Blockchain Market

BLOCKCHAIN TECHNOLOGY MARKET - GLOBAL FORECAST TO 2021
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October 2016 © MarketsandMarkets
TABLE OF CONTENTS
1 INTRODUCTION ........................................................................................................ 14
1.1 OBJECTIVES OF THE STUDY ...........................................................................................................14
1.2 MARKET DEFINITION .....................................................................................................................14
1.3 MARKET SCOPE............................................................................................................................14
1.3.1 MARKETS COVERED ....................................................................................................... 15
1.3.2 YEARS CONSIDERED FOR THE STUDY .............................................................................. 15
1.4 CURRENCY ...................................................................................................................................16
1.5 LIMITATIONS ................................................................................................................................16
1.6 STAKEHOLDERS ...........................................................................................................................16
2 RESEARCH METHODOLOGY ...................................................................................... 17

2.1 RESEARCH DATA ..........................................................................................................................17
2.1.1 SECONDARY DATA.......................................................................................................... 18
2.1.1.1 Key data from secondary sources ....................................................................... 19
2.1.2 PRIMARY DATA ............................................................................................................... 19
2.1.2.1 Key data from primary sources ........................................................................... 20
2.1.2.2 Key industry insights .......................................................................................... 21
2.1.2.3 Breakdown of primary interviews ........................................................................ 21
2.2 MARKET SIZE ESTIMATION ............................................................................................................22
2.2.1 BOTTOM-UP APPROACH ................................................................................................. 22
2.2.2 TOP-DOWN APPROACH................................................................................................... 23
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION ........................................................................24
2.4 RESEARCH ASSUMPTIONS ...........................................................................................................25
3 EXECUTIVE SUMMARY .............................................................................................. 26
4 PREMIUM INSIGHTS ................................................................................................ 30

4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE BOCKCHAIN TECHNOLOGY MARKET .........................30
4.2 BLOCKCHAIN TECHNOLOGY MARKET: MARKET SHARE ACROSS VARIOUS REGIONS .......................31
4.3 BLOCKCHAIN TECHNOLOGY MARKET: INDUSTRY VERTICALS AND REGION MARKET .......................32
4.4 LIFE CYCLE ANALYSIS, BY REGION, 2016 ......................................................................................33
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5 MARKET OVERVIEW.................................................................................................. 34
5.1 INTRODUCTION ............................................................................................................................35
5.2 MARKET EVOLUTION .....................................................................................................................35
5.3 MARKET SEGMENTATION ..............................................................................................................36
5.3.1 BY PROVIDER ................................................................................................................. 36
5.3.2 BY APPLICATION............................................................................................................. 37
5.3.3 BY ORGANIZATION SIZE .................................................................................................. 37
5.3.4 BY INDUSTRY VERTICAL .................................................................................................. 37
5.3.5 BY REGION ..................................................................................................................... 38
5.4 MARKET DYNAMICS......................................................................................................................39
5.4.1 DRIVERS ........................................................................................................................ 39
5.4.1.1 Transparency and immutability .......................................................................... 39
5.4.1.2 Faster transactions ............................................................................................ 40
5.4.1.3 Reduced total cost of ownership ........................................................................ 40
5.4.2 RESTRAINTS................................................................................................................... 40
5.4.2.1 Uncertain regulatory status ................................................................................ 40
5.4.2.2 Lack of awareness about blockchain technology................................................. 40
5.4.3 OPPORTUNITIES ............................................................................................................. 41
5.4.3.1 Disruption in technology across various industries .............................................. 41
5.4.3.2 High adoption of blockchain technology for payments, smart
contracts, and digital identities.......................................................................... 41
5.4.3.3 New breed of programmable blockchain platforms ............................................. 41
5.4.4 CHALLENGES ................................................................................................................. 42
5.4.4.1 Security, privacy, and control ............................................................................. 42
5.4.4.2 Scalability ......................................................................................................... 42
5.4.4.3 Technical understanding about the blockchain concept ...................................... 42
6 INDUSTRY TRENDS .................................................................................................. 43

6.1 INTRODUCTION ............................................................................................................................43
6.2 TYPES OF BLOCKCHAIN TECHNOLOGY ...........................................................................................43
6.2.1 PUBLIC BLOCKCHAIN ..................................................................................................... 43
6.2.2 PRIVATE BLOCKCHAIN.................................................................................................... 43
6.3 BLOCKCHAIN ASSOCIATIONS AND CONSORTIUMS........................................................................44
6.3.1 R3CEV BLOCKCHAIN CONSORTIUM ................................................................................ 44
6.3.2 HYPERLEDGER ............................................................................................................... 44
6.3.3 GLOBAL PAYMENTS STEERING GROUP (GPSG) ................................................................ 44
6.3.4 FINANCIAL BLOCKCHAIN SHENZHEN CONSORTIUM (FBSC) ............................................. 45
6.3.5 CU LEDGER .................................................................................................................... 45
6.3.6 BLOCKCHAIN COLLABORATIVE CONSORTIUM (BCCC) ..................................................... 45
6.3.7 WALL STREET BLOCKCHAIN ALLIANCE (WSBA) ................................................................ 45
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6.4 STRATEGIC BENCHMARKING ........................................................................................................45

6.4.1 STRATEGIC BENCHMARKING: NEW PRODUCT DEVELOPMENT ......................................... 45
6.4.2 STRATEGIC BENCHMARKING: PARTNERSHIPS AND COLLABORATIONS............................ 47
7 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY PROVIDER ................................. 48

7.1 INTRODUCTION ............................................................................................................................49
7.2 APPLICATION AND SOLUTION PROVIDER .......................................................................................50
7.3 MIDDLEWARE PROVIDER ..............................................................................................................50
7.4 INFRASTRUCTURE AND PROTOCOLS PROVIDER ............................................................................51
8 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY APPLICATION ............................. 53

8.1 INTRODUCTION ............................................................................................................................54
8.2 PAYMENTS ...................................................................................................................................55
8.3 EXCHANGES .................................................................................................................................56
8.4 SMART CONTRACTS......................................................................................................................58
8.5 DOCUMENTATION.........................................................................................................................59
8.6 DIGITAL IDENTITY ..........................................................................................................................61
8.7 OTHERS .......................................................................................................................................62
9 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY ORGANIZATION SIZE .................. 64

9.1 INTRODUCTION ............................................................................................................................65
9.2 LARGE ENTERPRISES....................................................................................................................66
9.3 SMALL AND MEDIUM ENTERPRISES (SMES) .................................................................................66
10 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY INDUSTRY VERTICAL .................. 68

10.1 INTRODUCTION ............................................................................................................................69
10.2 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI) .............................................................70
10.3 GOVERNMENT AND PUBLIC SECTOR .............................................................................................71
10.4 HEALTHCARE AND LIFE SCIENCES ................................................................................................73
10.5 RETAIL AND ECOMMERCE.............................................................................................................74
10.6 AUTOMOTIVE ................................................................................................................................75
10.7 MEDIA AND ENTERTAINMENT........................................................................................................77
10.8 OTHERS .......................................................................................................................................78
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11 GEOGRAPHIC ANALYSIS ........................................................................................... 81

11.1 INTRODUCTION ............................................................................................................................82
11.2 NORTH AMERICA ..........................................................................................................................83
11.2.1 UNITED STATES (U.S.) ..................................................................................................... 85
11.2.2 CANADA......................................................................................................................... 85
11.3 EUROPE .......................................................................................................................................87
11.3.1 UNITED KINGDOM (U.K.)................................................................................................. 87
11.3.2 GERMANY ...................................................................................................................... 87
11.3.3 REST OF EUROPE ........................................................................................................... 88
11.4 ASIA-PACIFIC (APAC) ....................................................................................................................90
11.4.1 CHINA ............................................................................................................................ 92
11.4.2 AUSTRALIA AND NEW ZEALAND (ANZ) ............................................................................. 92
11.4.3 REST OF ASIA-PACIFIC ................................................................................................... 92
11.5 MIDDLE EAST AND AFRICA (MEA) ..................................................................................................94
11.5.1 MIDDLE EAST ................................................................................................................. 95
11.5.2 AFRICA .......................................................................................................................... 95
11.6 LATIN AMERICA ............................................................................................................................97
11.6.1 MEXICO ......................................................................................................................... 97
11.6.2 BRAZIL ........................................................................................................................... 97
11.6.3 REST OF LATIN AMERICA ................................................................................................ 97
12 COMPETITIVE LANDSCAPE ..................................................................................... 101

12.1 OVERVIEW ..................................................................................................................................101
12.2 COMPETITIVE SITUATIONS AND TRENDS......................................................................................102
12.2.1 NEW PRODUCT LAUNCHES ...........................................................................................103
12.2.2 PARTNERSHIPS AND COLLABORATIONS .......................................................................105
12.2.3 MERGERS AND ACQUISITIONS .....................................................................................108
12.2.4 VENTURE FUNDING ......................................................................................................109
12.2.5 BUSINESS EXPANSIONS...............................................................................................110
13 KEY INNOVATOR PROFILES ..................................................................................... 112

13.1 INTRODUCTION ..........................................................................................................................112
13.2 MICROSOFT CORPORATION ........................................................................................................113
13.2.1 BUSINESS OVERVIEW...................................................................................................113
13.2.2 SOLUTIONS OFFERED ...................................................................................................114
13.2.3 RECENT DEVELOPMENTS..............................................................................................114
13.2.4 MNM VIEW ...................................................................................................................114
13.2.4.1 Key strategies..................................................................................................114
13.2.4.2 SWOT analysis .................................................................................................115
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13.3 IBM CORPORATION ....................................................................................................................116

13.3.4 MNM VIEW ...................................................................................................................117
13.3.4.1 Key strategies..................................................................................................117
13.3.4.2 SWOT analysis .................................................................................................118
13.4 DELOITTE....................................................................................................................................119
13.4.4 MNM VIEW ...................................................................................................................120
13.4.4.1 Key strategies..................................................................................................120
13.4.4.2 SWOT analysis .................................................................................................121
13.5 RIPPLE .......................................................................................................................................122
13.5.4 MNM VIEW ...................................................................................................................123
13.5.4.1 Key strategies..................................................................................................123
13.5.4.2 SWOT analysis .................................................................................................124
13.6 CHAIN, INC. ................................................................................................................................125
13.6.4 MNM VIEW ...................................................................................................................126
13.6.4.1 Key strategies..................................................................................................126
13.7 BTL GROUP (BLOCKCHAIN TECH LTD.) .........................................................................................127
13.7.2 PRODUCTS OFFERED....................................................................................................127
13.8 GLOBAL ARENA HOLDING, INC. (GAHI) ........................................................................................129
13.9 DIGITALX LTD. (DIGITAL CC LTD.) .................................................................................................131
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13.10 EARTHPORT ................................................................................................................................133

13.10.2 SERVICES OFFERED .....................................................................................................134
13.11 ABRA, INC. .................................................................................................................................135
13.12 BITFURY .....................................................................................................................................136
13.13 COINBASE..................................................................................................................................138
13.14 CIRCLE INTERNET FINANCIAL LIMITED.........................................................................................140
13.15 DIGITAL ASSET HOLDINGS ..........................................................................................................142
13.16 21, INC. .....................................................................................................................................144
13.17 INTELYGENZ ...............................................................................................................................145
13.18 ALPHAPHOINT ............................................................................................................................146
14 APPENDIX .............................................................................................................. 147

14.1 INSIGHTS OF INDUSTRY EXPERTS ...............................................................................................147
14.2 DISCUSSION GUIDE ...................................................................................................................148
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL.......................................151
14.4 INTRODUCTION RT: REAL-TIME MARKET INTELLIGENCE ...............................................................153
14.5 AVAILABLE CUSTOMIZATIONS .....................................................................................................153
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LIST OF TABLES
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TABLE 1 BLOCKCHAIN TECHNOLOGY MARKET SIZE AND GROWTH,

2016–2021 (USD MILLION, Y-O-Y %) 27
TABLE 2 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER ,
2015-2021 (USD MILLION) 49
TABLE 3 APPLICATION AND SOLUTION PROVIDER: BLOCKCHAIN TECHNOLOGY MARKET
SIZE, BY REGION, 2015-2021 (USD MILLION) 50
TABLE 4 MIDDLEWARE PROVIDER: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 51
TABLE 5 INFRASTRUCTURE AND PROTOCOLS PROVIDER: BLOCKCHAIN TECHNOLOGY
MARKET SIZE, BY REGION, 2015-2021 (USD MILLION) 52
TABLE 6 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 54
TABLE 7 PAYMENTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 55
TABLE 8 PAYMENTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 56
TABLE 9 EXCHANGES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 57
TABLE 10 EXCHANGES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 57
TABLE 11 SMART CONTRACTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
VERTICAL, 2015-2021 (USD MILLION) 58
TABLE 12 SMART CONTRACTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 59
TABLE 13 DOCUMENTATION: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
TABLE 14 DOCUMENTATION: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 60
TABLE 15 DIGITAL IDENTITY: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
TABLE 16 DIGITAL IDENTITY: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 62
TABLE 17 OTHERS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 63
TABLE 18 OTHERS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 63
TABLE 19 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,
2015-2021 (USD MILLION) 65
TABLE 20 LARGE ENTERPRISES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 66
TABLE 21 SMALL AND MEDIUM ENTERPRISES: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
BY REGION, 2015-2021 (USD MILLION) 67
TABLE 22 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 69
TABLE 23 BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN TECHNOLOGY
MARKET SIZE, BY APPLICATION, 2015-2021 (USD MILLION) 70
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TABLE 24 BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN TECHNOLOGY

MARKET SIZE, BY REGION, 2015-2021 (USD MILLION) 71
TABLE 25 GOVERNMENT AND PUBLIC SECTOR: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
BY APPLICATION, 2015-2021 (USD MILLION) 72
TABLE 27 HEALTHCARE AND LIFE SCIENCES: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
TABLE 29 RETAIL AND ECOMMERCE: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
TABLE 30 RETAIL AND ECOMMERCE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 75
TABLE 31 AUTOMOTIVE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 76
TABLE 32 AUTOMOTIVE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 76
TABLE 33 MEDIA AND ENTERTAINMENT: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
TABLE 35 OTHERS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 80
2015-2021 (USD MILLION) 80
TABLE 37 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION, 2015-2021 (USD MILLION) 83
TABLE 38 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,
2015-2021 (USD MILLION) 85
TABLE 39 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,
2015-2021 (USD MILLION) 85
TABLE 40 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 86
TABLE 41 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION
SIZE, 2015-2021 (USD MILLION) 86
TABLE 42 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
TABLE 43 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,
2015-2021 (USD MILLION) 88
TABLE 44 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,
2015-2021 (USD MILLION) 88
TABLE 45 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 89
TABLE 46 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,
2015-2021 (USD MILLION) 89
TABLE 47 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 90
TABLE 48 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,
2015-2021 (USD MILLION) 92
TABLE 49 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,
2015-2021 (USD MILLION) 93
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TABLE 50 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

