The global market for Blockchain Technology is expected to witness a remarkable progress rate in the years to come. Blockchain provides a distributed database for all digital transactions that eliminates the need for third party to validate transactions. Blockchain Technology is being adopted by a number of consumers, organizations and institutions because it speeds up the actual transaction process. Blockchain technology with growth of internet of things (IOT), not only speeds up the actual transaction process but also removes a point of verification thus reducing the transaction cost.
The application of blockchain technology in areas such as health, finance management and creative industry is likely to witness a remarkable progress rate in future years. As the future of blockchain technology market is clearly bright, it is attracting more people for migration into blockchain every day. This could be evidenced by the entry of the former Estonian Prime Minister in the blockchain industry. Taavi Roivas, who served the tenure of a prime minister from 2014 to 2016 has now joined the blockchain startup Lympo as chairman of its supervisory board. The aim of Lympo is to improve the fitness and healthy lifestyle industry with the use of blockchain technology.
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North America Contributes to Rising Revenue of Blockchain Market in Future Years
The Blockchain Technology Market is being utilized in a number of regions like South America, Middle East and Africa, Asia Pacific, Europe and North America. As per the records of 2015, North America held the largest share in the global market. The dominance of this region was caused by the increasing investments in their technology developments and presence of many leading players. U.S. is presumed to be the key contributor in the growth of the revenue of North America Blockchain Technology. The regional market is likely to be improved due to the overall acceptance of technology. Besides, Asia Pacific is also presumed to manifest a remarkable growth in the global blockchain technology market.