card based payment methods, credit and debit cards have become dominant. Blockchain supports all these changes by creating increased speed of transaction processing and greater efficiency in real time processing. Cryptocurrency is becoming increasingly popular. Distributed ledgers support the payment system for digital currency to operate in decentralized mode, by eliminating the need of intermediaries to centralize processing.
Distributed ledger technology further enables tracking of financial transactions. It virtualizes tracking and trading anything of value via creating digital money. Credit cards become an essential part of the blockchain process. Blockchain provides a robust environment for secure data sharing in real-time. Blockchain is a type of distributed ledger system providing enhanced security to the real time digital economic process. Blockchain is comprised of blocks of digitally recorded data, creating a distributed ledger. There are many different types of distributed ledger systems, each obeying its own security and privacy levels.
Demand for blockchain technology is growing among the largest users of IBM cloud capacity. IBM 60 cloud data centers see blockchain growing to be one of the top applications in use. IBM blockchain digital ledger market is growing rapidly, a much-needed event for big blue. IBM has been one of the key companies behind the Hyperledger consortium, a nonprofit open-source project that aims to create efficient standards for commercial use of blockchain technology.
Microsoft enterprise customers are making the transition to cloud services and blockchain on Azure. Modernizing transactions to digital economic collaboration support is key to success in modern business environments. Blockchain Cloud Service, helps customers extend existing applications like enterprise resource management systems. Microsoft expanded its partnership with consortium R3 to make it easier for financial institutions to deploy blockchains in its Azure cloud.
1. BLOCKCHAIN: MARKET DESCRIPTION AND MARKET DYNAMICS 1.1 Blockchain Market Description and Market Dynamics 1.2 Blockchains: Cryptographically Secured Distributed Ledgers 1.2.1 Blockchain Companies Initial Coin Offerings - ICOs 1.2.2 Transfer Of Social Trust: From Institutions To Systems Using Well-Tested Computer Code
2. BLOCKCHAIN MARKET SHARES AND FORECASTS 2.1 Blockchain Market Driving Forces 2.1.1 Blockchain Leverages Artificial Intelligence (AI) 2.2 Blockchain Market Shares 2.2.1 Blockchain Market Shares, Dollars, Worldwide, 2017 2.2.2 IBM and Microsoft 2.2.3 IBM Blockchain 2.2.4 IBM Implements AI Support for Blockchain 2.2.5 IBM Blockchain Decentralized Ledger In Supply Chains 2.2.6 IBM Blockchain Decentralized Ledger In Medical Industry 2.3 Blockchain Market Forecasts 2.4 Blockchain Applications 2.5 BFSI: Blockchain Impact on Stock Market 2.5.1 Blockchain Impact on Financial Services and Banking - Forecasts to 2024 2.6 Blockchain for Healthcare 2.7 Blockchain for Cybercurrency and Legal Industry 2.8 Blockchain for Supply Chain 2.9 Blockchain for Internet of Things 2.9.1 SoftBank CEO Masayoshi Son Sees 1 Trillion Devices for Internet of Things 2.10 Cloud Revenue 2.11 Blockchain Pricing 2.11.1 IBM Blockchain 2.11.2 Microsoft Blockchain Pricing 2.12 Blockchain Regional Market Segments