2015-2021 (USD MILLION) 93
TABLE 51 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,
2015-2021 (USD MILLION) 94
TABLE 52 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,
2015-2021 (USD MILLION) 94
TABLE 53 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
2015-2021 (USD MILLION) 95
TABLE 54 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
BY PROVIDER, 2015-2021 (USD MILLION) 95
BY ORGANIZATION SIZE, 2015-2021 (USD MILLION) 96
BY INDUSTRY VERTICAL, 2015-2021 (USD MILLION) 97
TABLE 58 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,
2015-2021 (USD MILLION) 98
TABLE 59 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,
2015-2021 (USD MILLION) 98
TABLE 60 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
2015-2021 (USD MILLION) 99
TABLE 61 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION
SIZE, 2015-2021 (USD MILLION) 99
TABLE 62 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
TABLE 63 NEW PRODUCT LAUNCHES, 2014-2016 103
TABLE 64 PARTNERSHIPS AND COLLABORATIONS, 2014–2016 105
TABLE 65 MERGERS AND ACQUISITIONS, 2015–2016 108
TABLE 66 VENTURE FUNDING, 2014-2016 109
TABLE 67 BUSINESS EXPANSIONS, 2015-2016 110
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LIST OF FIGURES
FIGURE 1 BLOCKCHAIN TECHNOLOGY MARKET: RESEARCH DESIGN 18

FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION,
AND REGION 21
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 22
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 23
FIGURE 5 DATA TRIANGULATION 24
FIGURE 6 BLOCKCHAIN TECHNOLOGY MARKET IS POISED TO WITNESS GROWTH IN THE
GLOBAL MARKET FOR THE PERIOD 2016–2021 27
FIGURE 7 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF PROVIDER
(2016 VS. 2021) 28
FIGURE 8 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF APPLICATION
(2016 - 2021) 28
FIGURE 9 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF ORGANIZATION
SIZE (2016 - 2021) 29
FIGURE 10 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF INDUSTRY
VERTICAL (2016 VS. 2021) 29
FIGURE 11 LUCRATIVE MARKET PROSPECTS IN THE BLOCKCHAIN TECHNOLOGY MARKET 30
FIGURE 12 NORTH AMERICA COMMANDS OVER THE BLOCKCHAIN TECHNOLOGY MARKET
BY COVERING THE LARGEST MARKET SIZE IN 2016 31
FIGURE 13 BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL AND NORTH AMERICA
IN REGION SEGMENT IS EXPECTED TO GAIN THE LARGEST MARKET SIZE IN THE
YEAR 2016 32
FIGURE 14 ASIA-PACIFIC SOON TO ENTER EXPONENTIAL GROWTH PHASE DURING THE PERIOD
2016–2021 33
FIGURE 15 EVOLUTION OF THE BLOCKCHAIN TECHNOLOGY MARKET 36
FIGURE 16 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY PROVIDER 36
FIGURE 17 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY APPLICATION 37
FIGURE 18 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY ORGANIZATION SIZE 37
FIGURE 19 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY INDUSTRY VERTICAL 37
FIGURE 20 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY REGION 38
FIGURE 21 BLOCKCHAIN TECHNOLOGY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 39
FIGURE 22 NEW PRODUCT DEVELOPMENT: BLOCKCHAIN TECHNOLOGY MARKET 46
FIGURE 23 PARTNERSHIPS AND COLLABORATIONS: BLOCKCHAIN TECHNOLOGY MARKET 47
FIGURE 24 APPLICATION AND SOLUTION PROVIDER SEGMENT IS EXPECTED TO HAVE THE
HIGHEST CAGR DURING THE FORECAST PERIOD 49
FIGURE 25 DIGITAL IDENTITY APPLICATION IS EXPECTED TO HAVE THE HIGHEST CAGR
DURING THE FORECAST PERIOD 54
FIGURE 26 SMALL AND MEDIUM ENTERPRISES SEGMENT IS EXPECTED TO HAVE THE HIGHER
CAGR DURING THE FORECAST PERIOD 65
FIGURE 27 MEDIA AND ENTERTAINMENT VERTICAL IS EXPECTED TO HAVE THE HIGHEST CAGR
DURING THE FORECAST PERIOD 69
FIGURE 28 ASIA-PACIFIC IS EXPECTED TO HAVE THE HIGHEST CAGR DURING THE FORECAST
PERIOD 82
FIGURE 29 NORTH AMERICA IS PROJECTED TO HAVE THE HIGHEST MARKET SHARE IN THE
BLOCKCHAIN TECHNOLOGY MARKET 83
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FIGURE 30 NORTH AMERICA MARKET SNAPSHOT 84

FIGURE 31 ASIA-PACIFIC MARKET SNAPSHOT 91
FIGURE 32 COMPANIES ADOPTED THE STRATEGY OF PARTNERSHIPS AND COLLABORATIONS
AS THE KEY GROWTH STRATEGY DURING THE PERIOD 2014-2016 101
FIGURE 33 MARKET EVALUATION FRAMEWORK 102
FIGURE 34 BATTLE FOR MARKET SHARE: NEW PRODUCT LAUNCH WAS THE KEY STRATEGY IN
THE BLOCKCHAIN TECHNOLOGY MARKET 103
FIGURE 35 MICROSOFT CORPORATION: COMPANY SNAPSHOT 113
FIGURE 36 MICROSOFT CORPORATION: SWOT ANALYSIS 115
FIGURE 37 IBM CORPORATION: COMPANY SNAPSHOT 116
FIGURE 38 IBM CORPORATION: SWOT ANALYSIS 118
FIGURE 39 DELOITTE: COMPANY SNAPSHOT 119
FIGURE 40 DELOITTE: SWOT ANALYSIS 121
FIGURE 41 RIPPLE: SWOT ANALYSIS 124
FIGURE 42 CHAIN, INC.: SWOT ANALYSIS 126
FIGURE 43 GLOBAL ARENA HOLDING, INC. (GAHI): COMPANY SNAPSHOT 129
FIGURE 44 DIGITALX LTD.: COMPANY SNAPSHOT 131
FIGURE 45 EARTHPORT: COMPANY SNAPSHOT 133
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LIST OF ABBREVIATIONS
Abbreviation Full Form
APAC Asia-Pacific
BaaS Blockchain-as-a-Service
BCCC Blockchain Collaborative Consortium
BFSI Banking, Financial Services, and Insurance
BYOD Bring Your Own Device
CAGR Compound Annual Growth Rate
CEO Chief Executive Officer
CIO Chief Information Officer
CUNA Credit Union National Association
CUSO Credit Union Service Organization
FBSC Financial Blockchain Shenzhen Consortium
GPSG Global Payments Steering Group
KYC Know Your Customer
LA Latin America
MEA Middle East and Africa
MoU Memorandum of Understanding
PoW Proof of Work
R&D Research and Development
SMEs Small and Medium Enterprises
VAR Value-Added Reseller
WSBA Wall Street Blockchain Alliance

Y-o-Y Year-on-Year
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1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY

To define, describe, and forecast the global blockchain technology market on the basis of
providers, applications, organization size, industry verticals, and regions
To provide a detailed information regarding the major factors influencing the growth of the
blockchain technology market (drivers, restraints, opportunities, and challenges)
To strategically analyze each subsegment with respect to individual growth trends, future
prospects, and contribution to the total blockchain technology market
To forecast the market size of segments with respect to five main regions, namely, North
America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America
To analyze the opportunities in the market for stakeholders by identifying high-growth segments
of the blockchain technology market
To strategically profile the key players of the blockchain technology market and
comprehensively analyze their core competencies1 in the market
To track and analyze competitive developments, such as new product launches, Mergers &
Acquisitions (M&A), venture capital investments, partnerships, agreements, and collaborations
in the global blockchain technology market
1.2 MARKET DEFINITION

Blockchain technology is a decentralized and shared digital distributed ledger that records the
cryptocurrency transactions such as bitcoin and ether, in the form of “blocks” on the network. The blocks
are added to the blockchain in a linear and chronological order. Each node (computer connected to
network) gets a copy of blockchain, which automatically gets downloaded upon joining the peer-to-peer
network. The data contained in the blocks are cryptographically hashed with complex algorithm which
makes it immutable, meaning they cannot be altered or deleted.
1.3 MARKET SCOPE

The report provides a picture on the application of blockchain technology across different verticals and
regions. It aims at estimating the market size and future growth potential of this market across different
segments such as providers, applications, organization size, verticals, and regions. Furthermore, the report
also includes an in-depth competitive analysis of the key players in the market along with their company
profiles, SWOT analysis, recent developments, and key market strategies.
_______
1. Core competencies of the companies are captured in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain their
position in the market.
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1.3.1 MARKETS COVERED

This research report categorizes the global blockchain technology market into the following segments:
BLOCKCHAIN
BY PROVIDER TECHNOLOGY BY REGION
Application and
Solution Provider
MARKET North America
Europe
Middleware Provider APAC
Infrastructure and MEA
Protocols Provider
Latin America
BY APPLICATION BY VERTICALS
Payments Banking, Financial Services, and
Exchanges Insurance (BFSI)
Smart Contract Government and Public Sector
BY ORGANIZATION SIZE
Digital Identity Healthcare and Life Sciences
SMEs
Documentation Retail and ecommerce
Large
Clearing and Settlement Enterprises Automotive
Others* Media and Entertainment
Others**
Others*: This include supply chain management and content storage

Others**: This include Energy, Travel and Hospitality, Transportation & Logistics, Real estate and Education
1.3.2 YEARS CONSIDERED FOR THE STUDY

2021-p
2016-e
2015
2014
HISTORICAL YEAR BASE YEAR ESTIMATED YEAR PROJECTED YEAR
Note: e-estimated year, p-projected year
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1.4 CURRENCY
The currency used in the report is USD (million/billion).
For companies reporting their revenue in USD, the revenues were picked from their annual
reports.
The average annual currency conversion rate was used for companies that reported their
revenues in terms of other currencies.
1.5 LIMITATIONS
The scope of this research study does not include the revenue from hardware required for
blockchain technology installations.
The report only covers the scope of blockchain related technology and not any cryptocurrency
such as bitcoin and ether.
1.6 STAKEHOLDERS
Government agencies
Blockchain technology vendors
Network solution providers
Independent software vendors
Consulting firms
Payment gateway providers
Value-added resellers
Financial services firms
16
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA

This research study involved the extensive usage of secondary sources, directories, and databases such as
Hoovers, Bloomberg, Businessweek, Let’s Talk Payments, Coindesk, EconoTimes, Factiva, and OneSource
to identify and collect information useful for this technical, market-oriented, and commercial study of the
blockchain technology market. Along with that, a few other market related reports and analysis published
by various industry associations and consortiums such as R3 CEV Blockchain Consortium, World Economic
Forum, Hyperledger Foundation, and others have also been considered while doing extensive secondary
research. The primary sources are mainly several industry experts from core and related industries and
preferred infrastructure providers, application and solution providers, system developers, service providers,
partners, standards, and certification organizations from companies and organizations related to various
segments of this industry’s value chain. In-depth interviews were conducted from various primary
respondents that include key industry participants, Subject Matter Experts (SMEs), C-level/D-level
executives of key market players, and industry consultants, among other experts, to obtain and verify
critical qualitative and quantitative information as well as to assess future prospects. The market has been
forecasted by analyzing the driving factors such as advent of new technologies, growing demand for
blockchain technology, and the growth for cryptocurrencies such as bitcoin that catalyze the market
growth. The following illustrative figure shows the market research methodology applied in making this
report on the blockchain technology market.
17
FIGURE 1 BLOCKCHAIN TECHNOLOGY MARKET: RESEARCH DESIGN
HISTORICAL DATA
FOR THE EVOLUTION INDUSTRY TRENDS
BLOCKCHAIN
TECHNOLOGY GEOGRAPHIC USAGE
MARKET SIZE COMPETITIVE LANDSCAPE
PATTERN
MARKET
MARKET DRIVERS: MARKET OPPORTUNITIES:

• Transparency and • Disruption in technology across various industries
immutability • High adoption of blockchain technology for payments,
• Faster transactions smart contracts, and digital identities
• Reduced total cost of • New breed of programmable blockchain platforms
ownership
INFLUENCING
FACTORS MARKET RESTRAINTS: MARKET CHALLENGES:
(Market Trends and • Uncertain regulatory status • Security, privacy, and control
Dynamics) • Lack of awareness about • Scalability
blockchain technology • Technical understanding about the blockchain concept
• PARTNERSHIPS, AGREEMENTS AND COLLABORATIONS:

More than 12 deals in the past three years GEOGRAPHIC
• NEW PRODUCT LAUNCHES: : More than 18 new product ANALYSIS
launches in the past three years
MARKET SIZE & FORECAST:

• By Provider
ARRIVE AT THE MARKET
• By Application
IMPACT ANALYSIS OF SIZE, SHARE, AND CAGR
• By Organization size
FORECAST MARKET TRENDS
• By Vertical
FOR THE BLOCKCHAIN
TECHNOLOGY MARKET
• By Region
Source: MarketsandMarkets Analysis
2.1.1 SECONDARY DATA

In the secondary research process, various secondary sources were referred to for identifying and
collecting information for this study. The secondary sources include annual reports, press releases and
investor presentations of companies, white papers, certified publications, and articles from recognized
associations and government publishing sources. Various research reports from a few of the consortiums
and councils such as R3 CEV Consortium and Hyperledger Foundation have also been referred for
structuring qualitative content.
Secondary research was mainly used to obtain key information about the industry’s value chain, the
market’s monetary chain, the overall pool of key players, market classification and segmentation according
to industry trends to the bottom-most level, regional markets, and key developments from both market and
technology-oriented perspectives.
18
2.1.1.1 Key data from secondary sources

PARAMETER SOURCE
• Company Financials
• Magazines
MARKET SIZE • Journals
• Press Releases
• Paid Databases
• MarketsandMarkets Data Repository
• Annual Reports
REVENUE OF COMPANIES • Company Websites
• Public Databases
• Company Websites
QUALITATIVE INFORMATION
• Annual Reports
(Market Dynamics and
Market Trends) • Press Releases
2.1.2 PRIMARY DATA

In the primary research process, various primary sources from both supply and demand sides were
interviewed to obtain qualitative and quantitative information for this report. The primary sources from the
supply side include industry experts, such as CEOs, VPs, marketing directors, technology and innovation
directors, and related key executives from various key companies and organizations operating in the
blockchain technology market.
After the complete market engineering (which includes calculations for market statistics, market
breakdown, market size estimations, market forecasting, and data triangulation), extensive primary
research was conducted to gather information and to verify and validate the critical numbers arrived at.
Primary research was also conducted to identify the segmentation types; industry trends; competitive
landscape of blockchain technology offered by various market players; and key market dynamics, such as
drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
19
2.1.2.1 Key data from primary sources
TYPE PARAMETER KEY DATA POINT
Overall market and

subsegments in 2016 The global blockchain technology market, by
GEOGRAPHIC
SPLIT CAGR of each region in the region – North America, Europe, APAC, MEA,
forecast period and Latin America
(2016–2021)
The global market size for

the year 2016 The global blockchain technology market
GLOBAL
MARKET SIZE CAGR for the forecast The global blockchain technology market by
period (2016–2021) subsegment
Market based on provider (application & solution

provider, middleware provider, and infrastructure
& protocols provider)
Market based on application (payments,
Provider
exchanges, smart contracts, digital identity,
Application documentation, clearing and settlement, and
MARKET others)
Organization Size
SPLIT
Vertical Market based on organization size (SMEs and
large enterprises)
Market based on verticals (government & public
sector, BFSI, healthcare & life science, retail &
ecommerce, automotive, media &
entertainment, and others)
20
2.1.2.2 Key industry insights
“ The main driver for the

