Covid 19 Growth and Change

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The main players in the blockchain service market are IBM Corporation, Amazon. com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture and Deloitte."data-reactid =" 12 ">The main players in the blockchain service market are IBM Corporation, Amazon. com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture and Deloitte.

<p class = "Canvas-Atom Canvas-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "New York, July 9, 2020 (GLOBE NEWSWIRE)) – Reportlinker.com Announces Release of Blockchain Services Global Market Report 2020-30: Covid 19 Growth and Change – https://www.reportlinker.com/p05930668/?utm_source=GNW

The global blockchain services market is expected to decrease from $ 1.26 billion in 2019 to $ 1.06 billion in 2020 with an average annual growth rate (CAGR) of -15.8%. The decrease is mainly due to the economic slowdown in individual countries due to the COVID 19 outbreak and measures to curb it, which had a negative impact on industry and resulted in low investments in technology. The market is then expected to recover and reach $ 4.36 billion in 2023 with an annual growth rate of 60.01%.

The blockchain services market consists of the sale of blockchain services and related products. For companies building blockchain applications, blockchain-as-a-service acts as a third-party service that creates and manages cloud-based networks. This is a growing field for blockchain technology. The revenue from the blockchain service market comes from the sale of blockchain services by platform providers and service providers for the application of identity management, payments, intelligent contracts, supply chain management and others.

North America was the largest region in the blockchain services market in 2019. The Asia-Pacific region is expected to be the fastest growing region in the forecast period.

Quantum computing is becoming increasingly popular in the blockchain space to overcome the problems of providing blockchain services. Quantum computing is a process that uses quantum mechanical phenomena such as superposition and quantum entanglement for computing. Quantum Computing uses qubits, which help store and process a large amount of data exponentially quickly and with less energy consumption, unlike traditional computers that use bits for the same process. In 2019, Google announced that its quantum computer was performing a calculation with a 53-qubit Sycamore processor in 200 seconds. The same would take 10,000 years for the world's fastest supercomputer, Summit, an IBM supercomputer. The use of quantum computers helps solve problems related to scalability and higher energy consumption through blockchain technology.

The blockchain services market covered in this report is broken down by component into tools and services. It is also used in BFSI, IT & amp; Telecommunications, Healthcare, Retail, Manufacturing, Logistics, Government, Media & amp; Entertainment, energy and utilities, others and through application in payments, smart contracts, supply chain management, governance, risk and compliance management, identity management, others.

The inefficiency of scalability in blockchain technology hinders the blockchain service market because it hinders the processes involved. There is a partial dependency of the state of the blockchain network on the number of nodes in the network and the distribution of these nodes around the world. The larger the blocks, the faster the blockchain grows, removing the solo miners and ultimately increasing the number of transactions. For example, bitcoin scalability is a problem that arises from the limited processing rate of transactions associated with an increase in the number of transactions and the limited size of blocks. In 2019, blockchain size increased from 184.622 GB in 2018 to 242.386 GB and from 134.715 GB in 2017. In 2018, there were 165,000 unconfirmed transactions in one week, which caused scaling problems due to the large number of transactions. Similarly, scalability issues in December 2017 overloaded the Ethereum network through the Cryptokitties app due to a six-fold increase in transactions with the Cryptokitties version, causing all unprocessed transactions to pile up. An increase in the number of transactions therefore leads to scalability problems that hinder the growth of the market for blockchain services.

In March 2020, Genesis Group, a cloud-based information technology services provider, announced plans to acquire Blockchain Consulting GmbH (BC) for an undisclosed amount. This acquisition will help Genesis Group use BC's crypto mining resources. BC offers services such as blockchain software development, strategic consulting and crypto market analysis.

Blockchain services are becoming increasingly important as both public and private institutions such as banks and financial institutions are increasingly investing in blockchain technology. Blockchain technology leads to new business models in various areas such as cross-border payments, transfers, exchanges, internet banking, trade finance, Know Your Customers (KYC) as well as risk and compliance with decentralized applications of this technology. In 2019, the South Korean government shared a budget of KRW 1 trillion for blockchain development under the KRW 5 trillion budget for economic development through innovation. 30% of global cryptocurrency trading came from South Korea. The increased use of blockchain technology in organizations requires services to manage networks and infrastructure, which increases the demand for blockchain services and stimulates market growth.