3. BLOCKCHAIN PRODUCT DESCRIPTION 3.1 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 3.2 JPMorgan Chase Blockchain Network Quorum 3.3 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 3.4 HIVE Blockchain Technologies 3.5 Accenture 3.6 Hitachi 3.7 Overstock 3.8 Digital Currency: BitCoin 3.9 China Opens Its Financial System To The World 3.9.1 China Ending Anonymity of Virtual Accounts to Cryptocurrency Exchanges 3.10 Korean Blockchain Association 3.11 European Union Central Bankers On Cryptocurrency 3.12 Fidelity Investments, Blockchain 3.13 Ethereum 3.14 Blockchain Bitcoin 3.15 Ripple Blockchain
4. BLOCKCHAIN RESEARCH AND TECHNOLOGY 4.1 On a Blockchain, a Node Replicates The Data For All Nodes 4.2 Blockchain Electricity Usage 4.3 Accenture Patent Tied To "Editable Blockchain"
5. BLOCKCHAIN COMPANY PROFILES 5.1 360 Blockchain Inc 5.2 Accenture 5.2.1 Accenture Blockchain Solutions 5.2.2 Accenture Blockchain Partnerships 5.2.3 Accenture Alliance with Digital Asset Seeks To Fundamentally Change The Way Companies Verify And Settle Transactions 5.2.4 Accenture Collaborates with Partners 5.2.5 Accenture Digital Asset Partners 5.2.6 Accenture Revenue 5.3 Abra 5.4 Amazon 5.4.1 Amazon Blockchain Partners 5.4.2 Amazon Blockchain Partner Solutions 5.4.3 Amazon Sawtooth 5.4.4 Corda R3 5.4.5 PokitDok 5.4.6 Samsung Nexledger 5.4.7 Quorum 5.4.8 Amazon Blockchain Deloitte 5.4.9 Luno 5.4.10 Amazon Web Services 5.5 Axoni 5.5.1 Comments from Axoni Users as to Reliability of Equity Swap 5.5.2 Axoni Confirmation Templates 5.6 BitFury Group 5.6.1 Richard Branson Digital Currency Summit On Private Caribbean Island 5.6.2 Bitfury Group Blockchain Analytics 5.6.3 Bitfury Group Lightning Network 5.7 Binance Exchange 5.8 BlockCypher 5.8.1 BlockCypher Payment Forwarding 5.9 BTL Group 5.9.1 BTL Blockchain Platform, Interbit For Energy Trading. 5.9.2 BTL Group Blockchain Based Cross-Border Settlement Solution 5.10 Chain 5.10.1 Chain and Changetip Participate with The Nasdaq-Created Blockchain System Linq 5.10.2 Chain Partners 5.11 ConsenSys 5.12 Deloitte 5.13 Digital Asset Holdings 5.14 Ethereum 5.14.1 Ethereum / Advanced Micro Devices' (AMD) 5.14.2 Ethereum Blockchain CryptoKitties 5.15 EzyRemit 5.16 Fidelity Investments 5.17 Global Arena Holding 5.18 Goldman Sachs 5.19 IBM Blockchain 5.19.1 IBM Batavia 5.19.2 IBM Internet of Things 5.19.3 IBM Supply Chain Tracking 5.19.4 IBM Blockchain in the Supply Chain 5.19.5 Use Cases for IBM IoT and Blockchain 5.19.6 IBM Watson IoT Blockchain 5.19.7 IBM Revenue 5.19.8 IBM Datacenter Blockchain 5.20 JP Morgan Chase 5.20.1 JPMorgan Chase Quorum Blockchain Technology 5.21 Microsoft Blockchain 5.21.1 Microsoft Strengthening Blockchain Partnerships 5.21.2 Microsoft Revenue 5.22 OnChain Public Platform Project In Conjunction with NEO 5.23 NEO Open Source Blockchain 5.24 Provenance 5.25 R3 5.25.1 Blockchain Startup R3 CEV Attracts $107M From BofA, HSBC, Intel and Others 5.25.2 JPMorgan Chase & Co Quit the R3 Initiative 5.25.3 R3 Corda 5.26 Ripple 5.26.1 Ripple XRP Digital Asset for Payments 5.26.2 Ripple Labs a Global Leader In Distributed Ledger Technology 5.26.3 Ripple XRP The Digital Asset 5.26.4 Ripple Product Manager; Joined From JP Morgan Chase 5.26.5 Ripple Board of Directors, Susan Athey Has Strong Ties to Microsoft 5.27 SAP 5.28 Scorechain 5.29 Slock.It 5.29.1 Slock.It Addresses Global Market for Sharing 5.29.2 Slock.it $2 Million USD Seed Funding to Build Next-Generation Sharing Economy Platform 5.30 TATA Consultancy Services 5.30.1 TCS Integrated Blockchain Solution 5.30.2 TCS Risk Information Management Solution 5.31 Other Blockchain Companies