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Distributed Ledger Technology Market

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Blockchain is a type of distributed ledger technology. Blockchain technology is a decentralized software program that establishes a digital register, which enables in protected online payment transactions
Distributed Ledger Technology Market Global Industry Insights and Trends,
2017-2025
A distributed ledger is a synchronized and decentralized digital database software
system. It maintains all transaction information in a decentralized manner across
different locations, by reducing the requirement of a central authority for checking
against manipulation. It permits any online transactions or data storage to be safe by
preventing the probability of cybercrime as all the consumers are able to see all
transactions, and the data is stored in a register. A digital ledger can securely and
accurately store all this information with the help of cryptography, which can be
accessible only by using cryptographic signatures.
Distributed Ledger Technology applications
Blockchain is a type of distributed ledger technology. Blockchain technology is a
decentralized software program that establishes a digital register, which enables in
protected online payment transactions. These transactions are recorded in the register
from a number of computers. The register maintains a continuous set of data containing
information about the transaction records without changing the transaction information.
The data in the register is maintained in the form of lists, which are organized in Blocks
for each time period. These Blocks consists of information about the transactions, and
provides a reference to the previous Block, thus, the present Block links to the prior
Block to form a Blockchain. Generally, one Block contains the information about a set of
transactional records for a particular period of time or fixed memory size.
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Importance of Distributed Ledger Technology
Distributed ledger technology based transactions enable faster, safer, and economical
transactions as compared to conventional transaction systems. This is due to the fact
that conventional transaction systems refer to central administrator or centralized data
storage system. Moreover, distributed ledger technology can be used to build a
permanent and transparent ledger system for gathering data on exchanges, real-time
tracking of digital transaction and payments, and to prevent frauds and errors. All the
information stored in distributed ledger becomes unchangeable, and can be accessible
from each node of a network as it becomes identical replica. Hence, if any changes are
made in the register, it will be reflected and copied to every user’s database within a
span of seconds. Therefore, digital ledgers are more secure and to make a successful
cyber-attack, a hacker needs to attack all the distributed copies, simultaneously.
However, lack of awareness about distributed ledger technology and limited scalability
are two major factors expected to restraint growth opportunity of the global distributed
ledger technology market.
Regional Insights
The distributed ledger technology market is segmented on the basis of geography
including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
regions. The market in North America is expected to be dominant in the global market.
This is owing to rising awareness and increasing applications of this technology in
various segments. For instance, according to IoT Newsletter Organization in 2017, U.S.
Department of Energy is exploring the application of blockchain technology for the
management of next-generation power grids. This in turn boosting growth of the
distributed ledger technology market.
Rising demand for e-Commerce in emerging economies such as China and India is
another factor for growth of the markets. According to Coherent Market Insights’
analysis, in 2016, China accounted for over 63% of digital buyers in Asia Pacific
followed by India and Japan. Hence, Asia Pacific accounted for over 10% of global retail
e-Commerce sales in 2016. This is owing to increasing implementation and improving
blockchain services in this region. Blockchain is used in e-Commerce for gathering data
on exchanges, real-time tracking of digital transaction, and payments. Increased
adoption and development of Bitcoin in China is expected to fuel growth rate of
blockchain market, which is expected to in turn boost growth of the distributed ledger
technology market in Asia Pacific.
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Competitive Insights
The key market players in the distributed ledger technology industry include IBM
Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Intel Corporation,
Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture
Plc, and Infosys Ltd.
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Author
Sagar Gawade
Sagar Gawade44   documents Email
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Economy and Finance
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distributed, technology, Distributed Ledger Technology
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