BLOCKCHAIN-AS-A-SERVICE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Blockchain-as-a-Service Market Analysis:

The Blockchain-as-a-Service Market has experienced a compound annual growth rate (CAGR) of 15.2% during the forecast period of 2021 to 2026.

The cryptocurrency market’s expansion in December 2017 led to an increase in blockchain and cryptocurrency users, as new individuals gained knowledge and began exploring these technologies. Consequently, the bitcoin blockchain market has seen significant growth in recent years.

Blockchain is often referred to as the technology of trust due to its decentralized nature, which eliminates the risk of a single point of failure and prevents alterations from a single computer. Additionally, blockchain enables the use of tools such as “smart contracts,” which have the potential to automate manual processes in various industries, including compliance, claims processing, and will distribution. These advantageous features have prompted the BFSI industry to adopt blockchain technology.

However, implementing blockchain requires substantial investment for infrastructure setup and maintenance. It is more resource-intensive compared to traditional databases and consumes significant amounts of energy and bandwidth. This poses challenges for developing countries that may struggle to meet these requirements.

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