“
blockchain technology market is the
transparency in the operation and
immutability in nature.
Marketing Director,
Leading Blockchain Technology Vendor
“ North America is the

largest contributor to the blockchain
technology market, as it the pioneer
in the technology adoption.
“ “ The biggest challenge
in the blockchain technology market
“
is the lack of awareness among
end users across multiple
industries.
Co-founder, VP Marketing,
Leading Blockchain Technology Vendor Leading Blockchain Technology Vendor
Source: Primary Interviews and MarketsandMarkets Analysis
2.1.2.3 Breakdown of primary interviews

FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND
REGION
BY COMPANY BY DESIGNATION BY REGION
15% 10%
25%
30%
20%
55% 25%
60%
20%
40%
Tier 1 Tier 2 Tier 3 C Level Director Level Others North America Europe
APAC ROW
Note: *Others include sales managers, marketing managers, and product managers; ROW includes MEA and Latin America
Tier I: Companies with revenues more than USD 5 billion, Tier II: Companies with revenue between USD 1-5 billion, Tier III: Companies
with revenues less than USD 1 billion
21
2.2 MARKET SIZE ESTIMATION

Top-down and bottom-up approaches were used to estimate and validate the size of the global blockchain
technology market and to estimate the size of various other dependent submarkets in the overall
blockchain technology market. The research methodology used to estimate the market size includes the
following details: Key players in the market were identified through secondary research and their market
shares in respective regions were determined through primary and secondary research. This entire
procedure includes the study of the annual and financial reports of top market players and extensive
interviews for key insights from industry leaders, such as CEOs, VPs, directors, and marketing executives.
All percentage splits and breakdowns were determined by using secondary sources and verified through
primary sources. All possible parameters that affect the markets are covered in this research study, have
been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the
final quantitative and qualitative data. This data is consolidated and added with detailed inputs and
analysis from MarketsandMarkets.
2.2.1 BOTTOM-UP APPROACH

The bottom-up procedure was employed to arrive at the overall market size of the global blockchain
technology market from the revenue of the key players (companies) and their shares in the market. Market
shares were then estimated for each company to verify the revenue shares used earlier in the bottom-up
procedure. With the data triangulation procedure and validation of data through primaries, the exact values
of the overall parent market size and each individual market size were determined and confirmed in this
study. The data triangulation procedure implemented for this study is explained in the next section.
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
Global Global Market Size (in USD Million)=

North America+ Europe+ APAC+ MEA+ Latin America
Market
Value
Arrival at the Overall

Market
PRIMARY SOURCES:
Demand & Supply Side Experts
Geographic Split SECONDARY SOURCES :

Annual Reports, Presentations, Press
Releases, Journals, Paid Databases,
and MarketsandMarkets Repository
Market by Provider, Application,
Organization Size, Vertical, and Region
Percentage Split of Market Segments
22
2.2.2 TOP-DOWN APPROACH

Calculations based on the revenue of the key companies identified in the market led to the overall market
size. This overall market size was used in the top-down procedure to estimate the sizes of other individual
markets via percentage splits of market segment from secondary and primary research.
For the calculation of each type of specific market segment, the most appropriate immediate parent
market size was used for implementing the top-down procedure. The parent markets which are considered
for blockchain technology market are overall database market and distributed database market. The
bottom-up procedure was also implemented for the data extracted from secondary research to validate the
market segment revenue obtained.
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
Total Blockchain Technology Market Global market size is validated through primaries
(USD Million) (Demand & Supply Side Experts)
Percent Split for the Segments of

Blockchain Technology Market
PRIMARY SOURCES:
Demand and Supply Side Experts
Geographical Split
SECONDARY SOURCES:
Regional and Annual Reports, Presentations, Press
Country-wise Release, Company Websites ,Journals,
Market for Paid Databases, News Articles, and
Each MarketsandMarkets Repository
Subsegment
23
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION

After arriving at the overall market size, the total market was split into several segments and subsegments.
To complete the overall market engineering process and arrive at the exact statistics for all segments and
subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.
The data was triangulated by studying various factors and trends from both the demand and supply sides.
Along with this, the market was validated using both top-down and bottom-up approaches.
In the complete market engineering process, both top-down and bottom-up approaches were extensively
used along with several data triangulation methods to perform market estimation and market forecasting
for the overall market segments and subsegments listed in the report. Extensive qualitative and
quantitative analysis was performed on the complete market engineering process to list key
information/insights throughout the report.
FIGURE 5 DATA TRIANGULATION
PRIMARY SOURCES SECONDARY SOURCES
INTERVIEWS WITH:
• R3CEV consortium
• Chief technology officers
DEMAND SIDE
• Blockchain technologists • Hyperledger

• IT managers • Wall Street
BlockchainAlliance
• Purchase managers (WSBA)
• CU Ledger
MnM KNOW* • Chamber of Digital Commerce
INTERVIEWS WITH:
DATA
• CEOs
PRIMARY TRIANGULATION
• VPs SOURCE
SUPPLY SIDE
• Marketing directors SECONDARY Annual Reports, Presentations,

• Technology and innovation SOURCE Websites and Press Releases, News
directors and related key Articles, Journals, and Paid
executives from various key Databases
organizations operating in
the blockchain technology
market
INFORMATION SOURCED
Opportunities/ Market Size and

Key Players Competitive Landscape
Challenges Market Share (2016)
Geographical
Influencing Factors Market Estimates
Analysis
MnM KNOW* stands for MarketsandMarkets’ 'Knowledge Asset Management' framework. In this context, it stands for existing
market research knowledge repository of over 5,000 granular markets, our flagship competitive intelligence and market
research platform "RT", subject matter experts, and independent consultants. MnM KNOW acts as an independent source
that helps us validate information gathered from primary and secondary sources .
24
2.4 RESEARCH ASSUMPTIONS

PARAMETER ASSUMPTION
Global Blockchain Market size estimates are conservative/realistic as opposed to

Technology Market Size optimistic/aggressive.
Dollar fluctuations will not be serious enough to affect the forecasts to

a significant extent. Fall in the dollar will enhance revenue growth
Exchange Rate
opportunities for the U.S. multinationals, whereas, stability in the
dollar will stabilize the price of imports and exports.
The market size may not add up to the total as they have been
Quantitative Assumption
rounded-up.
The world economy is assumed to be stable, exhibiting a strong

Global Economic
positive growth. This is also expected to pertain among the economies
Condition
of countries.
All the revenue and financial insights are extracted from the company
Financial Statistics websites and annual reports, which is true to the best of
MarketsandMarkets’ knowledge.
25
3 EXECUTIVE SUMMARY
Blockchain is a distributed ledger technology which records the cryptocurrency transaction data into
“blocks”. Each time a block gets completed, a new block is generated which are linked to each other in
proper linear, chronological order like a chain, with every block containing a hash of the previous block.
Each block in the chain containing the data is cryptographically hashed, using complex mathematical
algorithms.
In 2008, the cryptocurrency was used by gamers and traders for gambling purpose. The blockchain
concept gained popularity in 2009 and was implemented into the source code of bitcoin, with a goal to
overcome the shortcomings of physical commodities such as currency. This was used by different
intermediaries in conducting and settling transactions which solved the purpose to address the issue by
creating global means of value exchange that was reliable as well as secure. As the distributed ledger
technology gained momentum, various use cases of the blockchain technology were explored. In 2016, the
blockchain technology went mainstream. The application of blockchain has now shifted to various areas
such as payments, exchanges, smart contracts, digital identity, documentation, clearing, and settlement.
Some of the major factors driving the growth of the blockchain technology market are transparency &
immutability, faster transactions, and reduced total cost of ownership. The blockchain technology also
offers other key benefits such as trustless exchange, durability and reliability, and empowers the users to
control all their information and transactions. The key opportunity areas in the blockchain technology in the
coming years would be disruption in technology across various industries, high adoption of blockchain
technology for payments, smart contracts and digital identities, and evolution of new breed of
programmable blockchain technology platforms.
The scope of this report covers the blockchain technology market by provider, application, organization
size, vertical, and region. The Banking, Financial Services, and Insurance (BFSI) sector is expected to
dominate the market with the largest market share during the forecast period, whereas the media and
entertainment vertical is estimated to grow at the highest rate, followed by the healthcare and life sciences
vertical. Furthermore, as the need for banking and financial transactions has evolved from traditional
payments systems to be seamlessly integrated into new and always connected lifestyle, the market for
payment is expected to contribute the largest market share during the forecast period. The digital identity
market is expected to grow at the highest rate, as the blockchain technology would make digital identities
more secure and efficient, resulting in seamless sign-ons and will reduce identity frauds, where the user
identity can be uniquely authenticated in an immutable and secure manner.
North America is expected to hold the largest market share of the blockchain technology market during the
forecast period, due to the early adoption of blockchain technology in the banking and financial services
vertical. Furthermore, APAC offers potential growth opportunities for the blockchain technology market as
financial technology investments in distributed ledger technology in the region is expected to grow in the
next 5 years.
The major blockchain technology key innovators include IBM Corporation, Microsoft Corporation, Deloitte,
Ripple, Chain, Abra, BitFury, Coinbase, Circle, Digital Asset Holdings, Blockchain Tech Ltd., Global Arena
Holding, Inc. (GAHI), Digital CC Ltd., 21, Inc., and Earthport. These players adopted various strategies such
as venture capital funding, new product developments, mergers, partnerships, collaborations, and
business expansions to cater to the needs of the global blockchain technology market.
Some recent examples of growth strategies adopted by these companies are IBM Corporation, which has
launched cloud services for blockchain on Linux-only secure server, and Deloitte, which has entered into a
partnership with Terepac Corporation, a company dealing with IoT devices and data, to create a distributed
26
ledger to allow manufacturers to follow the entire life-cycle of their products, as part of Internet of Things
(IoT).
The table and figure given below highlight the market size and Y-o-Y growth of the blockchain technology
market during the forecast period. The blockchain technology market is expected to grow from USD 210.2
million in 2016 to USD 2,312.5 million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5%
from 2016 to 2021. The blockchain technology market is further segmented into provider, application,
organization size, industry vertical, and region.
TABLE 1 BLOCKCHAIN TECHNOLOGY MARKET SIZE AND GROWTH, 2016–2021

(USD MILLION, Y-O-Y %)
Blockchain Technology CAGR%

2015 2016-e 2020-p 2021-p
Market (2016–2021)
Market Size 144.6 210.2 1,358.6 2,312.5 61.5%
Y-o-Y 45.4% 66.6% 70.2%
e – Estimated; p – Projected
Note: Y-o-Y for the year 2020 has been calculated from 2019-2020
Sources: Press Releases, Investor Presentations, Expert Interviews, World Economic Forum and MarketsandMarkets Analysis
FIGURE 6 BLOCKCHAIN TECHNOLOGY MARKET IS POISED TO WITNESS GROWTH IN THE

GLOBAL MARKET FOR THE PERIOD 2016–2021
2,500 2,312.5
Market Size (USD Million)
2,000
1,500 1,358.6
1,000
500
144.6 210.2
0
2015 2016-e 2020-p 2021-p
Sources: Press Releases, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
27
FIGURE 7 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF PROVIDER

(2016 VS. 2021)
PROVIDER GLOBAL MARKET SIZE FORECAST, CAGR
2016 vs. 2021 (USD MILLION) (2016-2021)
Infrastructure and 870.6

58.3%
Protocols Provider 87.6
Application and 897.7

64.6%
Solution Provider 74.3
544.2 62.3%
Middleware Provider
48.3
2016-e 2021-p CAGR
Source: Press releases, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
FIGURE 8 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF APPLICATION

(2016 - 2021)
22% 19% 18% 13%

PAYMENTS SMART CONTRACTS DOCUMENTATION EXCHANGES
CAGR (2016 – 2021) CAGR (2016 – 2021) CAGR (2016 – 2021) CAGR (2016 – 2021)
58.8% 62.0% 62.6% 61.1%
12% 11% 5%
CLEARING AND SETTLEMENT DIGITAL IDENTITY OTHERS
CAGR (2016 – 2021) CAGR (2016 – 2021) CAGR (2016 – 2021)
60.2% 64.8% 64.1%
Note: Percentage values indicate market share of each type of application in 2016;
“Others” includes Supply Chain Management, and Internet of Things (IoT)
28
FIGURE 9 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF

ORGANIZATION SIZE (2016 - 2021)
66% 34%
LARGE ENTERPRISES SMEs

CAGR (2016 – 2021): 59.5% CAGR (2016 – 2021): 65.2%
Note: Percentage values indicate market share of each type of organization size in 2016
FIGURE 10 BLOCKCHAIN TECHNOLOGY MARKET SNAPSHOT ON THE BASIS OF INDUSTRY

VERTICAL (2016 VS. 2021)
2016 2021 CAGR%
BFSI 67.2 620.0 55.9%
Government and Public Sector 39.3 389.2 58.2%
Healthcare and Life Sciences 33.5 428.3 66.5%
Retail and Ecommerce 26.3 326.3 65.5%
Automotive 20.9 247.4 64.0%
13.9 190.6 68.9%

Media and Entertainment
9.1 110.6 64.7%

*Others
Note: “Others” includes Energy, Travel and Hospitality, Transportation and Logistics, Real Estate, and Education
29
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE BOCKCHAIN

TECHNOLOGY MARKET
FIGURE 11 LUCRATIVE MARKET PROSPECTS IN THE BLOCKCHAIN TECHNOLOGY MARKET
• The global blockchain technology market is expected to grow

from USD 210.2 million in 2016 to USD 2,312.5 million by 2021,
at a CAGR of 61.5% during the forecast period.
USD • Market growth is attributed to the increasing need for faster and
CAGR
61.5% 2,312.5 transparent transactions across industry verticals, including BFSI.
Million
• Geographic expansion in emerging markets and large-scale
implementation of blockchain technology are uncharted
USD
opportunities.
210.2
Million • Emerging economies in regions such as APAC offers several
untapped and unexplored opportunities
2016 2021
Market Size (USD MILLION)
Source: SEC Filings, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
30
4.2 BLOCKCHAIN TECHNOLOGY MARKET: MARKET SHARE ACROSS

VARIOUS REGIONS
FIGURE 12 NORTH AMERICA COMMANDS OVER THE BLOCKCHAIN TECHNOLOGY MARKET BY
COVERING THE LARGEST MARKET SIZE IN 2016
EUROPE
29.0%
63.3%
NORTH AMERICA
46.0% ASIA-PACIFIC
54.5% 14.3%
73.1%
MIDDLE EAST AND AFRICA

4.3%
LATIN AMERICA
62.3%
6.4%
68.7%
MARKET SHARE %
CAGR %
Note: CAGR is for the forecast period, 2016–2021

31
4.3 BLOCKCHAIN TECHNOLOGY MARKET: INDUSTRY VERTICALS AND

REGION MARKET
FIGURE 13 BANKING, FINANCIAL SERVICES, AND INSURANCE VERTICAL AND NORTH
AMERICA IN REGION SEGMENT IS EXPECTED TO GAIN THE LARGEST MARKET SIZE
IN THE YEAR 2016
Blockchain Technology Market Size, 2016 = USD 210.2 MILLION
BFSI North America
Government and Public Sector Europe
Healthcare and Life Sciences APAC
Latin America
Retail and ecommerce
12.5% 15.9% 18.7% 32.0% 46.0% 29.0% 14.3% 6.4%
Market Share of Top Four Market Share of Top Four

