Digital technology has become prevalent in today’s world. It has touched almost all aspects of life including conducting business, shopping, enhancing education and learning, entertainment, and staying connected with social world. In recent past, digital technology has evolved further to aid in conducting financial transactions.

Online payments have gained huge traction along with card based payment methods such as credit and debit cards. At the same time, cryptocurrency also known as digital money is becoming increasingly popular. Blockchain Distributed Ledger Market support the payment system for digital currency to operate in decentralized mode, by eliminating the need of intermediaries such as banks. 

Growth Drivers

Use of blockchain distributed ledger lends transparency to financial transactions and eliminates middle man, thus reducing the transaction costs. This is likely to drive the adoption of blockchain distributed ledger in the coming years. Moreover, enhanced security levels for transactions is another factor contributing to the growing influence of the technology. Distributed ledger systems are not controlled by any centralized authority and are not limited by legal rules.

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Blockchain distributed ledger technology is at its nascent stage and has observed adoption mostly in financial sector. The cryptographic codes are extremely robust, however security concerns as hackers are constantly trying to break the authenticated cryptographic code and lack of understanding of the technology have challenged the proliferation of this technology.

Governments in some countries are promoting the use of blockchain distributed ledgers, to influence business and fiscal transparency to enhance efficiency and reduce corruption within the country. For instance, the U.S. government recommended the development of blockchain distributed ledgers for their international partners during the launch of “America Innovation Roadshow” in May 2016.

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Applications

Blockchain finds its primary application in financial sector; however, innovations in the next phase are expected to drive its use in different applications such as smart contract. These contracts are termed in computer language rather than legal language. Blockchain ledger enables users to track and verify business agreement and relationships.

Key Vendors 

The key players associated with blockchain distributed ledger market include Chain, Inc., IBM Corporation, Intel Corporation, Accenture PLC, and Eris Industries.