In about five years from now, the global blockchain government market will be worth nearly $3.5 billion, claims a new study by B2B research and analysis firm MarketsandMarkets. To put things into perspective, that’s a net growth of about 3,400% compared to where the corresponding figure stood just a year back.
Read more: https://blokt.com/news/world-governments-are-probably-more-enthusiastic-about-blockchain-than-perceived-finds-studyKey FindingsThe report underlines the need to ensure data safety and boost operational efficiency as the key reasons driving the growing government interest in the technology. It states that authorities that have incorporated (or are planning to incorporate) blockchain in the government machinery seem convinced that digital ledgers are much less vulnerable to tampering and can help ensure decentralized and transparent governance.
In addition, public sector transactions are also likely to be expedited by the introduction of blockchain in many government departments and agencies.
The researchers segmented the global blockchain government market into five regions, of which North America is likely to be the one with the biggest share of the market. Europe is likely to closely follow at the second spot, with the Asia Pacific, Middle East and Africa, and Latin America at the third, fourth and fifth spots, respectively.
As for businesses that the study expects to take a lead role in the supply side of things, IBM (US), Microsoft (US), Amazon Web Services (AWS), Oracle (US) and Deloitte (US) are likely to emerge as the biggest blockchain government application vendors.
Other key stakeholders might include:Infosys (India), Auxesis Group (India),
Bitfury (Netherlands), Cegeka (Netherlands),
Guardtime (Estonia), BTL (Canada),
Factom (US), SpinSys (US), ModulTrade (UK),
brainbot technologies (Germany), OTC Exchange Network (US),
Somish (India), Blocko (South Korea), Symbiont (US),
Blockchain Foundary (Singapore), BigchainDB (Germany),
RecordsKeeper (Spain), Intel (US) and Accenture (Ireland).