New York, United States, November 14, 2022 (GLOBE NEWSWIRE) — Global FinTech Blockchain Market Overview: The global FinTech Blockchain market estimated at USD 1.1 billion in the year 2021, is projected to reach a revised size of USD 8.7 billion by 2030, growing at a CAGR of 43.8%. Increasing customer demand for bitcoins; growing need for faster, cheaper, cross-border payment systems; higher compatibility with the financial industry ecosystem; and increasing demand for complete security mechanisms are the key factors driving the growth of the FinTech blockchain market. North America will experience significant growth and drive the market
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Blockchain technology is transforming operations in a wide range of industries, including finance. Blockchain and fintech are emerging as the most promising technology pairing, with the potential to completely transform the fintech industry. Fintech blockchain, the application of blockchain technology in finance, offers solutions, software and other fintech blockchain services that businesses can use to provide better and more automated financial services. The global fintech blockchain market is expanding due to factors such as faster cross-border payment systems, the need for cheaper, greater compatibility with ecosystems, increasing consumer demand for ownership and investment in bitcoin, in the financial industry and increased demand for comprehensive security mechanisms.
The increasing power of buyers for bitcoins, a greater need for faster, lower cost cross-border payment systems, greater interoperability with the financial industry ecosystem, and a growing desire for comprehensive security measures are the main reasons for the advancement of the FinTech blockchain market. However, issues such as ambiguous legal standards and frameworks, as well as the economic depression caused by the COVID-19 epidemic, have posed significant challenges to the FinTech blockchain market’s growth.
Browse important industry insights spread across 210 pages with 120 market data tables and number & diagrams from the report “Global FinTech Blockchain Market SizeShare & Trends, COVID-19 Impact Analysis Report, By Application (Smart Contracts, Exchange & Remittance, Clearing & Settlement, Identity Management, Compliance Management/KYC, Others), By End User (Small and Medium Enterprises (SMEs)), Large Enterprises) , by Industry (Banking, Non-Banking Finance, Insurance) : Global Opportunity Analysis and Industry Forecast, 2021 – 2030”, in detail along with the table of contents.
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The market is expected to experience significant growth throughout the epidemic as many governments establish fintech blockchain facilities. Many industries suffered significant financial losses due to the global epidemic, forcing many to embrace digitization to develop resilience. Because the data pushed into supply chains is inaccessible and unreliable, a growing number of firms are adopting blockchain technology for key financial operations. The pandemic is also fueling the expansion of the fintech blockchain market as more individuals work from home, use telebanking, telemedicine, teleconferencing, and use online payment methods and e-commerce, which will fuel growth in the fintech blockchain industry.
The blockchain provides clear information about transactions, which promotes trust because the department responsible for verifying the truth of the claim and determining how much of the claim can be covered always needs a reliable data store. Due to the rapid growth of technology, such as IoT, the amount of data generated by the many connected devices is multiplying, necessitating the use of technology capable of handling a large volume of data. Insurance companies can manage huge, complicated networks using blockchain by allowing devices to connect and manage each other securely on a peer-to-peer basis, rather than creating an expensive data center to handle the processing and storage load. The cost of letting these devices manage themselves is significantly lower than the cost of running a data center and this is projected to increase the market in the future.
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Key companies and recent developments: The report also provides a comprehensive analysis focusing on the current news and developments of the companies, which include product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This makes it possible to assess the general competition in the market. Companies covered: Accenture, Amazon Web Services, Inc., Bitfury Group Limited, BTL, Chain, Inc., Digital Asset Holdings, LLC, Earthport PLC, Huawei Technologies Co. Ltd., IBM Corporation, Infosys Limited, Liquefy Limited, Microsoft, Oracle, RecordesKeeper, Ripple Labs Inc., SAP SE, Symbiont, Tata Consultancy Services Limited, Corin Group and other 30+ prominent key players we have added in the final report.
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