Block chain Market
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Block chain Market was valued at US$ xx Mn in 2019 is expected to reach US$ xx Mn by the end of 2026 at a CAGR of 61.4% from 2020 to 2026.
A block chain is a database that stores encrypted blocks of data, then chains them together to form a chronological single-source-of-truth for the data. Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset. The asset is decentralized, allowing full real-time access and transparency to the public.
A transparent ledger of changes preserves the integrity of the document, which creates trust in the asset. Block chain’s inherent security measures and public ledger make it a prime technology for almost every single sector. Block chain is also referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. For example, a simple analogy for understanding block chain technology is a Google Doc.
Global Blockchain Market Dynamics:
Crypto currencies: The Beginning of Block chain’s Technological Rise.
The block chain system is most reliable in terms of securing online transactions and keeping them always registered and secure, as it enhances cryptographic security while acting as a public ledger. The security of the block chain is extremely difficult to breach since each crypto currency has its own irrefutable identifiable number that is linked to a single owner, making it extremely difficult for thieves to gain access to the framework.
The usages of paper currencies can be reduced with the implementation of block chain technology especially in central banks and individualized currencies, for example, crypto currency. Furthermore, crypto can be sent to anyone, anywhere in the world, without intervention from central banks or the need for currency exchange. In recent years, the use of Block chain-based digital currency for payments has grown in popularity, and with this change in currency patterns, more and more major corporations are focusing on Block chain-based digital currency. For example, Tesla famously announced in February 2021 that it will invest $1.5 billion in Bitcoin and accept it as payment for its vehicles.
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Last Update : 28 May 2021 5:44 AM
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