PUBLISHER: The Business Research Company | PRODUCT CODE: 1563206
PUBLISHER: The Business Research Company | PRODUCT CODE: 1563206
A blockchain distributed ledger is a decentralized digital system that records transactions across multiple computers in a way that ensures security, transparency and immutability. Unlike traditional ledgers maintained by a single central entity, blockchain distributed ledgers are shared among a network of participants, each holding a copy of the ledger, thus eliminating the need for intermediaries and reducing the risk of fraud or tampering.
The blockchain distributed ledger market consists of sales, by entities (organizations, sole traders and partnerships), of blockchain distributed ledger solutions and services that record transactions across a network of computers in a secure, transparent and immutable manner.
The global blockchain distributed ledger market was valued at $993.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 76.0%.
Increased Demand For Transparency In Transactions And Data Sharing
Increased demand for transparency in transactions and data sharing supported the growth of the blockchain distributed ledger market during this historic period. Organizations and consumers increasingly demand secure and verifiable methods for managing and sharing information. Blockchain technology, with its decentralized and immutable ledger, offered a solution by providing transparent and tamper-proof transaction records. This addressed data integrity and accountability concerns, leading to broader adoption across industries. As the focus on transparent data practices grew, blockchain's role in enhancing trust and verification became crucial, driving market expansion. For instance, in October 2022, according to the 2022 Consumer Privacy Survey conducted by analyzing the responses of 2,600 adults in 12 countries by Cisco Systems, Inc., a US-based multinational digital communications technology corporation, consumers desired greater transparency regarding their personal data usage and protection. According to 81% of respondents, an organization's attitude toward and respect for its consumers is reflected in how it handles their personal data and 76% of respondents stated that they will not make a purchase from a business they didn't trust with their information. Therefore, increased demand for transparency in transactions and data sharing drove the growth of the blockchain distributed ledger market.
Enhancing Commercial Operations Through Advanced Blockchain Platforms For Improved Trade Efficiency
Major companies in the blockchain distributed ledger market are focusing on enhancing trade efficiency by developing advanced blockchain platforms. These solutions offer secure, transparent and tamper-proof data management, improving real-time tracking, automated transactions and fraud prevention. By optimizing data sharing and supply chain management, blockchain technology fosters a more efficient and reliable trading environment, supporting global commerce growth. For example, in July 2024, Ports, Customs and Free Zone Corporation, a UAE-based government organization managing trade, customs and logistics, introduced a new blockchain platform aimed at optimizing commercial operations and addressing obstacles in the entrepreneurial sector. The platform is designed to enhance transparency and facilitate tamper-proof data sharing, supporting Dubai's ambition to strengthen its position as a leading global trade hub. The adoption of blockchain technology is expected to significantly improve the business environment and bolster the city's status in international commerce.
The global blockchain distributed ledger market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.16% of the total market in 2023.
Blockchain distributed ledger Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global blockchain distributed ledger market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for blockchain distributed ledger? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The blockchain distributed ledger market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider blockchain distributed ledger market; and compares it with other markets.