Blockchain is an advanced technology in which distributed database of records or public ledger of all transactions or digital events that have been executed and shared among the individuals. Increasing adoption of distributed ledger technology across various applications such as payments, exchanges, trading, investment, digital identities, smart contracts and documentation is the major factors that shows a positive impact in different regions. North America region held a major share in global level.
North America region comprises of the important Blockchain vendors including Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.S.), Ripple (U.S.), and among others. Blockchain will emerged as an effective integral structure for many business sectors in the future and apart from this huge rise in investments of this region provides an excellent ecosystem for start-up companies. North America region includes the U.S., Canada and Mexico. The Blockchain Market for North America was estimated to reach $2,660.9M by 2023, according to a recent report published by IndustryARC. The global market is forecast to display robust growth rate till 2023 due to collaboration between Blockchain technology providers and financial organization and the digitalization of the currency across the various countries across the globe.
Blockchain technology have the potential to convert the conditions of Canada’s financial, social and governance systems in such a way that make them more decentralized, transparent and equitable. Recently, the Canadian government established a Blockchain research institute needs to carry its R&D activities, thus attributing towards the growth of the market. Mexico has a leading place in terms of financial technology start-up companies in South America and this is due to various corporate initiatives who are trying to optimize the cost and time efficiency in the financial industry. The major banks in this North America region are to create a digital dollar which is coupled with growing demand for digital financial technology payment systems is also a major factor that has a positive impact towards the growth of the market.
IndustryARC is a global market research and business consulting firm based out of India. We have research centers across Asia and Europe with consultants experienced in the following verticals – Agriculture, Automotive, Chemicals and Materials, Energy and Power, Food and Beverages, ICT, Electronics, Life sciences and Healthcare, Automation and Instrumentation.
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