Industry Verticals, 2016 Regions, 2016
32
4.4 LIFE CYCLE ANALYSIS, BY REGION, 2016

The blockchain technology market in this report is divided into five major regions, namely, North America,
Europe, APAC, the MEA, and Latin America. The blockchain technology is still in its nascent stage and is
considered in the experimentation phase as of now. North America and Europe, to some extent, are early
adopters of the blockchain technology, while regions such as APAC and Latin America are expected to grow
at a higher rate. Hence, APAC is expected to complete the introduction phase by 2021.
FIGURE 14 ASIA-PACIFIC SOON TO ENTER EXPONENTIAL GROWTH PHASE DURING THE

PERIOD 2016–2021
GROWTH
NORTH AMERICA
EUROPE
APAC
MEA LATIN AMERICA
GROWTH DECLINE TIME

INTRODUCTION MATURITY
33
5 MARKET OVERVIEW
KEY FINDINGS
The blockchain technology platforms are being increasingly adopted across verticals such as
BFSI, healthcare & life sciences, media & entertainment, which has led to the growth of the
market, globally.
High transparency and immutability in blockchain and faster transactions are the major factors
driving the growth of the blockchain technology market.
With the rise in adoption for distributed ledger technology, the demand in the emerging
markets, such as APAC and MEA, is expected to grow rapidly.
Uncertain regulatory status is one of the restraining factors in the blockchain technology
market.
The biggest challenge for organizations is the lack of awareness about blockchain technology,
as it is still at a nascent stage.
34
5.1 INTRODUCTION
The growth of blockchain technology market is propelled by the transparency and immutability of the
distributed ledger technology and benefits such as faster transaction and reduction in total cost of
ownership. The blockchain technology is a disruptive technology with high adoption across various
application areas such as payments, smart contracts, and digital identity. Entrepreneurs, start-ups, large
enterprises as well as Small and Medium Enterprises (SMEs) have all identified blockchain as revolutionary
technology. These factors have invited an extensive list of venture funding, collaborations, and
partnerships among the blockchain technology vendors, to provide end users with new breed of blockchain
technology platforms. The high growth potential in emerging markets such as APAC and MEA makes this
market more competitive. However, the uncertain regulations and standards pertaining to the blockchain
technology is the biggest concern for the growth of this market.
5.2 MARKET EVOLUTION

The blockchain technology has continued to evolve in terms of technology and application area. For
beginners, the blockchain technology is a decentralized distributed ledger which records the
cryptocurrency transactions on the network. The digital records are put together into “blocks” and then
bound together cryptographically into a "chain" using complex mathematical algorithms. The evolution of
blockchain technology started during the period 2008-2011, when the cryptocurrency were used by
gamers and traders as tokens for online gambling and gaming purpose.
During the period 2012-2014, bitcoin gained international popularity in the global market as currency. As
blockchain continued to evolve, Blockchain 1.0 was developed with a goal to overcome the shortcomings
of physical commodities such as currency. This was used by different intermediaries in conducting and
settling transactions. The most important manifestation of Blockchain 1.0 was bitcoin, which solved the
purpose to address the issue by creating global means of value exchange that was reliable as well as
secure.
The year 2015 saw the exploration and development phase of the blockchain technology. As the
distributed ledger technology gained momentum, a lot of initial capability and use case assessments for
the early technology adoption have been seen for internal reconciliation. Currently, in 2016, with the
development of Blockchain 2.0, the technology went mainstream. Regulatory authorities realize the
benefits of blockchain for auditing and compliances. The focus has now shifted from currency to other
application areas such as payments, smart contracts, exchanges, digital identity, and documentation.
The adoption of blockchain technology beyond 2016 is expected to see growth in the regulation and
standard of blockchain. The market will see an emergence of new breed of programmable blockchain
technology platforms. Moreover, as the venture capital funding in the blockchain market continues to
increase, new technology providers are expected to enter the market offering new service models.
35
FIGURE 15 EVOLUTION OF THE BLOCKCHAIN TECHNOLOGY MARKET
• Cryptocurrency tokens • Development of Blockchain 2.0

used by gamers and traders • Focus shifted from currency
towards business potential
• New application areas such as
payments, smart contracts, digital
identities, exchanges, and
documentation
2008-2011 2012-2014 2015-2016 Beyond 2016

• Bitcoin gains international • Development of regulations
popularity as currency in and standards for blockchain
global markets technology
• Development of Blockchain • Evolution of new breed of
1.0, with the aim to overcome blockchain technology
shortcomings of currency platforms
• Emergence of new providers
and service models
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
5.3 MARKET SEGMENTATION

The blockchain technology market is segmented by provider, application, organization size, vertical, and
region.
5.3.1 BY PROVIDER
FIGURE 16 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY PROVIDER
Application and Solution Provider
BY Middleware Provider
PROVIDER
Infrastructure and Protocols Provider
Source: Expert Interviews and MarketsandMarkets Analysis
36
5.3.2 BY APPLICATION
FIGURE 17 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY APPLICATION
BY APPLICATION
Clearing and
Payments Exchanges Smart Contracts Documentation Digital Identity Others
Settlement
5.3.3 BY ORGANIZATION SIZE

FIGURE 18 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY ORGANIZATION SIZE
SMEs Large Enterprises
Source: Expert Interviews, and MarketsandMarkets Analysis
5.3.4 BY INDUSTRY VERTICAL

FIGURE 19 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY INDUSTRY VERTICAL
Healthcare and
Life Sciences
Retail and
Ecommerce Media and
Entertainment
BFSI Automotive
BY VERTICAL
Government and Others

Public Sector
37
5.3.5 BY REGION
FIGURE 20 BLOCKCHAIN TECHNOLOGY MARKET SEGMENTATION, BY REGION
BY REGION
NORTH AMERICA EUROPE ASIA-PACIFIC MIDDLE EAST AND LATIN AMERICA

AFRICA
38
5.4 MARKET DYNAMICS

The following section highlights the drivers, restraints, opportunities, and challenges in the blockchain
technology market.
FIGURE 21 BLOCKCHAIN TECHNOLOGY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES
D
DRIVERS • Transparency and immutability
• Faster transactions
• Reduced total cost of ownership
RESTRAINTS
R •
•
Uncertain regulatory status
Lack of awareness about blockchain technology
OPPORTUNITIES
• Disruption in technology across various industries
O •
•
High adoption of blockchain technology for payments, smart
contracts, and digital identities
New breed of programmable blockchain platforms
CHALLENGES
C
• Security, privacy, and control
• Scalability
• Technical understanding about the blockchain concept
5.4.1 DRIVERS
5.4.1.1 Transparency and immutability
The blockchain technology is a game-changing technology that could disrupt everything in the coming
future. This distributed ledger technology offers transparency by recording all information about each
transaction on the blockchain. All the changes to blockchain are publicly viewable by all parties which
create transparency in the operations. Moreover, all the transactions are immutable, which cannot be
altered or deleted. This provides benefit for auditors and is useful for financial transactions as it improves
data security. This immutability relies on Proof-of-Work (PoW) to secure the blockchain through powerful
computational capabilities and processing time via computer. Due to this benefit, the blockchain
technology is growing in adoption across various industry verticals such as BFSI, media & entertainment,
healthcare, automotive, and others.
For instance, in the real estate industry, the transparency due to blockchain technology confirms the
ownership and check for building enforcement regulations. This helps in providing protection for
individual’s ownership rights. Furthermore, in the retail industry, blockchain can provide retailers with full
39
customer purchase patterns with data transparency, to identify product buying trends and consumer
behavior and preferences.
5.4.1.2 Faster transactions

The blockchain technology helps addressing some of the key challenges and pain points that the financial
services industry has been facing over the past few decades. As interbank transactions can take days for
clearing and settlements, the blockchain technology can reduce the transaction time. Many financial firms
consider the blockchain technology as a mechanism for making transactions faster, minimizing error rates,
and eliminating reconciliation. Blockchain buzz is the most prominent in the payment space. It can help to
bring down multiday settlement cycles to real-time, improving, and enhancing transaction operations. This
can help in preventing Anti-Money Laundering (AML), Know Your Customer (KYC), and regulatory
compliance data.
Faster transaction and settlement can help a financial institution and its customers to make transaction
more easily while eliminating the intermediaries charging fees to make the process more streamlined. This
can save labor-intensive procedures that banks go through with their customers and exchanges.
5.4.1.3 Reduced total cost of ownership

The blockchain technology offers a robust alternative to traditional transaction stacks at a fraction of the
cost. This helps in the reduction of total cost of ownership, complexity, and time. The banking and financial
services sector is exploring a variety of opportunities to use the blockchain technology to improve currency
exchange, peer-to-peer transfers, and trade executions. According to a report in 2015 by Santander, a
British bank, it is estimated that blockchain could reduce banks’ infrastructure costs attributable to cross-
border payments, securities trading, and regulatory compliance between USD 15 – 20 billion per annum by
2022. In the real estate sector, the blockchain technology can reduce the cost borne by the insurers and
can be used as a primary source of records instead of local real estate records. This also eliminates the
need for paper-based records and hence improving the overall operations and cost associated with it.
5.4.2 RESTRAINTS
5.4.2.1 Uncertain regulatory status
Regulatory uncertainty remains another concern as the blockchain technology market is still not regulated.
At present, lack of regulations and the uncertainty over the same remains one of the biggest restraining
factors for the adoption of blockchain by financial institutions. While financial institutions around the world
are working closely on finding common standards for blockchain, regulatory acceptance is one of the
biggest challenges in transforming transactions systems. As this distributed ledger technology is still at a
nascent stage, it raises a number of questions for regulators and policy makers, both at national and
international level. Regulators are still skeptical about the potential of blockchain technology, as the overall
technology cannot be regulated; only the blockchain technology use cases such as payments, smart
contracts, documentation, digital identity, and other application areas can be regulated. Due to the issues
such as standardization and interoperability, the regulatory status of blockchain technology remains
uncertain.
5.4.2.2 Lack of awareness about blockchain technology

The major limitation about the blockchain technology is the lack of awareness about the distributed ledger
technology and its application in various sectors. End users in various verticals lack understanding about
the benefits of this disruptive technology, as well as lack of understanding about how it works. This can
restrain the companies to invest in this evolving technology as it is decentralized and still have uncertain
regulatory status. In its current form, the blockchain technology is something of vast unknown frontier with
uncertain growth. The blockchain technology is yet to be embraced by investors, public, and entrepreneurs
to leverage its potential for transforming business processes. Hence, the education and lack of public
awareness may be blockchain’s biggest restraint.
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5.4.3 OPPORTUNITIES
5.4.3.1 Disruption in technology across v arious industries
The blockchain technology would be disrupting many industry verticals in the coming years. Organizations
in the BFSI industry are not the only one that could be affected by this technology. Other verticals such as
media & entertainment, automotive, education, travel & hospitality, and retail could also be transformed.
For instance, The Holbertson School, a California-based software skills program, announced it would use
the blockchain technology to authenticate academic certificates to ensure that students claiming they
passed courses at the Holberton School are not using accreditation they did not earn. If more schools
began adopting transparent academic certificates, transcripts, and diplomas, fraud of this kind could more
easily be combated. Recently, Visa and DocuSign unveiled a partnership that used blockchain to build a
proof-of-concept for streamlining car leasing, and making it into a “click, sign, and drive” process. In the
media and entertainment industry, many music artists are turning to blockchain as a way to make online
music sharing fairer. Mycelia, a music company, develop intelligent songs with blockchain-enabled smart
contracts built in, to let artists sell directly to fans without going through a record label.
5.4.3.2 High adoption of blockchain technology for payments, smart

contracts, and digital identities
The potential of blockchain technology in various application areas such as payments, smart contracts,
and digital identities are piling up. In a recent paper, The World Economic Forum argued that decentralized
payments technologies could transform the “business architecture” for money transfers and payments.
The blockchain technology can connect the payers and payees across borders or domestically without
intermediaries, at ultra-low fees and almost instant speed. For instance, Abra, a start-up uses the
blockchain technology for global bitcoin and blockchain-based money transfers. Smart contract is another
key application area and is the central component to next generation blockchain platforms. Ethereum is a
public blockchain platform which is currently the most advanced smart contract enabled blockchain.
Blockchain could provide the most benefit to firms when combined with smart contract technology. One of
the most interesting use cases of the blockchain technology is digital identity verification. Issuing identity
verification through the blockchain technology allows consumers to verify their identity while there is no
centralized storage of identity documents involved. In a way, blockchain-based verification would bypass
the need for centralized services and additional storage capacity, and it could even remove the human
element from the verification procedure altogether.
5.4.3.3 New breed of programmable blockchain platforms

Fast emerging distributed ledger technologies such as blockchain and next generation iterations such as
Ethereum are evolving rapidly. Recently, Microsoft has partnered with ConsenSys, a blockchain start-up
focused on Ethereum technology. Through the partnership, customers of Azure, Microsoft’s cloud-based
business service will have access to tools that will allow them to experiment with and build cloud-based
blockchain applications, from securities trading to cross-border payments to corporate accounting, and
offer them to their own customers. French multinational financial services company BNP Paribas is
building a new blockchain platform to allow private companies to issue mini-bonds — short-term debt
instruments issued by private companies to investors. The shift to programmable assets has already
started. Currently, the distributed ledger technology is used not only by Bitcoin, but also by Ripple,
Ethereum, and SETL. This provides an opportunity to make assets flow more efficient and transparent.
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5.4.4 CHALLENGES
5.4.4.1 Security, privacy, and control
The blockchain technology has the potential of transforming and revolutionizing transactions but
organizations have to overcome certain security, privacy, and control challenges to experience any benefit
from the technology. As the blockchain transactions are recorded in the distributed public ledger, it offers
hackers a larger attack surface to gain access to critical and sensitive information. If a blockchain is used
to store confidential contract information or payment data, then replicating the file could potentially offer
hackers more places to get their hands on it. If a key is compromised, then it can be used to access the
database in a hub-and-spoke model, as well as in a distributed database. The privacy problem on a
blockchain is the main gap for deployment for all of the cryptographic solutions. For instance, in August
2016, hackers stole USD 72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency
exchange Bitfinex. In June 2016, USD 55 million worth of ether was stolen through a smart contract
created by the Decentralized Autonomous Organization (DAO) and executed on the Ethereum network. As
the above recent events show, the blockchain technology is vulnerable to security problems, too.
5.4.4.2 Scalability
There are three main technical challenging issues pertaining to the blockchain technology scalability. First,
there is a tendency toward centralization with a growing blockchain, because the larger the blockchain
grows, the larger the requirements become for storage, bandwidth, and computational power that must be
spent by “full nodes” in the network, leading to a risk of much higher centralization. Second, in bitcoin, the
blockchain has a built-in hard limit of 1 megabyte per block (about 10 minutes), and removing this limit
requires a “hard fork” (i.e. backward-incompatible change) to the bitcoin protocol. And last, high processing
fees are currently paid for bitcoin transactions, and there are high probability of those fees to increase as
the network grows. As the blockchain technology becomes more popular, these scalability issues must be
tackled. This scalability issue is due to a few different aspects of how the protocol works, but the main
problem is that preserving decentralization becomes more difficult as the number of transactions
processed by the network grows.
5.4.4.3 Technical understanding about the blockchain concept

