Blockchain is a technology used for peer to peer transaction platforms that uses decentralized storage to record all transaction data. It is basically a type of distributed ledger that’s impossible for people to hack. The blockchain technology is poised to revolutionize any kind of transaction and it will impact the banking, power, education, and healthcare sectors. Increasing adoption of BaaS, increasing merchants accepting cryptocurrency, and growing adoption of blockchain technologies among financial institutions are the key factors driving the growth of market.
Internet of Things (IoT) connectivity
Increased used of smart contracts
Enables cost reduction
Blockchain in international trade
Increasing adoption of blockchain technology for digital identities