Read the full report: https://www.reportlinker.com/p05930668/?utm_source=GNW

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ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data, so you get all the market research you need – instantly in one place.

__________________________ "data-reactid =" 13 "> New York, July 9, 2020 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report" Blockchain Services Global Market Report 2020-30: Covid 19 Growth and Change ". https://www.reportlinker.com/p05930668/?utm_source=GNW

The global blockchain services market is expected to decrease from $ 1.26 billion in 2019 to $ 1.06 billion in 2020 with an average annual growth rate (CAGR) of -15.8%. The decrease is mainly due to the economic slowdown in individual countries due to the COVID 19 outbreak and measures to curb it, which had a negative impact on industry and resulted in low investments in technology. The market is then expected to recover and reach $ 4.36 billion in 2023 with an annual growth rate of 60.01%.

The blockchain services market consists of the sale of blockchain services and related products. For companies building blockchain applications, blockchain-as-a-service acts as a third-party service that creates and manages cloud-based networks. This is a growing field for blockchain technology. The revenue from the blockchain service market comes from the sale of blockchain services by platform providers and service providers for the application of identity management, payments, intelligent contracts, supply chain management and others.

North America was the largest region in the blockchain services market in 2019. The Asia-Pacific region is expected to be the fastest growing region in the forecast period.

Quantum computing is becoming increasingly popular in the blockchain space to overcome the problems of providing blockchain services. Quantum computing is a process that uses quantum mechanical phenomena such as superposition and quantum entanglement for computing. Quantum Computing uses qubits, which help store and process a large amount of data exponentially quickly and with less energy consumption, unlike traditional computers that use bits for the same process. In 2019, Google announced that its quantum computer was performing a calculation with a 53-qubit Sycamore processor in 200 seconds. The same would take 10,000 years for the world's fastest supercomputer, Summit, an IBM supercomputer. The use of quantum computers helps solve problems related to scalability and higher energy consumption through blockchain technology.

The blockchain services market covered in this report is broken down by component into tools and services. It is also broken down into end use in BFSI, IT & Telecommunications, healthcare, retail, manufacturing, logistics, government, media & entertainment, energy & utilities, others and after use in payments, smart contracts, supply chain management, governance, risk and compliance management , Identity management, others.

The inefficiency of scalability in blockchain technology hinders the blockchain service market because it hinders the processes involved. There is a partial dependency of the state of the blockchain network on the number of nodes in the network and the distribution of these nodes around the world. The larger the blocks, the faster the blockchain grows, removing the solo miners and ultimately increasing the number of transactions. For example, bitcoin scalability is a problem that arises from the limited processing rate of transactions associated with an increase in the number of transactions and the limited size of blocks. In 2019, blockchain size increased from 184.622 GB in 2018 to 242.386 GB and from 134.715 GB in 2017. In 2018, there were 165,000 unconfirmed transactions in one week, which caused scaling problems due to the large number of transactions. Similarly, scalability issues in December 2017 overloaded the Ethereum network through the Cryptokitties app due to a six-fold increase in transactions with the Cryptokitties version, causing all unprocessed transactions to pile up. An increase in the number of transactions therefore leads to scalability problems that hinder the growth of the market for blockchain services.

In March 2020, Genesis Group, a cloud-based information technology services provider, announced plans to acquire Blockchain Consulting GmbH (BC) for an undisclosed amount. This acquisition will help Genesis Group use BC's crypto mining resources. BC offers services such as blockchain software development, strategic consulting and crypto market analysis.

Blockchain services are becoming increasingly important as both public and private institutions such as banks and financial institutions are increasingly investing in blockchain technology. Blockchain technology leads to new business models in various areas such as cross-border payments, transfers, exchanges, internet banking, trade finance, Know Your Customers (KYC) as well as risk and compliance with decentralized applications of this technology. In 2019, the South Korean government shared a budget of KRW 1 trillion for blockchain development under the KRW 5 trillion budget for economic development through innovation. 30% of global cryptocurrency trading came from South Korea. The increased use of blockchain technology in organizations requires services to manage networks and infrastructure, which increases the demand for blockchain services and stimulates market growth.

Read the full report: https://www.reportlinker.com/p05930668/?utm_source=GNW

over Report linker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need in one place.

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