Technology

Increasing Applications In Numerous Verticals Expected To Boost Global Blockchain-As-A-Service Market Growth

lobal blockchain-as-a-service market expected to reach approximately USD 30.59 billion by 2024, at a CAGR of 85.09% between 2018 and 2024

Blockchain-as-a-Service is the third-party development and organization of cloud-based networks for firms dealing with the development of blockchain applications. The key reason for the rising implementation of the blockchain-as-a-service market is that it enables businesses to concentrate on their main jobs rather than killing time in installing the infrastructure facilities. Reliable privacy protocol and security are being provided by the blockchain technology founded on cryptographic hash function in which every transaction in the string is recognized by its own “hash” key. The crypto hash function’s intricacy decreases the vulnerability to fraud of the blockchain technology. At present, blockchain technology has turned out to be among the most potential innovation in the information technology segment. And it is now utilized across numerous industry sectors like healthcare & life sciences; electronics; media & entertainment, banking, financial services, & insurance (BFSI); energy, chemical, and utility.

The key factor fueling the growth of global blockchain as a service market is the rising implementation of blockchain within the financial sector. The copious supports entailed in building such a platform have by now lured massive attention and accordingly financial support from the financial sector. Numerous technological giants functioning in blockchain technology offer data privacy and security together with data duplication further boosting the growth of the global blockchain as a service market. Earlier, the implementation of blockchain technology was limited to the BFSI (banking, financial services & insurance) sector. Nevertheless, at present, the actual blockchain model is being executed across several core applications.

In addition, blockchain technology shows many potential applications in the fields of healthcare and power that, in turn, is expected to fuel the growth of the global market during the forecast period. Nevertheless, the dearth of skilled staff and intricate technology are projected to hamper the expansion of the blockchain as a service market in the coming period. Nonetheless, the blockchain as a service market is projected to witness a rise in demand in the years to come, as the BaaS (Mobile backend as a service) operator handles all the complex back-end jobs and infrastructure for the businesses and client. Traits like peer-to-peer distributed network architecture and extensive usage of cryptography are a few other benefits presented by blockchain as a service model to be applied in enterprises, government, and in numerous other sectors. Moreover, the rising implementation of blockchain technologies in numerous end-user industries is also expected to bring up many expansion avenues for the key contenders in the blockchain as a service market during the forecast period.

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To cite, Tata Consultancy Services (TCS) teamed up with R3 technology (R3) and Microsoft in March 2019 to implement an extensible cross-industry blockchain platform. A few of the secure solutions that are being developed on these platforms comprise anti-counterfeiting of luxury goods, skills marketplace, shared telecom infrastructure for 5G, affordable mobility, and rewards & loyalty programs.

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