North America Blockchain Market Key Players Analysis, Opportunities and Growth Forecast to 2028

 


The blockchain market in North America is expected to grow from US$ 2,372.21 million in 2021 to US$ 1,06,793.63 million by 2028; it is estimated to grow at a CAGR of 72.3% from 2021 to 2028.

 North America Blockchain Market Post the financial crisis in 2008, Bitcoin and other cryptocurrencies entered the financial sector and gradually gained a lot of prominence. However, with recent developments and uncertainties crowding the cryptocurrency space, its future is unclear. North America Blockchain Market While the future cryptocurrency is still speculative, the underlying technology blockchain has emerged as a prime technology with huge potential to open many opportunities across various industries. The popularity of Blockchain is growing at an exponential rate with successful use cases in various industries, ranging from BFSI to media and entertainment. In terms of technology adoption and use cases, the BFSI industry is leading the market. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications.

📚 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲@  https://www.businessmarketinsights.com/sample/TIPRE00027783

aNorth America Blockchain Market The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. North America Blockchain Market With big market players such as IBM, Accenture, and Microsoft, more and more blockchain solutions are being implemented across major banks and insurance companies.  When it comes to blockchain solution providers, IBM holds a prominent place in the market. The company provides a blockchain platform for various industries. For instance, with the help of IBM's Blockchain platform, banks can create secure, low-cost, and high-volume cross-border payments. There are numerous examples of the successful implementation of Blockchain in the BFSI sector. With an increasing number of well-established market players and startups entering the BFSI blockchain market, it is expected that the BFSI segment will drive the North America blockchain market during the forecast period.

North America Blockchain Market The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 patients. Blockchain is projected to provide numerous security features, including decentralization, encryption, and cryptography, to safeguard healthcare industry privacy following the emergence of the COVID-19 pandemic. The pandemic has resulted in a surge in e-commerce demand. Businesses are using fintech and blockchain technologies to streamline and modernize their operations. This could lead to a rise in the number of companies offering contactless transactions and revamped financial services. North America Blockchain Market The pharmaceutical business is likely to benefit from blockchain. The technique helped overcome the logistical difficulties of administering a COVID-19 vaccination. Blockchain is being utilized to ensure correct distribution of the COVID-19 vaccines and keep a record of vaccine maintenance and storage.

📚𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 @ https://www.businessmarketinsights.com/reports/north-america-blockchain-market

𝐓𝐡𝐞 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

Accenture

Amazon Web Services

Bitfury Group Limited

Hewlett Packard Enterprise Development LP (HPE)

IBM Corporation

Intel Corporation

Microsoft Corporation

Oracle Corporation

Ripple Labs Inc.

SAP SE

North America Blockchain Market: Trends, Opportunities, and Challenges

North America Blockchain Market Blockchain technology, initially introduced as the backbone for Bitcoin in 2008, has rapidly evolved into a powerful tool for a variety of industries. Today, the North American blockchain market is one of the largest and most dynamic in the world. North America Blockchain Market The United States and Canada are at the forefront of blockchain adoption, with companies and governments increasingly leveraging its potential for a wide range of use cases. From financial services to supply chain management, healthcare, and beyond, the blockchain market in North America is evolving rapidly, driving innovation, investment, and regulatory developments.

Market Overview

The blockchain market in North America is experiencing substantial growth. North America Blockchain Market As of 2023, the North American blockchain market is estimated to be valued at several billion dollars, with projections indicating that it could reach over $50 billion by 2028. The market is being fueled by increasing awareness of blockchain's capabilities, significant venture capital investments, a strong digital infrastructure, and favorable government policies, particularly in the United States.

North America Blockchain Market The U.S. market, in particular, has been a significant driver, with cities such as San Francisco, New York, and Austin emerging as global blockchain hubs. Similarly, Canada, with its progressive technology policies and strong blockchain community, is also contributing to the regional growth. Blockchain startups, enterprise-level initiatives, and financial institutions are increasingly adopting blockchain technologies to streamline operations, enhance security, and create new business models.

Key Sectors Driving the Blockchain Market

  1. Financial Services Financial services remain the largest sector for blockchain adoption in North America. The technology's ability to provide transparent, immutable, and secure transactions has made it a game-changer for industries such as banking, insurance, and payments.
    • Cryptocurrencies: The rise of digital currencies, especially Bitcoin and Ethereum, has drawn substantial interest from financial institutions and retail investors. The decentralized nature of these currencies makes them attractive alternatives to traditional banking systems.
    • Cross-border Payments: Blockchain’s ability to simplify cross-border transactions and reduce the costs associated with traditional banking methods has led many financial institutions to explore blockchain solutions. Ripple and Stellar are two prominent blockchain platforms that are being used for remittances and international payments.
    • Smart Contracts: Smart contracts, self-executing contracts with the terms directly written into code, are increasingly being used in North America to automate processes such as insurance claims, lending, and other financial agreements.
  2. Supply Chain and Logistics Blockchain technology is revolutionizing supply chain management by providing transparency, traceability, and accountability. North American businesses are adopting blockchain to improve inventory tracking, reduce fraud, and ensure product authenticity.
    • Provenance Tracking: Blockchain allows companies to track goods as they move through the supply chain, providing real-time data on the location, condition, and status of products. This transparency enhances trust with consumers and helps prevent fraud.
    • Smart Contracts for Automating Processes: Through smart contracts, companies can automate processes such as payments, shipments, and customs clearance, reducing the potential for human error and delays.
    • Blockchain in Food Safety: In the food industry, blockchain helps track the journey of food products from farm to table, allowing for quick recalls in case of contamination and ensuring the integrity of the food supply chain.
  3. Healthcare The healthcare industry has begun to explore blockchain technology to address key challenges, including data security, patient privacy, and interoperability.
    • Patient Data Management: Blockchain can provide a secure, decentralized platform for storing patient records. This ensures that sensitive medical information is protected from unauthorized access while providing healthcare providers with a clear and accurate picture of a patient’s medical history.
    • Drug Traceability: Blockchain’s ability to track and verify the authenticity of pharmaceutical products can help prevent counterfeit drugs from entering the market, a significant problem in many countries.
    • Clinical Trials and Research: Blockchain can improve transparency and trust in clinical trials by ensuring that data cannot be tampered with or altered once it is recorded, improving the integrity of research findings.
  4. Government and Public Services Governments in North America are increasingly experimenting with blockchain technology to enhance transparency, streamline processes, and reduce costs in public administration.
    • Voting Systems: Blockchain-based voting systems have been proposed to increase the security and transparency of elections. Blockchain can provide an immutable record of votes cast, reducing the possibility of fraud and ensuring the integrity of election results.
    • Digital Identity Management: Blockchain can be used for secure, verifiable digital identities. This can help in reducing identity theft and fraud, as well as enabling citizens to have more control over their personal data.
    • Land Registry: Some North American governments are exploring blockchain for land registry systems, allowing for the secure and transparent recording of property transactions, reducing the risk of fraud and improving the efficiency of real estate processes.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications

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