The global industrial blockchain technology market is expected to reach US$ 1.3 Trn by the end of 2031
Blockchain is a technology that is used to share or deliver information, record transactions, and track assets in a business to provide immediate, completely transparent information on an immutable ledger, which can be accessed only by permission network members. The technology is used to secure ledger of transaction; for instance: buying, selling, transferring, etc. The goal of blockchain is to enable the digital transformation to be recorded and distributed; however, it is unable to be edited. Consequently, the technology is the foundation for immutable ledgers, or the records of transactions that are untenable to delete, alter, or destroy.
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Industrial blockchain technology platforms and services improve efficiency, cost-effectiveness, and reduce risks for any business organization. Blockchain technologies are used to create synergies among multiple, permissioned organizations that enable the creation of a completely higher value, business model.
The legalization of cryptocurrency encourages investors to invest more in blockchain technology. This, in turn, also encourages market players to make efforts to enhance their services in order to gain a competitive edge. Furthermore, rise in adoption of blockchain technology in various business applications such as smart contracts, digital identity, payments, exchanges, is boosting the market. Moreover, developing applications of blockchain in the Internet of Things (IoT) adds a higher level of security to prevent data breaches in order to make IoT networks secure. This is anticipated to provide significant opportunities for key players in the industrial blockchain technology market.
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Growing Investments and Increasing Venture Capital Funding in Blockchain Technology Drives Market
Application of blockchain technology in various applications such as exchanges, payments, digital identity, and smart contracts has been gaining traction for the last 3 to 4 years. Growing consumer and institutional demand for crypto is also driving the usage of blockchain solutions. Therefore, several startups have entered and are engaged in the development of blockchain technology solutions.
Large companies such as Samsung, Alphabet, Morgan Stanley, and BlackRock are investing in blockchain startups. According to Cointelegraph, Google’s parent company, Alphabet, has revealed that the company invested US$ 1.5 Bn in the blockchain sector between September 2021 and June 2022.
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Alphabet invested in four companies, including Dapper Labs, Fireblocks, Voltage, and Digital Currency Group (CoinDesk). Moreover, BlackRock invested US$ 1.17 Bn; Morgan Stanley invested US$ 1.11 Bn; and Samsung invested US$ 979.2 Mn between 2020 and 2021. Additionally, Samsung invested in 13 different companies, while Morgan Stanley and BlackRock invested in two or three companies, respectively.