Blockchain is currently one of the hottest and most intriguing technologies currently in the market today,
but the end users are still facing the challenge of technical understanding of blockchain and its concept as
the technology is at a nascent stage. As the adoption and use case of distributed ledger technology
increases in the next few years, blockchain understanding and platforms to train and maintain knowledge
in this field will become a necessity. The blockchain technology uses cryptographic algorithms running
across a vast network of independent computers and hence, a technical knowledge about the related
techniques is required to explore the benefits of the blockchain technology applications. In addition to this,
the challenges of legacy infrastructure will be the main obstacle, as the practicality of implementing
decentralized cryptosystems falls outside the traditional IT development skill-set.
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6 INDUSTRY TRENDS
6.1 INTRODUCTION
The blockchain technology market is still in its nascent stage and it is a very high growth market. Many
companies around the world are experimenting with blockchain and distributed ledger technologies these
days to understand its benefits for multiple industry verticals including financial services. The blockchain
technology mainly fall under two major categories: public blockchain and private blockchain. Moreover,
there are a few associations and consortiums which are working to deliver innovative blockchain and
distributed ledger related technologies. Moreover, various blockchain technology providers are adopting
different strategies such as venture capital funding, new product launches, acquisitions, and partnerships
& collaborations to increase their market presence, in the global blockchain technology market.
6.2 TYPES OF BLOCKCHAIN TECHNOLOGY

Blockchain is a distributed ledger for all transaction processing and these transactions are stored in a
single place or ledger. This platform has been further divided into public and private blockchain. Another
concept – hybrid blockchain or consortium blockchain is being tested by the blockchain technology
solutions providers these days, which will be a mix of both public and private blockchain.
6.2.1 PUBLIC BLOCKCHAIN

A public blockchain is a type of blockchain or ledger that can be read and accessed by anyone in the world.
Anyone can make transactions and can see whether they are valid or not. Moreover, anyone can be a part
of the process for determining which blocks will be added to the chain and what the current status of the
transaction is. Public blockchain is considered to be a fully decentralized blockchain technology. Though
people generally raise questions about the security of public blockchain technology, many experts believe
that public blockchain technology is very secure due to its openness. As these databases can be accessed
by anyone and participants can see all transaction details, it is very difficult to hide the actual identity and
hack the system. The only disadvantage of public blockchain is that it is slower as compared to the private
blockchain because it could be duplicated by all associated participants at one time, so lesser data moves
with slower speed around the network.
Bitcoin, Ethereum, Hyperledger, and Ripple are a few examples of public blockchain technology. They are
mostly utilized for transactions related to cryptocurrencies and peer-to-peer transactions.
6.2.2 PRIVATE BLOCKCHAIN

A private blockchain is a type of blockchain technology where write permissions are kept centralized to one
organization. The read permissions might be restricted by an organization based on its usability. Private
blockchain is considered to be a shared databased or ledger. Private blockchain are secured by traditional
security techniques such as limited user rights. Generally, security to private blockchain can be provided
using private keys which is known only to the concerned organization. Private blockchain provides more
opportunities for businesses to leverage the blockchain technology for business-to-business use cases.
Private blockchain can be utilized for various use cases including smart contracts, document management,
and digital identity.
Many companies such as Chain, MultiChain, Blockstack, and Eris Industries offer private blockchain
technology software solutions.
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6.3 BLOCKCHAIN ASSOCIATIONS AND CONSORTIUMS

Today many organizations across various industry verticals are investing in developing blockchain related
technologies to streamline their operations and reduce their costs. It is expected that the commercial use
of blockchain technology will increase with the introduction of various regulations. Top financial and non-
financial firms around the world are coming together as groups for various trials and investments in the
blockchain technology. Following are a few such associations and consortiums which are working to deliver
innovative blockchain and distributed ledger related technologies and industry standards.
6.3.1 R3CEV BLOCKCHAIN CONSORTIUM

R3CEV Consortium was formed in September 2015 with nine financial services firms including Barclays,
BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of
Scotland, State Street, and UBS. Currently, it leads a consortium partnership with over 50 of the world's
leading financial institutions. All these firms work together to design and deliver advanced distributed
ledger technologies to the global financial markets. They expect that the blockchain technology has the
potential to change financial services as profoundly as the Internet changed media and entertainment. R3
Consortium is focused on proof-of-concept experimentation, and the development of standards for
blockchain technology. Instead of building blockchain, R3 works on developing blockchain related
solutions. As a result, they introduced a tailor-made solution, called Corda, in April 2016. It is considered as
a transaction management solution.
6.3.2 HYPERLEDGER
Hyperledger, started in December 2015 by the Linux Foundation, is a cross-industry collaborative effort.
Founding members of the initiative represent a diverse group of stakeholders, including: ABN AMRO,
Accenture, ANZ Bank, Blockchain, BNY Mellon, Calastone, Cisco, CLS, CME Group, ConsenSys, Credits, The
Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, Digital Asset Holdings, Fujitsu
Limited, Guardtime, Hitachi, IBM, Intel, IntellectEU, JP Morgan, NEC, NTT DATA, R3, Red Hat, State Street,
SWIFT, Symbiont, VMware, and Wells Fargo. The mission of this project is to develop a variety of open-
source software platforms for secured and shared transactions. The Hyperledger Project is an initiative to
focus on an open platform that will help organizations sustaining a variety of use cases across multiple
industry verticals to streamline their business processes. By creating a cross-industry open standard for
distributed ledgers, virtually any digital exchange with value, such as real estate contracts, energy trades,
marriage licenses, can securely and cost-effectively be tracked and traded.
6.3.3 GLOBAL PAYMENTS STEERING GROUP (GPSG)

Ripple introduced the first interbank group for global payments, known as Global Payments Steering Group
(GPSG), based on distributed financial technology in September 2016. Bank of America Merrill Lynch,
Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada are
the founding members of this group. The group is focused towards monitoring the creation and
maintenance of Ripple payment transaction rules, formalizing standards for using Ripple payment network,
and taking care of other actions to promote implementation of Ripple. It will create industry’s first rule-
based blockchain payments network for money transfer globally. With the creation of this group, banks and
other financial services organizations are expected to get closer to uniform policies and standards for
money transfer using blockchain technologies.
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6.3.4 FINANCIAL BLOCKCHAIN SHENZHEN CONSORTIUM (FBSC)

The Financial Blockchain Shenzhen Consortium (FBSC) was launched in May 2016, with an aim to
integrate and coordinate research and developments regarding blockchain technologies in the financial
services industry, and to improve companies’ research capabilities in blockchain technologies. It is focused
on making financial services organizations explore, develop, and realize the benefits of using the
blockchain technology for their day-to-day operations. The consortium consists of more than 30 leading
financial agencies and financial technology companies as its members including Ping An Bank, Tencent,
QiLu Over-the-Counter Stock Market, Ping An Financial Technology Consulting Co. Ltd., China Southern
Asset Management Co. Ltd., First Capital Securities Co Ltd, Funde Sino Life Insurance Co. Ltd., Guosen
Securities Co., Ltd, and Hundsun Technologies, Inc. FBSC also include six member companies including
Sino Safe General Insurance Co., LTD., Huawei, Qianhai Equity Exchange, Foresea Life Insurance Co. Ltd.,
and Shandong City Commercial Banks Alliance.
6.3.5 CU LEDGER
CU Ledger, a proof-of-concept project based on distributed ledger technology and led by Credit Union
National Association (CUNA) and Mountain West Credit Union Association (MWCUA), was designed to
prepare credit unions for the future. CU Ledger is expected to do the same for the credit union industry that
R3 Consortium is doing for banks. CU Ledger is currently fundraising among credit unions and Credit Union
Service Organizations (CUSOs). The goal of this consortium is to assemble a consortia of credit unions and
CUSOs to build a ledger network dedicated to the needs of credit unions.
6.3.6 BLOCKCHAIN COLLABORATIVE CONSORTIUM (BCCC)

Around 34 companies that research, develop, and deploy the blockchain technology formed Japan’s first
blockchain industry organization – Blockchain Collaborative Consortium (BCCC) in April 2016. The purpose
of establishing this group is to educate businesses and individuals about researching and developing, and
promoting investments in blockchain related technologies. They are also working to keep together the
blockchain technology companies worldwide. A few of the founding members of BCCC are Microsoft Japan
Co. Ltd., ConsenSys, and BASE, Inc.
6.3.7 WALL STREET BLOCKCHAIN ALLIANCE (WSBA)

Wall Street Blockchain Alliance (WSBA) is a trade association established by financial services firms to
guide and promote comprehensive adoption of distributed ledger technology or blockchain across financial
markets. It is based in New York, U.S. The association engages with industry leaders, policymakers, and
technology innovators to make financial services organizations realize the benefits of using the blockchain
technology and related innovations. In June 2016, WSBA introduced WSBA Certification Framework (WCF)
in partnership with Positrust LLC, a blockchain technology company. The aim of WCF is to offer an
education platform for the financial services industry to promote the use of distributed ledger technology or
blockchain.
6.4 STRATEGIC BENCHMARKING

Strategic benchmarking provides an understanding of the strategic initiatives, product developments, and
business capabilities of major vendors, such as Microsoft Corporation, IBM Corporation, and Deloitte in the
blockchain technology market. Many players in this market are adopting different strategies such as
product launches, acquisitions, and partnerships, and collaborations to increase their market presence.
6.4.1 STRATEGIC BENCHMARKI NG: NEW PRODUCT DEVE LOPMENT

New product launch and enhancement is the most frequent strategy of major vendors. This helps players
enter into niche segments or categories and give tough competition to the large vendors.
45
FIGURE 22 NEW PRODUCT DEVELOPMENT: BLOCKCHAIN TECHNOLOGY MARKET

In November 2015, Microsoft launched its Blockchain
Microsoft Corporation as a Service (BaaS) for Microsoft Azure to help
(New Product Launch) organizations and clients develop, test, and deploy
Blockchain applications.
In February 2016, IBM launched Blockchain as a

IBM Corporation
Service (BaaS) For developers which would help them to
(New Product Launch) explore the use of blockchain in the enterprise.
New Product In May 2016, Chain launched a new open source

protocol called Chain Open Standard which can be used
Launches and Chain, Inc.
for building a blockchain network that can be secure,
Product (New Product Launch) private, and be able to handle a large volume of
Enhancement
transactions.
In June 2016, DigitalX launched an AirPocket app which

Digital CC Ltd. will offer money transfer services in a cheaper way. The
(New Product Launch) technology behind AirPocket is blockchain with the help
of which the users can become a remittance broker.
In January 2016, BTL launches Interbit, a blockchain

BTL Group Ltd. remittance platform. The remittance platform would
(New Product Launch) help reduce costs incurred using traditional methods for
fund transfer.
Source: Annual Reports, SEC Filings, Press Releases, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
46
6.4.2 STRATEGIC BENCHMARKI NG: PARTNERSHIPS AND COLLABORATIONS

Partnerships and collaborations strategy of major vendors helped them to expand their business offering
for blockchain technology market. This helps players enter into niche segments or categories and give
tough competition to the large vendors.
FIGURE 23 PARTNERSHIPS AND COLLABORATIONS: BLOCKCHAIN TECHNOLOGY MARKET
In May 2016, Microsoft collaborated with ConsenSys

Microsoft Corporation
and Blockstack Labs to create an open-source, self-
(Collaboration) sovereign, blockchain-based identity system.
In May 2016, Deloitte partnered with startups

Deloitte
BlockCypher, Bloq, ConsenSys Enterprise, Loyyal and
(Partnership) Stellar.
Technology
Integrations, In June 2016, Ripple partnered with ATB Financial, the
Partnerships,
Ripple Canadian Imperial Bank of Commerce (CIBC), National
(Partnership) Bank of Abu Dhabi (NBAD), Reisebank, Santander,
and
UniCredit, and UBS.
Collaborations
In June 2015, Nasdaq entered into a strategic

Chain, Inc.
partnership with Chain to test bitcoin technology for
(Partnership) trading of shares of private companies.
In September 2016, BTL partnered with Fantasy 6

Sports Inc. to create a suite of Blockchain services
BTL Group Ltd. designed specifically for fantasy sports companies. This
(Partnership) strategic partnership is intended to combine Fantasy 6’s
vision for technological leadership and innovation in the
fantasy sports industry.
Source: Annual Reports, SEC Filings, Press Releases, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
47
7 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY PROVIDER
KEY FINDINGS
The application and solution provider segment is expected to grow at the highest CAGR of
64.6% during the forecast period.
The infrastructure and protocols provider segment is expected to dominate the blockchain
technology market. It is expected to grow from USD 87.6 million in 2016 to USD 870.6 million
in 2021, at a CAGR of 58.3% during the forecast period.
As the blockchain technology is in its nascent stage and many organizations are still
experimenting with it, there is a high requirement of infrastructure and protocols, which leads to
the higher demand for such solutions.
North America is expected to dominate the application and solution provider segment with the
largest market size of USD 32.7 million in 2016 and USD 327.8 million by 2021.
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7.1 INTRODUCTION
The blockchain technology market is categorized into three segments: applications & solutions,
middleware & services, infrastructure & protocols provider. These three providers complete the entire
ecosystem of the blockchain technology. These providers offer infrastructure to develop blockchain-based
platforms with the help of middleware providers.
The table and figure given below highlight the blockchain technology market size by provider. The total
blockchain technology market by provider is estimated to be USD 210.2 million in 2016 and is expected to
grow to USD 2,312.5 million in 2021, at a CAGR of 61.5%. The infrastructure and protocols provider
segment is expected to grow from USD 87.6 million in 2016 to USD 870.6 million by 2021, at an
estimated CAGR of 58.3%. The application and solution provider segment is expected to grow at the
highest CAGR of 64.6% and will grow from USD 74.3 million in 2016 to USD 897.7 million in 2021.
FIGURE 24 APPLICATION AND SOLUTION PROVIDER SEGMENT IS EXPECTED TO HAVE THE

HIGHEST CAGR DURING THE FORECAST PERIOD
64.6%
1,000
800
600
400
200
0
Infrastructure and Protocols Application and Solution
Middleware Provider
Provider Provider
2016 87.6 74.3 48.3
2021 870.6 897.7 544.2
CAGR 58.3% 64.6% 62.3%
TABLE 2 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER , 2015-2021 (USD MILLION)
Provider 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
Application and Solution Provider 50.1 74.3 518.0 897.7 64.6%
Middleware Provider 33.1 48.3 318.4 544.2 62.3%

Infrastructure and Protocols
61.4 87.6 522.2 870.6 58.3%
Provider
Total 144.6 210.2 1,358.6 2,312.5 61.5%
e-Estimated; p-Projected
Source: Secondary Literature, Wall Street Blockchain Alliance (WSBA), R3 CEV Consortium, Expert Interviews, and
MarketsandMarkets Analysis
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7.2 APPLICATION AND SOLUTION PROVIDER

