According to the The “Global Blockchain Market 2021-2026” report by Research and Markets, The global blockchain market should reach $56.7 billion by 2026 from $6.0 billion in 2021 at a compound annual growth rate (CAGR) of 56.9% for the forecast period of 2021 to 2026.
The report examines how the blockchain market is changing and how it has evolved. This analysis includes a detailed survey of new organizations in the market as well as existing organizations. At the industry level, the publisher identifies, examines, describes, and provides global and regional market sizes for 2020 and forecasts demand from 2021 through 2026.
Blockchain technology has the capability to reduce the costs associated with verifying customer transactions and thus improve access to financial services. The adoption of the technology is based on factors such as the ability of players in the market to adopt and develop this complex technology, to offer the product at an affordable price, and to secure support from the government. Early use cases of blockchain were seen in financial institutions as value-added applications were developed on the existing blockchain functionalities. In recent times, venture capital firms have been investing in startups developing blockchain technologies.
Increasing Fintech spending and venture capital funding in the technology, growing demand for blockchain technology in retail and supply chain management, and a digital transformation in the manufacturing and BFSI sectors are some of the key factors driving the growth of the current blockchain market.
However, network privacy and security concerns, as well as an unsettled regulatory environment, are hindering the market’s growth. Apart from these drivers and restraints, the increasing acceptance of blockchain solutions for payments and smart contracts; the advent of AI, and the sizeable use of blockchain solutions in banking, cybersecurity, and IoT; and the rising number of blockchain start-ups will create huge opportunities for vendors in this market.
In this report, the global market blockchain has been segmented based on organization size, component, provider, type, industry, and geography. Based on organization size, the blockchain market has been categorized into SMEs and large enterprises.
Acquisitions and Fundings to Strongly Impact Blockchain Supply Chain Business Activities
The use of blockchain in the supply chain holds a key potential for improving the transparency of the supply chain and reducing administrative expenditure. Moreover, the massive demand for blockchain in the supply chain can be attributed to its ability in increasing traceability of material supply chain, authentication, and reduce losses incurred due to counterfeit items. Furthermore, blockchain enhances visibility and compliance of supply chain activities and improves the firm’s position as a leader in manufacturing activities. Earlier, blockchain technology was used for carrying out bitcoin transactions as it improved security and facilitated instant transmissions through the internet. In recent times, blockchain has played a major role in the supply chain industry with many players in the industry using the new technology to expand the reach of their supply chain activities across the globe. Integrating blockchain with IoT is projected to reduce supply chain costs, thereby increasing the penetration of blockchain technology in supply chain activities. According to the Allied Market Research report, the global blockchain supply chain market is anticipated to accrue earnings worth $9,852.91 million by 2025.
Moreover, blockchain has added value to the supply chain space by replacing slow and time-consuming manual processes with automated ones. It has facilitated transparent and end-to-end tracking in the supply chain, thereby reducing frauds for highly valued products such as pharmaceutical medicines and diamonds. Blockchain technology has aided firms in digitizing physical goods and creating decentralized records of all business transactions related to the sale of goods. This has enabled firms in tracking supply chain activities, ranging from production to delivery of goods to end-user. Additionally, the immense use of blockchain technology in the transportation and logistics industry has brought transparency into business dealings, thereby encouraging industry players in expanding their business. Let us discuss some of the key ongoing trends observed across the global blockchain supply chain market.
Industry players are entering strategic partnerships for launching new technologies to enhance process efficiency. On August 9, 2018, Maersk and IBM Corporation declared the creation of TradeLens. It has been jointly created by Maersk and IBM Corporation for applying blockchain to the global supply chain. Reportedly, TradeLens, a result of the partnership between Maersk and IBM, is a blockchain-based shipping solution launched for promoting secured global trading activities. The strategic move is aimed at bringing together various vendors, increasing information sharing and transparency, and promoting innovation in business.
Market players are signing contracts with a view of promoting blockchain applications in the supply chain, thereby improving the supply chain and increasing customer satisfaction through timely delivery of goods or services to customers. On June 16, 2022, SIMBA Chain, a blockchain startup firm offering cloud-based blockchain-as-a-service tools for end-users to implement decentralized apps for blockchain, announced that it signed a Small Business Innovation Research contract with the United States Air Force. The move is aimed at tokenizing the United States Air Force (USAF) supply chain budget so that it can keep track of the mobility of funds between suppliers and departments along with monitoring potential supply risks.
Securing funding is one of the key trends witnessed in the global blockchain supply chain market as market players are seeking novel ways for expanding their business. On May 31, 2022, Vendia, a blockchain-based tool enabling businesses to share data across clouds, apps, and platforms, declared that it raised nearly $30 million through a Series B funding round led by Sorenson Capital, NewView Capital, Aspenwood Ventures, BMW Ventures, Neotribe Ventures, and Canvas Ventures. The strategic move of the firm is aimed at entering new business verticals and exploring new frontiers for business expansion. Furthermore, the funding will support new product launches of the company.
