What is Blockchain Government Market?
The blockchain-based government protects data, streamlines processes, and reduces fraud, and abuse. It increases trust and accountability. In this model, individuals, businesses, and governments share resources over the distributed ledger which is secured using cryptography. It eliminates the single point of failure and protects the data of the government and citizens. In addition, the blockchain-based government reduces labor-intensive processes, the potential for corruption and abuse, and reduces excessive costs which are associated with managing accountability. Therefore, these advantages are increasing the market growth.
Highlights from Blockchain Government Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), SAP (Germany), Microsoft (United States), Oracle (United States), Deloitte (United States), AWS (United States), Infosys (India), Bitfury (Netherlands), Auxesis Group (India) and Cegeka (Netherlands) |
Blockchain government providers are implementing development strategies to increase their presence and strengthen their market share. Blockchain government providers have adopted significant growth strategies such as product acquisitions, partnerships, and launches, forming regional and global distribution networks to expand their market presence. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain Government market throughout the forecasted period.
IBM (United States), SAP (Germany), Microsoft (United States), Oracle (United States), Deloitte (United States), AWS (United States), Infosys (India), Bitfury (Netherlands), Auxesis Group (India) and Cegeka (Netherlands) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Factom (United States), BTL (Canada), SpinSys (United States), OTC Exchange Network (United States), ModulTrade (United Kingdom) and Blocko (South Korea). Blockchain Government Market Segmentation:
Scope | Sub-Segments |
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Train Control Solutions | Positive Train Control,Communication-Based Train Control,Integrated Train Control |
Block chain components | Network of Nodes,Distributed Database system,Shared ledger,Cryptography |
Block chain type | Public block chains,Private block chains,Consortium block chains,Hybrid block chains |
Provider | Application Providers,Middleware Providers,Infrastructure Providers |
On the basis of geography, the market of Blockchain Government has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Technology in Applications Such as Identity Management, Smart Contracts, and Others
Market Growth Drivers:
Increasing Interest among the Government Sector in Block Chain Technology and Increasing Need to Protect Data Owing to Instances of Fraudulent Activities
Challenges:
Lack of Technical Understanding and Awareness
Restraints:
Lack of Regulatory Standards May Hamper the Market
Opportunities:
Transformation of Business Processes in the Government Sector and Increasing Need for a Transparency and Decentralized Government
Key Target Audience
Blockchain Supply Chain Providers, Blockchain Supply Chain Application Developers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 16th October 2019, IBM announced the acquisition of Red Hat to work to improve and strengthen its new blockchain supply chain product. IBM has already used Red Hat's strength in the sterling supply chain to suit its new blockchain supply chain solution. Given the potential of blockchain in supply chain management, the industry views new solutions in this field with considerable interest. If such a new solution includes features as a result of the collaboration between IBM and Red Hat, then it’s sure to make businesses sit up and notice.
On 7th August 2019, IBM announced a blockchain-based supply chain verification network, called 'Trust Your Supplier" designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors creating frictionless connectivity across supply chains.