The blockchain technology vendors offer various applications and solutions with respect to the need of the
industry and also integrate their current platform to the solutions they offer. Re-engineering of the existing
business can also be done for their solutions to be deployed. Bitcoin was the first application of the
blockchain technology which was implemented in the banking sector. Capital markets, exchanges, wallets,
identity verification, investments, and trading are the solutions provided. The financial & insurance sector,
real-estate sector, and media & entertainment are some verticals which are using the applications. Chain
Inc., Circle, Coinbase, and Ripple are some companies which provide applications and solutions to the end
users in the blockchain technology.
The table given below highlights the application and solution provider market size by region. The
application and solution provider segment is expected to grow from USD 74.3 million in 2016 to USD
897.7 million in 2021, at a CAGR of 64.6% during the forecast period 2016-2021. North America is
expected to dominate the application and solution provider segment with the largest market size of USD
32.7 million in 2016 and USD 327.8 million by 2021. The APAC region is expected to grow at the highest
CAGR of 76.2% during the forecast period. The application and solution provider segment in APAC is
estimated to grow from USD 9.8 million in 2016 to USD 167.1 million by 2021.
TABLE 3 APPLICATION AND SOLUTION PROVIDER: BLOCKCHAIN TECHNOLOGY MARKET SIZE,

BY REGION, 2015-2021 (USD MILLION)
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 22.7 32.7 198.0 327.8 58.6%
Europe 15.7 23.4 165.0 287.1 65.1%
APAC 6.2 9.8 90.0 167.1 76.2%
Latin America 3.4 5.3 43.2 78.0 71.3%
MEA 2.1 3.1 21.7 37.8 65.1%
Total 50.1 74.3 518.0 897.7 64.6%
Source: Secondary Literature, Expert Interviews, Wall Street Blockchain Alliance (WSBA), R3 CEV Consortium and
7.3 MIDDLEWARE PROVIDER

Middleware providers basically provide a technology or a platform where the blockchain applications can
be executed. These platforms can be customized as per the requirements. So for example, if an
organization wants to develop a payment wallet, it can utilize such middleware platforms. Middleware
providers offer services to the infrastructure and building of applications. Middleware services include
software development, general and special Application Programming Interfaces (APIs), and platforms. With
the help of these providers, various companies can deploy the blockchain technology which will save cost.
BlockCypher is a middleware provider which features cloud infrastructure, multiple data centers, APIs, and
robust data nodes which enhance the performance of the company. Factom provides the blockchain
technology solutions which can be adapted by any organization as it integrates itself with the current
system seamlessly which saves time and money of the particular organization. Microsoft has added a new
tool to its blockchain ecosystem through its project Bletchley called Cryplet. The users can bring data from
outside the blockchain system without harming the security aspects. Microsoft, BlockCypher, Chain Inc.,
Factom, and Colu are some of the companies which provide middleware support to the blockchain
technology.
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The table given below highlights the middleware provider market size by region. The middleware provider
segment is expected to grow from USD 48.3 million in 2016 to USD 544.2 million in 2021, at a CAGR of
62.3% during the forecast period 2016-2021. North America is estimated to hold the largest market share
and is expected to grow from USD 23.7 million in 2016 to USD 217.0 million by 2021, at a CAGR of 55.8%
during the forecast period. The APAC region is expected to grow at the highest CAGR of 73.4% during the
forecast period. The middleware provider segment in APAC is estimated to grow from USD 8.1 million in
2016 to USD 126.9 million by 2021.
TABLE 4 MIDDLEWARE PROVIDER: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

2015-2021 (USD MILLION)
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 16.7 23.7 133.5 217.0 55.8%
Europe 8.3 12.2 82.5 142.1 63.5%
APAC 5.2 8.1 69.4 126.9 73.4%
Latin America 1.6 2.5 19.9 35.9 70.7%
MEA 1.3 1.9 13.0 22.3 62.9%
Total 33.1 48.3 318.4 544.2 62.3%
7.4 INFRASTRUCTURE AND PROTOCOLS PROVIDER

Infrastructure and protocol providers develop mechanisms, such as mining, public, and special protocols,
which can be used as a part of the blockchain technologies. Ethereum is a blockchain platform which
executes smart contracts. Ripple is enabling customers by creating products and services to streamline
and enhance their current payment process. Some of the companies which provide infrastructure and
protocols are Ripple, Ethereum, Bitfury, and Credits.
The table given below highlights the infrastructure and protocols provider market size by region. The
infrastructure and protocols provider segment is expected to grow from USD 87.6 million in 2016 to USD
870.6 million in 2021, at a CAGR of 58.3% during the forecast period 2016-2021. North America is
estimated to hold the largest market share and is expected to grow from USD 40.4 million in 2016 to USD
307.5 million by 2021, at a CAGR of 50.1% during the forecast period. The APAC region is expected to grow
at the highest CAGR of 70.3% during the forecast period. The infrastructure and protocols provider
segment in APAC is estimated to grow from USD 12.2 million in 2016 to USD 174.5 million by 2021.
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TABLE 5 INFRASTRUCTURE AND PROTOCOLS PROVIDER: BLOCKCHAIN TECHNOLOGY MARKET

SIZE, BY REGION, 2015-2021 (USD MILLION)
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 29.4 40.4 196.9 307.5 50.1%
Europe 17.4 25.3 163.0 277.0 61.4%
APAC 7.9 12.2 97.3 174.5 70.3%
Latin America 3.8 5.7 40.5 70.3 65.2%
MEA 2.8 4.0 24.5 41.3 59.8%
Total 61.4 87.6 522.2 870.6 58.3%
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8 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY APPLICATION
KEY FINDINGS
The payments segment is expected to have the largest market share in 2016 and estimated to
grow from USD 46.1 million in 2016 to USD 465.3 million by 2021, at a CAGR of 64.8% during
the forecast period.
The digital identity segment is expected to grow from USD 23.2 million in 2016 to 283.0 million
in 2021, at the highest CAGR of 64.8%.
The digital identity application segment is expected to grow at the highest CAGR in the APAC
region among all the regions due to the increasing need for security and privacy while using
distributed ledger such as blockchain.
BFSI is expected to be the largest adopter of the blockchain technology for payments
application as the financial services industry is one of the early adopters of blockchain and it
generally deals with monetary transactions. Blockchain will help the BFSI industry to make the
transaction process faster as it does not require any intermediary.
Smart contacts application for the government and public sector vertical is expected to grow
from USD 16.1 million in 2016 to USD 162.4 million in 2021, at a CAGR of 58.7% during the
forecast period.
53
8.1 INTRODUCTION
The blockchain technology is used as a distributed ledger by various industry verticals for different
business applications including payments, exchanges, smart contracts, documentation, clearing &
settlement, digital identity, and others. The biggest advantage of using the blockchain technology for these
application areas is transparency and faster transaction as these blocks can be read by anyone in case of
public blockchain.
The table and figure given below highlight the blockchain technology market size by application. The
market is expected to grow from USD 210.2 million in 2016 to USD 2,312.5 million in 2021, at a CAGR of
61.5% during the period 2016-2021. The payments segment is expected to have the largest market size of
USD 46.1 million in 2016 and is estimated to reach USD 465.3 million by 2021, at a CAGR of 58.8%
during the forecast period. The digital identity segment is expected to grow at the highest CAGR of 64.8%
and will grow from USD 23.2 million in 2016 to USD 283.0 million during the forecast period.
FIGURE 25 DIGITAL IDENTITY APPLICATION IS EXPECTED TO HAVE THE HIGHEST CAGR

DURING THE FORECAST PERIOD
500
400
64.8%
300
200
100
0
Smart Clearing and
Payments Documentation Exchanges Digital Identity Others
Contracts Settlement
2016 46.1 40.0 38.4 26.2 23.2 26.0 10.4
2021 465.3 447.0 435.4 284.0 283.0 274.1 123.9
CAGR 58.8% 62.0% 62.6% 61.1% 64.8% 60.2% 64.1%
TABLE 6 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION, 2015-2021 (USD MILLION)
Application 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
Payments 32.2 46.1 278.5 465.3 58.8%
Exchanges 18.1 26.2 167.2 284.0 61.1%
Smart Contracts 27.4 40.0 262.0 447.0 62.0%
Documentation 26.2 38.4 254.2 435.4 62.6%
Digital Identity 15.7 23.2 163.0 283.0 64.8%
Clearing and Settlement 18.0 26.0 162.2 274.1 60.2%
Others 7.0 10.4 71.6 123.9 64.1%
Total 144.6 210.2 1,358.7 2,312.7 61.5%
54
8.2 PAYMENTS
Technology is of course the center of payment landscape, with improved payment solutions driving the
substantial industry change. One such growing technology is the blockchain technology that could
significantly transform the payment industry by reducing risks, less transaction costs, and improve
efficiency and transparency in payments systems. The need for banking and financial transactions has
evolved from traditional payments systems to be seamlessly integrated into new and always connected
lifestyle, which is more secure, immutable, and transparent. According to World Bank’s Migration and
Remittances Factbook 2016, the global payments volume is increasing at an approximate rate of 5% yearly
worldwide and will reach an estimated USD 601 billion in 2016. Currently, the adoption of distributed
ledger technology for global payments by incumbent banks is limited, although concrete initiatives are
occurring in North America and Europe across retail and wholesale banking.
Major banking and financial services players are looking towards the blockchain technology to
revolutionize payments. For instance, Santander, a British bank, implemented the blockchain technology
for international payments through its new app. This new app connects to Apple Pay, where users can
confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000, and payments
can be made from British pounds to euros and U.S. dollars. Recently, a digital cash Peer-to-Peer (P2P)
network provider Abra, launched a P2P app utilizing the blockchain technology, where users can fund their
Abra wallets immediately with their bank accounts, and send money completely free to other users by just
entering their phone number. Visa is also eyeing to link the blockchain technology and inviting lenders to
test a system for sending money over blockchain, the technology underpinning bitcoin.
The table given below highlights the payments application market size by industry vertical. The total market
for payments by industry vertical is estimated to grow from USD 46.1 million in 2016 to USD 465.3 million
by 2021, at a CAGR of 58.8% from 2016 to 2021. The BFSI vertical is expected to dominate the segment
with the market size of USD 24.5 million in 2016 and will grow to USD 209.9 million by 2021, at a CAGR of
53.6%. The media and entertainment vertical is estimated to grow at the highest CAGR of 69.2% from
2016 to 2021.
TABLE 7 PAYMENTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

Industry Vertical 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
BFSI 17.6 24.5 130.8 209.9 53.6%
Government and Public Sector 3.1 4.4 25.8 42.8 57.6%
Healthcare and Life Sciences 3.2 4.9 35.5 62.2 66.6%
Retail and ecommerce 5.8 8.5 58.8 101.6 64.2%
Automotive 1.0 1.5 10.5 18.3 64.6%
Media and Entertainment 0.8 1.3 9.8 17.4 69.2%
Others 0.7 1.0 7.4 13.1 67.6%
Total 32.2 46.1 278.5 465.3 58.8%
The table given below highlights the payments application market size by region. The total market for
payments by region is estimated to grow from USD 46.1 million in 2016 to USD 465.3 million by 2021, at a
CAGR of 58.8% from 2016 to 2021. North America is expected to dominate the segment with the market
size of USD 22.1 million in 2016 and will grow to USD 179.8 million by 2021, at a CAGR of 52.1%. The
55
APAC region is estimated to grow at the highest CAGR of 69.6% and will grow from USD 6.1 million to USD
85.3 million during the forecast period.
TABLE 8 PAYMENTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 15.9 22.1 113.4 179.8 52.1%
Europe 9.0 13.0 83.0 140.6 60.9%
APAC 4.0 6.1 47.8 85.3 69.6%
Latin America 1.9 2.9 21.6 38.1 67.3%
MEA 1.4 2.0 12.7 21.4 60.8%
Total 32.2 46.1 278.5 465.3 58.8%
8.3 EXCHANGES
The blockchain technology is transforming the commodity exchanges and has been called the future of
financial services infrastructure. In this new era of digital and cryptocurrency, major stock and commodities
exchanges around the world have been more active in seeking to investigate blockchain through trials and
investments. They are increasingly excited at the prospect of the blockchain technology transforming their
business models. Last year in 2015, NASDAQ implemented the blockchain technology from the U.S. start-
up Chain, to underpin its new private share trading market. Recently in 2016, NASDAQ has opened up its
blockchain services to more than 100 of its market operator clients around the world as part of its newly
unveiled NASDAQ Financial Framework. Australian Securities Exchange (ASX) has invested more than USD
10 million in the blockchain industry start-up Digital Asset Holdings in January 2016 as part of its R&D
efforts. Moreover, Japan Exchange Group is working on trials with Nomura Research Institute (NRI) that
would examine how the blockchain technology could be applied in the securities markets.
The table given below highlights the exchanges application market size by industry vertical. The total
market for exchanges segment by industry vertical is estimated to grow from USD 26.2 million in 2016 to
USD 284.0 million by 2021, at a CAGR of 61.1% from 2016 to 2021. The BFSI vertical is expected to
dominate the segment with the market size of USD 9.9 million in 2016 and will grow to USD 93.4 million by
2021, at a CAGR of 56.6%. The media and entertainment segment is estimated to grow at the highest
CAGR of 67.4% from 2016 to 2021.
56
TABLE 9 EXCHANGES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 7.0 9.9 57.0 93.4 56.6%
Automotive 0.7 1.0 7.1 12.2 64.2%
Others 0.9 1.3 9.4 16.5 66.0%
Total 18.1 26.2 167.2 284.0 61.1%
The table given below highlights the exchanges application market size by region. The total market for
exchanges segment by region is estimated to grow from USD 26.2 million in 2016 to USD 284.0 million by
2021, at a CAGR of 61.1% from 2016 to 2021. North America is expected to dominate the segment with
the market size of USD 11.9 million in 2016 and will grow to USD 103.1 million by 2021, at a CAGR of
54.0%. The APAC region is estimated to grow at the highest CAGR of 72.5% and will grow from USD 3.7
million to USD 56.2 million during the forecast period.
TABLE 10 EXCHANGES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 8.5 11.9 64.2 103.1 54.0%
Europe 5.2 7.6 50.3 86.5 62.6%
APAC 2.4 3.7 30.9 56.2 72.5%
Latin America 1.3 1.9 14.7 26.1 68.6%
MEA 0.7 1.1 7.1 12.1 62.1%
Total 18.1 26.2 167.2 284.0 61.1%
57
8.4 SMART CONTRACTS