The acquisition strategy adopted by market players has played a pivotal role in influencing the growth of their business and increasing their consumer base. The strategy is also executed by market players to reinforce and improve the product or service offerings of the firm. In February 2022, Vista Equity Partners, a global investment firm focusing on enterprise software and technology-enabled business, and Evergreen Coast Capital, an affiliate of Elliot Investment Management L.P., acquired Citrix, a U.S. cloud services provider, for $16.5 billion. Reportedly, Vista and Evergreen will merge Citrix and TIBCO Software, a firm owned by Vista Equity Partners. The strategic move is aimed at expanding the customer base through a broad range of service offerings. Moreover, the acquisition will help Vista Equity Partners and Evergreen Coast Capital improve their online services, which are driven by accelerated digital transformation.
Industry players are deploying new tools for expanding their business reach and spurring their earnings. In May 2022, De Beers Group, a U.K.-based firm specializing in diamond mining, diamond manufacturing, and diamond trading, installed TracrTM, a distributed diamond blockchain platform, for end-to-end diamond tracing from diamond mining field to point of sale. The initiative is predicted to help De Beers Group reinforce its market position, improve customer engagement, and attract new customers while retaining existing customers. Such strategic initiatives will help increase the application of blockchain not only in supply chain activities but across diverse industries. The key business strategies adopted by market players will enhance the growth prospects of the blockchain supply chain market and contribute significantly toward market profitability within the next few years.
GameFi Marks The first Blockchain Platform to Offer GameFi, NFT and Metaverse In A Single Platform
The Covid-19 lockdown that happened in 2020 brought about many innovative ideas and made people see new possibilities. The blockchain space also saw the launching and adoption of many great things. The pandemic brought about decline to many business sectors, but the video gaming sector experienced a boom which was unexpected in the year 2020. The video gaming market is worth billions of dollars and it keeps increasing, there is a possibility of it reaching 314.40 billion by 2026 according to experts. The boom was as a result of people resorting to find entertainment and engagement to keep them from boredom, most turned to video games.
The gaming community has been taking interest in blockchain and cryptocurrency, the opportunity to play and earn is very much enticing to gamers. Crypto games are like upgrades to traditional games, players now have the opportunity to make money or getting their efforts and time rewarded in the blockchain. GameFi (Malaysia), the first and only Blockchain platform specializing in GameFi, Non-Fungible Token (NFT) and Metaverse, aims to raise individual and businesses awareness about how blockchain can transform technology and improve or disrupt existing business areas.
Sean Leong, Chief Executive Officer and Founder of GameFi Sdn Bhd announce that the company’s project will officially launch in the fourth quarter of 2021. GameFi sets eyes on being the No.1 Blockchain platform for Play-to-Earn, NFT and Metaverse in Asia. GameFi helps accelerate adoption by acting on existing barriers to innovation and by catalysing efforts into creating actionable industry standards and best practices.
GameFi is really the future of gaming. It will be the next big thing that makes Blockchain technology, Decentralized Finance, and larger crypto space easy to understand and be involved in.
e-Money Announces Integration with the Algorand Blockchain to Accelerate the Circulation of European Stablecoins
e-Money today announced it is integrating with Algorand to support a range of fully backed European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK, and eDKK. Stablecoins–digital currencies designed to maintain stable value by being linked to a fiat currency or other exchange-traded commodity–have grown substantially in popularity, driven by demand for price-stable assets in the fast growing crypto capital markets.
This integration will enable faster time-to-market for applications built on Algorand looking to offer native currency options to users throughout Europe and drive adoption of Algorand-based applications among European users given currency familiarity. In addition to being available for purchase directly from e-Money, these Algorand-compliant European stablecoin offerings will be listed on several decentralized exchanges in the coming days, further increasing the supply in circulation.
With e-Money, European stablecoins are fully collateralized, backed with actual bank deposits and government bonds held at commercial banks. Uniquely, e-Money’s currency-backed stablecoins each utilize a dynamic peg that tracks the underlying interest rate, meaning that stablecoin holders benefit from accrued interest on their assets even when just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML/CTF legislation, and the platform is transparent, undergoing a quarterly audit by Ernst & Young.
“We’re excited to be bringing e-Money stablecoins to Algorand protocol. We already see a number of exciting projects being built on Algorand and expect this development to continue at an increased pace. By joining the Algorand ecosystem, e-Money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thereby expanding our user base and strengthening our position as a leading issuer of trustworthy European stablecoins.” — Martin Dyring-Andersen, e-Money Founder & CEO.
“Interest in stablecoins is booming, and it’s great to add e-Money’s offerings to those fiat-backed assets already circulating on Algorand, like QCAD, backed by Canadian fiat and BRZ, backed by the Brazilian Real,” said David Markley, Director of Business Solutions at Algorand. “Integrating with e-Money will expand overall access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”
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