A smart contract is a self-automated computer program that facilitates, verifies, or enforces the
performance of a contract, by controlling the transfer of currency or assets under specific conditions. Smart
contracts guarantee a specific set of outcomes wherein an asset or currency is transferred into a program
which runs the code and automatically validates a condition and it automatically determines whether to
transfer the assets from one person to another, or whether it should be immediately refunded to the
person who sent it or some combination thereof. Blockchain-based smart contracts provide benefit over
traditional contracts by self-validating conditions of the contract by running a specific code in the system.
This automates the digital businesses with benefits such as faster transactions, automatic remittance, and
secure transfer of assets. Smart contracts can be used to capture obligations among financial institutions
in order to ensure that appropriate funds are exchanged, eliminating operational errors.
The blockchain technology based smart contracts could be implemented across various industries such as
automotive, travel & transportation, and media & entertainment. In the car leasing and sales process, a
smart contract can be automatically created which involves process of car leasing to one click and one
signature. Visa and DocuSign have been working on a partnership to simplify the process of car leasing. In
the online music industry, the blockchain technology could allow consumers to pay artists directly without
the need of an intermediary. A smart contract would facilitate the release of music record to the listener on
successful payment to the music artist.
The table given below highlights the smart contracts application market size by industry vertical. The total
market for smart contracts segment by industry vertical is estimated to grow from USD 40.0 million in
2016 to USD 447.0 million by 2021, at a CAGR of 62.0% from 2016 to 2021. The government and public
sector vertical is expected to dominate the segment with the market size of USD 16.1 million in 2016 and
will grow to USD 162.4 million by 2021, at a CAGR of 58.7%. The media and entertainment vertical is
estimated to grow at the highest CAGR of 70.3% from 2016 to 2021.
TABLE 11 SMART CONTRACTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 3.2 4.6 27.8 46.1 58.7%
Automotive 5.3 7.8 52.9 91.2 63.6%
Others 2.2 3.2 22.3 38.6 64.2%
Total 27.4 40.0 262.0 447.0 62.0%
The table given below highlights the smart contracts application market size by region. The total market for
smart contracts by region is estimated to grow from USD 40.0 million in 2016 to USD 447.0 million by
58
TABLE 12 SMART CONTRACTS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 13.3 18.8 104.6 169.4 55.1%
Europe 7.5 11.1 76.1 130.9 63.7%
APAC 3.9 6.1 52.3 95.7 73.7%
Latin America 1.6 2.4 18.4 32.9 69.1%
MEA 1.1 1.6 10.6 18.1 62.5%
Total 27.4 40.0 262.0 447.0 62.0%
8.5 DOCUMENTATION
The blockchain technology can be successfully implemented for document management and
recordkeeping. The use of blockchain in documentation and accounting use case is hugely promising from
simplifying the compliance requirements to preventing duplication of records. The blockchain technology
can drastically increase the document workflow. Instead of keeping separate transaction records, the
companies can maintain their transactions directly into a joint register powered by the blockchain
technology. This ensures transparency and immutability as all the records are distributed and
cryptographically sealed to prevent them from tampering and falsifying. This also ensures faster operations
as cost and time necessary to conduct an audit would decline considerably. For instance, Sony Global
Education, based in Japan, recently announced its plan to integrate the blockchain technology onto an
educational infrastructure. This implementation has the potential to manage and verify student’s academic
records. Moreover, parents and students will be able to share test scores with other third party
organizations in a secure manner.
The table given below highlights the documentation application market size by industry vertical. The total
market for documentation segment by industry vertical is estimated to grow from USD 38.4 million in 2016
to USD 435.4 million by 2021, at a CAGR of 62.6% from 2016 to 2021. The healthcare and life sciences
vertical is expected to dominate the segment with the market size of USD 12.1 million in 2016 and will
grow to USD 149.1 million by 2021, at a CAGR of 65.1%. The media and entertainment vertical is
estimated to grow at the highest CAGR of 69.7% from 2016 to 2021.
59
TABLE 13 DOCUMENTATION: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 5.9 8.6 52.1 86.7 58.9%
Automotive 2.3 3.4 24.4 42.5 65.3%
Others 1.0 1.5 10.0 17.2 62.5%
Total 26.2 38.4 254.2 435.4 62.6%
The table given below highlights the documentation application market size by region. The total market for
documentation by region is estimated to grow from USD 38.4 million in 2016 to USD 435.4 million by
TABLE 14 DOCUMENTATION: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 12.3 17.3 96.7 156.8 55.3%
Europe 7.8 11.6 80.1 138.8 64.4%
APAC 3.4 5.4 47.2 86.8 74.5%
Latin America 1.6 2.4 18.7 33.3 69.2%
MEA 1.1 1.7 11.5 19.8 63.5%
Total 26.2 38.4 254.2 435.4 62.6%
60
8.6 DIGITAL IDENTITY

According to the inaugural "ID2020 Summit ‒ Harnessing Digital Identity for the Global Community," held
at the United Nations headquarters in New York in May 2016, the United Nation's Sustainable
Development Goals include giving everyone a legal identity by 2030 and as a first step, the UN wants to
develop scalable identity systems by 2020. This has brought various technology companies and
policymakers to develop an action plan. With respect to the digital identity initiative, major technology
players are integrating identity management with the blockchain technology. This would make digital
identities more secure and efficient, resulting in seamless sign-ons and will reduce identity frauds, where
the user identity can be uniquely authenticated in an immutable and secure manner. Several blockchain
companies are already working on this concept, such as Blockstack Labs, Evernym, KYC-Chain, and
UniquID. Furthermore, Microsoft has announced that it is collaborating with Blockstack Labs, ConsenSys,
and developers across the globe on an open source, self-sovereign, blockchain-based identity system that
allows people, products, apps, and services to interoperate across blockchains, cloud providers, and
organizations.
The table given below highlights the digital identity application market size by industry vertical. The total
market for digital identity segment by industry vertical is estimated to grow from USD 23.2 million in 2016
to USD 283.0 million by 2021, at a CAGR of 64.8% from 2016 to 2021. The BFSI vertical is expected to
dominate the segment with the market size of USD 6.9 million in 2016 and will grow to USD 73.1 million by
2021, at a CAGR of 60.5%. The retail and ecommerce vertical is estimated to grow at the highest CAGR of
69.3% from 2016 to 2021.
TABLE 15 DIGITAL IDENTITY: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 4.7 6.9 43.5 73.1 60.5%
Automotive 1.6 2.4 16.5 28.5 64.1%
Others 0.4 0.6 4.4 7.7 66.8%
Total 15.7 23.2 163.0 283.0 64.8%
The table given below highlights the digital identity application market size by region. The total market for
digital identity by region is estimated to grow from USD 23.2 million in 2016 to USD 283.0 million by 2021,
at a CAGR of 64.8% from 2016 to 2021. North America is expected to dominate the segment with the
market size of USD 10.5 million in 2016 and will grow to USD 102.2 million by 2021, at a CAGR of 57.8%.
The APAC region is estimated to grow at the highest CAGR of 76.6% and will grow from USD 3.5 million to
USD 60.7 million during the forecast period.
61
TABLE 16 DIGITAL IDENTITY: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 7.3 10.5 62.1 102.2 57.8%
Europe 4.5 6.8 49.5 86.8 66.5%
APAC 2.2 3.5 32.6 60.7 76.6%
Latin America 1.0 1.5 11.8 21.2 70.7%
MEA 0.7 1.0 7.0 12.1 64.1%
Total 15.7 23.2 163.0 283.0 64.8%
8.7 OTHERS
The blockchain technology is largely associated with the banking and financial services industry, but the
distributed ledger technology has applications in other industry verticals as well. The other application
areas include supply chain management and content storage.
The blockchain technology has massive potential to disrupt supply chain management. This can be used
for supply chain data certification, chain of custody, and ensuring regulatory compliance for controlled
goods like food and pharmaceuticals. Blockchain can be used to record and secure the information related
to batch of goods, quality, and traceability information. Recently in 2016, IBM Corporation launched a
platform for companies to test online ledger technology to track high-value goods as they move through
supply chains.
Content storage is yet another application area where the blockchain technology plays a key role. It can
help for proof of ownership for digital content storage and delivery. Ascribe is one such company which
helps artists and creators to attribute digital art via blockchain. Ascribe’s marketplace allows to generate
digital editions with a unique ID and a digital certificate of authenticity to prove provenance and
authenticity. It also allows to accept consignments from artists and transfers digital works to collectors with
all the terms and legal.
The table given below highlights the other applications market size by industry vertical. The total market for
other applications segment by industry vertical is estimated to grow from USD 10.4 million in 2016 to USD
123.9 million by 2021, at a CAGR of 64.1% from 2016 to 2021. The BFSI vertical is expected to dominate
the segment with the market size of USD 1.9 million in 2016 and will grow to USD 19.4 million by 2021, at
a CAGR of 58.3%. The media and entertainment vertical is estimated to grow at the highest CAGR of 70.5%
from 2016 to 2021.
62
TABLE 17 OTHERS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 1.4 1.9 11.7 19.4 58.3%
Automotive 1.2 1.7 12.1 21.1 64.7%
Others 0.2 0.4 2.6 4.4 64.9%
Total 7.0 10.4 71.6 123.9 64.1%
The table given below highlights the other applications market size by region. The total market for other
applications segment by region is estimated to grow from USD 10.4 million in 2016 to USD 123.9 million
by 2021, at a CAGR of 64.1% from 2016 to 2021. North America is expected to dominate the segment
with the market size of USD 4.5 million in 2016 and will grow to USD 43.1 million by 2021, at a CAGR of

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 3.2 4.5 26.3 43.1 57.0%
Europe 2.0 2.9 20.8 36.3 65.3%
APAC 1.1 1.7 14.9 27.5 75.2%
Latin America 0.5 0.8 6.1 11.0 70.2%
MEA 0.3 0.5 3.5 6.0 64.1%
Total 7.0 10.4 71.6 123.9 64.1%
63
9 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS,

KEY FINDINGS
The large enterprises segment is expected to have the largest market share in 2016 and
estimated to grow from USD 139.1 million in 2016 to USD 1,436.7 million by 2021, at a CAGR
of 59.5% during the forecast period.
The SMEs segment is the highest growing segment and expected to grow from USD 71.1
million in 2016 to 875.8 million in 2021, at a CAGR of 65.2%.
The adoption of blockchain technology among SMEs is expected to grow at the highest CAGR of
77.8% in the APAC region during the forecast period.
Adoption of blockchain technology is currently in the experimentation and test phase in most of
the SMEs; however, the adoption in SMEs is expected to increase significantly in the coming
years owing to the lower infrastructure costs and transparency.
64
9.1 INTRODUCTION
Depending on the organization size, we can see various adoption related to the blockchain technology. The
blockchain technology is creating an impact in digitization. As of now, companies are in the exploratory
stage where they are trying to identify the benefits by implementing the blockchain technology, whereas big
players have adopted this technology and reaping benefits out of the same. The blockchain technology
market is segmented by large enterprises and SMEs.
The table and figure given below highlight the blockchain technology market size by organization size. The
market is expected to grow from USD 210.2 million in 2016 to USD 2,312.5 million in 2021, at a CAGR of
61.5% during the period 2016-2021. The large enterprises segment is expected to have the largest market
size of USD 139.1 million in 2016 and is estimated to reach USD 1,436.7 million by 2021, at a CAGR of
59.5% during the forecast period. The SMEs segment is expected to grow at the highest CAGR of 65.2%
during the forecast period.
FIGURE 26 SMALL AND MEDIUM ENTERPRISES SEGMENT IS EXPECTED TO HAVE THE HIGHER
CAGR DURING THE FORECAST PERIOD
1,600
1,400
1,200 65.2%
1,000
800
600
400
200
0
Large Enterprises SMEs
2016 139.1 71.1
2021 1,436.7 875.8
CAGR 59.5% 65.2%
TABLE 19 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,

Organization Size 2015 2016-e 2020 2021-p CAGR (2016–2021)
Large Enterprises 96.9 139.1 854.7 1,436.7 59.5%
SMEs 47.6 71.1 504.0 875.8 65.2%
Total 144.6 210.2 1,358.6 2,312.5 61.5%
65
9.2 LARGE ENTERPRISES

The blockchain technology is growing day-by-day and we can see an increase in the large enterprises
adopting this technology because of its various benefits such as faster interactions, business capability
expansion, reducing costs, and enhanced security aspects. This segment is creating a model for the other
segment which can be used by the adopters down the line. These early adopters can forecast the
disruption caused by this technology and hold back competitors coming in its way. Although large
enterprises are early adopters of this technology but there is still time, down the line for a couple of years
to yield results out of the same. Banks and various financial industries are adopting the blockchain
technology faster than the other verticals. IBM, Microsoft, and Deloitte are some of the companies in this
segment to adopt the blockchain technology.
The table given below highlights the large enterprises market size by region. The total market for large
enterprises by region is estimated to grow from USD 139.1 million in 2016 to USD 1,436.7 million by
the market size of USD 64.6 million in 2016. The market in APAC is estimated to grow at the highest CAGR
of 70.5% from 2016 to 2021.
TABLE 20 LARGE ENTERPRISES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 46.6 64.6 331.6 526.7 52.2%
Europe 27.7 40.4 262.5 447.3 61.8%
APAC 13.0 19.9 159.7 287.0 70.5%
Latin America 5.6 8.5 64.0 113.2 67.9%
MEA 4.0 5.8 36.9 62.5 60.8%
Total 96.9 139.1 854.7 1,436.7 59.5%
9.3 SMALL AND MEDIUM ENTERPRISES (SMES)

The blockchain technology has helped organizations to create various automated processes. Although the
blockchain technology aims to bring in new technological developments, these enterprises require vast
infrastructures such as engineers, data centers, and maintenance which turns to a high cost. Various firms
are in the exploratory phase; SMEs are doing various researches and development as to how the
blockchain technology will help them in their businesses to achieve good results. After analyzing various
risks and challenges associated with this technology, these enterprises are preparing a roadmap to
implement the technology across their business verticals. The blockchain technology is a major milestone
in the process of digitization for small and medium scale companies which will take time for the adoption
in this segment.
The table given below highlights the SMEs market size by region. The total market for SMEs is estimated to
grow from USD 71.1 million in 2016 to USD 875.8 million by 2021, at a CAGR of 65.2% from 2016 to
2021. North America is expected to dominate the segment with the market size of USD 32.2 million in
2016. The market in APAC is estimated to grow at the highest CAGR of 77.8% during the forecast period.
66
TABLE 21 SMALL AND MEDIUM ENTERPRISES: BLOCKCHAIN TECHNOLOGY MARKET SIZE,

Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 22.2 32.2 196.8 325.6 58.8%
Europe 13.7 20.5 148.0 258.9 66.1%
APAC 6.4 10.2 97.1 181.5 77.8%
Latin America 3.3 5.0 39.6 70.9 69.9%
MEA 2.1 3.2 22.4 39.0 65.0%
Total 47.6 71.1 504.0 875.8 65.2%
67
10 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS,

BY INDUSTRY VERTICAL
KEY FINDINGS
In 2015, the BFSI vertical accounted for 32.0% of the total blockchain technology market and
is dominating the other industry verticals.
The media and entertainment vertical is expected to grow at the highest CAGR of 68.9% during
the forecast period 2016–2021.
The increasing need for a distributed ledger or database for storing and sharing content within
organizations will drive the demand for private blockchain across all the industry verticals.
Verticals such as retail & ecommerce and healthcare & life sciences are expected to drive the
high market growth rate as the adoption of the blockchain technology due to the increasing
need for managing higher amount of payments and patient related data, respectively.
68
10.1 INTRODUCTION
The blockchain technology market has gained significant transformation among organizations in the recent
times. Currently, it is considered to be in the experimentation and testing phase but it is expected to see
very high growth in terms of adoption across organizations in various industry verticals. Transparent and
faster transactions are a few of the added advantages while using the blockchain technology. The market
is segmented into BFSI, government & public sector, retail & ecommerce, healthcare & life sciences,
automotive, media & entertainment, and others. The BFSI vertical is the major revenue contributor to the
blockchain technology market.
The table and figure given below highlight the blockchain technology market size by industry vertical. The
BFSI vertical is expected to grow from USD 67.2 million in 2016 to USD 620.0 million in 2021, with a CAGR
of 55.9% during 2016-2021. The media and entertainment vertical is expected to grow from USD 13.9
million in 2016 to USD 190.6 million in 2021, at the highest CAGR of 68.9% during the forecast period.
TABLE 22 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 47.5 67.2 379.8 620.0 55.9%
Automotive 14.1 20.9 143.1 247.4 64.0%
Others* 6.2 9.1 63.7 110.6 64.7%
Total 144.6 210.2 1,358.6 2,312.5 61.5%
Note: Others*: Energy, Travel and Hospitality, Transportation and Logistics, Real Estate, Education
Source: Secondary Literature, Expert Interviews, R3 CEV Consortium and MarketsandMarkets Analysis
FIGURE 27 MEDIA AND ENTERTAINMENT VERTICAL IS EXPECTED TO HAVE THE HIGHEST

CAGR DURING THE FORECAST PERIOD
700
600
500
400
300 68.9%
200
100
0
Healthcare and Government and Retail and Media and
BFSI Automotive Others
Life Sciences Public Sector ecommerce Entertainment
2016 67.2 33.5 39.3 26.3 20.9 13.9 9.1
2021 620.0 428.3 389.2 326.3 247.4 190.6 110.6
CAGR 55.9% 66.5% 58.2% 65.5% 64.0% 68.9% 64.7%
69
10.2 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)

Major banks, financial institutions, and insurance sectors are experiencing a technology revolution, i.e. the
adoption of blockchain technology which is transforming the BFSI ecosystem. Blockchain is a technology
which has transformed the way the banking transactions were done traditionally. With the help of the
blockchain technology, it has become easier for banks to speed up their trading systems, to streamlining
payments of premiums and claims, making deals more transparent which will be less prone to various
frauds. The BFSI vertical is exploring the implementation of blockchain in areas such as payments, asset
registries, settlement of currencies, regulatory reporting, Know Your Customer (KYC) and Anti-Money
Laundering (AML) registries, and enforcement and clearing derivative contracts. The benefits experienced
by the BFSI vertical using the blockchain technology are: process simplification & integrity, faster
transactions, lower transaction costs, and disintermediation & trustless exchange.
Bank of Tokyo-Mitsubishi UFJ (BTMU) and IBM signed a deal to utilize the blockchain technology to
automate their business transactions. The pilot project is based on smart contract management wherein
the IT vendor would design, establish, and manage the contracts between both the organizations. With the
help of this, the payment process and invoicing will be automated between BTMU and IBM, and improve
the business efficiency.
IBM and Crédit Mutuel Arkéa implemented the blockchain technology for KYC to improve the bank’s ability
to verify the customer’s identity. This involves an operational permissioned blockchain to enable
compliance with KYC requirements. This ledger will have all the information of the documents of a
particular customer which they have signed, and hence the customer will not have to re-sign the same in
other branch locations or taking other services with the bank. The bank will use this technology to help
improve both customer and advisors experience.
The table given below highlights the BFSI vertical market size by application. The payments application
entertainment streaming segment is expected to grow from USD 130.8 million in 2016 to USD 209.9
million in 2021, at the CAGR of 53.6% during the forecast period.
TABLE 23 BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN TECHNOLOGY MARKET

SIZE, BY APPLICATION, 2015-2021 (USD MILLION)
Payments 17.6 24.5 130.8 209.9 53.6%
Exchanges 7.0 9.9 57.0 93.4 56.6%
Smart Contracts 3.2 4.6 27.8 46.1 58.7%
Documentation 5.9 8.6 52.1 86.7 58.9%
Others 1.4 1.9 11.7 19.4 58.3%
Total 47.5 67.2 379.8 620.0 55.9%
The table given below highlights the BFSI market size by region. The market in the APAC region
entertainment streaming segment is expected to grow from USD 8.6 million in 2016 to USD 107.0 million
in 2021, at the highest CAGR of 65.6% during the forecast period.
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TABLE 24 BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN TECHNOLOGY MARKET

SIZE, BY REGION, 2015-2021 (USD MILLION)
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 22.3 30.5 145.9 226.1 49.3%
Europe 14.9 21.3 126.1 208.4 57.8%
APAC 5.7 8.6 61.9 107.0 65.6%
Latin America 3.0 4.4 31.6 55.0 65.5%
MEA 1.7 2.4 14.3 23.5 57.3%
Total 47.5 67.2 379.8 620.0 55.9%
10.3 GOVERNMENT AND PUBLIC SECTOR

The government and public sector is one of the key areas for the implementation of the blockchain
technology, as it offers transparency and immutability. This would help in appropriate distribution of
resources by the government among the citizen of the country, individual, and corporates. The democratic
model of government is changing and has become more complex and costly. The implementation of the
blockchain technology in this sector would reap benefits in terms of compliance, cost-efficiency, and
accountability. Recordkeeping in the government and public sector can be streamlined with the help of the
blockchain technology. With the help of this, centralized distributed ledger (Blockchain) fraud and
corruption associated with government institutions will reduce. Other sectors where the concept of
blockchain can be utilized are voting records, land registrations, patents, taxes, vehicle registries, and
digital identities of individuals.
Blockchain infrastructure provider Credits partnered with Skyscape Cloud Services Limited, to deliver
Blockchain-as-a-Service to the U.K. public sector. With this partnership, a platform on G-Cloud framework
can be utilized by the U.K. government and public sector. With this implementation, the relationship
between the citizens of the U.K. and the government has increased in terms of transparency and data-
sharing. In addition to Credits blockchain technology, the public sector customers will also benefit from
Skyscape's assurance and security credentials.
U.K. Government’s Department of Work and Pensions has partnered with Barclays to send welfare
payments using the blockchain technology. The welfare recipients used their mobile phones to toggle
benefit payments where all actions are recorded on a distributed ledger system. This initiative has added a
layer of data and identity between government officials and claimants, as it aims to create a more secure
and highly efficient welfare infrastructure that can prevent fraud.
The table given below highlights the government and public sector vertical market size by application. The
smart contracts application segment is expected to grow from USD 16.1 million in 2016 to USD 162.4
million in 2021, at the CAGR of 58.7% during the forecast period.
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BY APPLICATION, 2015-2021 (USD MILLION)
Payments 3.1 4.4 25.8 42.8 57.6%
Exchanges 4.0 5.6 32.3 53.8 57.1%
Smart Contracts 11.3 16.1 97.4 162.4 58.7%
Documentation 4.6 6.5 37.0 60.9 56.3%
Others 0.9 1.2 7.5 12.6 59.1%
Total 27.6 39.3 233.7 389.2 58.2%
The table given below highlights the government and public sector vertical market size by region. The
market size in the APAC region is expected to grow from USD 5.5 million in 2016 to USD 76.7 million in
2021, at a CAGR of 69.4% during the forecast period.

Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 13.7 18.9 96.0 152.1 51.8%
Europe 7.3 10.5 64.5 108.4 59.4%
APAC 3.6 5.5 43.0 76.7 69.4%
Latin America 1.8 2.7 19.7 34.5 66.4%
MEA 1.2 1.7 10.5 17.6 59.2%
Total 27.6 39.3 233.7 389.2 58.2%
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10.4 HEALTHCARE AND LIFE SCIENCES

The blockchain technology in the healthcare vertical is gaining higher traction in terms of market value
these days. As a result of intersection between technology and healthcare professionals, the blockchain
technology is bringing in new transformation in this vertical. There are various data related to the patients
such as identity, diseases, treatment, and payment with regards to their health which can be breached.
Some areas of implementation of the blockchain technology would be electronic patient health record
management, record security, billing & payments, and pharmaceutical supply chain management. The
thinking around blockchain in the healthcare sector is moving past the theoretical stages and is even
urging activity from major companies and venture capitalists. Health IT giant Philips has recently launched
a blockchain-in-healthcare lab and joined a new blockchain-in-healthcare network led by the blockchain
vendor Gem. Billing process, claim process, and validity of medical records are some of the challenges
which have been solved by the blockchain technology in the healthcare and life science verticals.
Factom recently entered into a deal with cloud health record services provider to create a tamper-proof
data management system with the use of the blockchain technology. Under this deal, Factom's blockchain
technology will verify and time-stamp health records and claims for HealthNautica's physician and hospital
clients. This would result in integrity of the medical records while maintaining the privacy of the patients.
This would also reduce medical errors and improve care quality as well as empower individuals to have full
control over their own health records.
Guardtime has partnered with the Estonian eHealth Foundation to deploy a blockchain-based system to
secure over 1 million patient healthcare records. This would integrate Guardtime's Keyless Signature
Infrastructure (KSI) blockchain into the foundation's Oracle database engine to provide "real-time visibility"
into the state of patient records. This platform will enhance the transparency and security of the patient
healthcare data and would allow audit trails digitally so that the data is prevented from any kind of loss.
The table given below highlights the healthcare and life sciences market size by application. The
documentation application entertainment streaming segment is expected to grow from USD 12.1 million in
2016 to USD 149.1 million in 2021, at the CAGR of 65.1% during the forecast period.

Payments 3.2 4.9 35.5 62.2 66.6%
Exchanges 1.0 1.6 11.3 19.9 66.3%
Smart Contracts 2.7 4.0 29.1 51.1 66.4%
Documentation 8.2 12.1 85.7 149.1 65.1%
Others 1.4 2.1 15.8 27.7 67.0%
Total 22.4 33.5 244.2 428.3 66.5%
The table given below highlights the healthcare and life sciences vertical market size by region. The market
size in the APAC region is expected to grow from USD 4.8 million in 2016 to USD 88.8 million in 2021, at a
CAGR of 79.4% during the forecast period.
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TABLE 28 HEALTHCARE AND LIFE SCIENCES: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 11.1 16.1 98.7 163.9 59.1%
Europe 6.2 9.4 73.0 130.1 69.2%
APAC 3.0 4.8 47.0 88.8 79.4%
Latin America 1.2 1.8 15.0 27.2 71.9%
MEA 1.0 1.5 10.5 18.4 66.2%
Total 22.4 33.5 244.2 428.3 66.5%
10.5 RETAIL AND ECOMMERCE

In today’s digital marketplace, there is a drastic increase in online shopping trends. As a result of this,
consumers want to purchase and pay anywhere at any time. Blockchain concept has helped the customers
with digitization coming in with seamless online payment transactions. With blockchain implementation in
the retail and ecommerce sector, the benefits they reaped were in payment gateway systems, warehouse
management systems, and secure transactions. Furthermore, blockchain can be utilized as a public ledger
for the registration of all new products and any transaction associated with them. Blockchain-supported
technology like BlockVerify can be used to tag products, so that whenever a consumer makes a purchase,
they are able to verify its authenticity and activate it within the system. Moreover, a blockchain-based
system can be created to protect both buyer and seller by not releasing any funds until both parties have
confirmed they are satisfied. This process can be confirmed by blockchain-based smart contracts and
removes the need for third-party moderation.
Provenance is using the blockchain technology to store the data of its products. The entire journey of a
particular product can be traced through this platform. The digital history of the product is present which
allows the users to trace and verify the attributes and ownership of the product. This benefit enables
authenticity, security, collaboration, integration, and trust between customers, suppliers, and retailers.
Major e-commerce site Expedia is the first travel company to implement the concept of crypotocurrency.
Expedia is a travel company which is accepting bitcoins for hotel reservations. Safety and security of each
transaction is ensured by implementing the blockchain technology enabling transactions to be made by
virtual currencies partnering with Coinbase.
Alibaba, an e-commerce player explored the blockchain technology in its payment platform Alipay. The
company has a linked platform Ant Love which records all the charity transactions. This would bring
transparency of the donation being done. It also offers immutability to the charity funds as they cannot be
altered or tampered.
The table given below highlights the retail and ecommerce market size by application. The payments
application segment is expected to grow from USD 8.5 million in 2016 to USD 101.6 million in 2021, at
the CAGR of 64.2% during the forecast period.
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TABLE 29 RETAIL AND ECOMMERCE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 5.8 8.5 58.8 101.6 64.2%
Exchanges 1.2 1.8 13.2 23.2 66.5%
Smart Contracts 1.4 2.0 14.8 26.0 66.3%
Documentation 2.6 3.8 26.2 45.3 64.3%
Others 1.6 2.4 17.2 30.1 66.0%
Total 17.6 26.3 187.0 326.3 65.5%
The table given below highlights the retail and ecommerce vertical market size by region. The market size
in the APAC region is expected to grow from USD 4.0 million in 2016 to USD 71.0 million in 2021, at a
TABLE 30 RETAIL AND ECOMMERCE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION, 2015-
2021 (USD MILLION)
Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 8.2 11.8 70.9 117.1 58.1%
Europe 5.0 7.6 56.5 99.7 67.5%
APAC 2.5 4.0 38.0 71.0 77.4%
Latin America 1.0 1.5 12.3 22.1 71.3%
MEA 0.9 1.3 9.4 16.4 65.8%
Total 17.6 26.3 187.0 326.3 65.5%
10.6 AUTOMOTIVE
The blockchain technology is playing an important role in the automotive sector. As the Vehicle to Vehicle
(V2V), Vehicle to Infrastructure (V2I), and Vehicle to Everything (V2X) concept is advancing in this sector,
security is a major concern. Everything here is connected due to which threats to cyber security are
increasing, but with the advent of blockchain, this can be minimized as the data would be captured on
distributed ledger systems. In the automotive sector, applications such as auto-finance, automotive supply
chain will be beneficial for the customers as this will not only save time but also reduce the cost by
streamlining the processes. Automotive vendors can leverage the blockchain technology for recordkeeping.
The cryptocurrency transactions can be used to create a digital identity of vehicles, with new transactions
published throughout the leasing process.
Toyota unit joined R3 Blockchain to use the blockchain technology in supply chain and connected car
system. With the help of this, the ownership of the vehicle can be tracked and the history and journey of
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the particular component can be tracked. In the connected cars, communication with the drivers can be
done through the infrastructure of the cities with the help of devices and sensors. This in turn will also be
beneficial for the auto supply-chain management.
Visa and DocuSign introduced a bitcoin-blockchain concept for car leasing in the automotive sector for
recordkeeping. Through this, the users can send, approve, and sign any kind of document across the
internet from any device no matter what the location and ensure a seamless transaction. Through this
concept, payments and secure contracts can be done online through connected cars. The process of
buying or leasing a car has been simplified with the help of the blockchain technology. This platform
ensures a digital experience of car leasing, the insurance, maintenance services, and tolls among various
others.
The table given below highlights automotive market size by application. The smart contracts application is
expected to grow from USD 7.8 million in 2016 to USD 91.2 million in 2021, at the CAGR of 63.6% during
TABLE 31 AUTOMOTIVE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 1.0 1.5 10.5 18.3 64.6%
Exchanges 0.7 1.0 7.1 12.2 64.2%
Smart Contracts 5.3 7.8 52.9 91.2 63.6%
Documentation 2.3 3.4 24.4 42.5 65.3%
Others 1.2 1.7 12.1 21.1 64.7%
Total 14.1 20.9 143.2 247.6 64.0%
The table given below highlights the automotive vertical market size by region. The market size in the APAC
region is expected to grow from USD 3.4 million in 2016 to USD 55.6 million in 2021, at a CAGR of 75.3%
TABLE 32 AUTOMOTIVE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,

Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 6.2 8.8 50.4 82.2 56.2%
Europe 4.1 6.2 44.0 76.6 65.5%
APAC 2.1 3.4 30.1 55.6 75.3%
Latin America 0.9 1.4 11.1 20.1 71.0%
MEA 0.7 1.1 7.5 12.9 63.7%
Total 14.1 20.9 143.1 247.4 64.0%
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10.7 MEDIA AND ENTERTAINMENT

Access to the content everywhere has made it easier for the people to reproduce any work or content due
to digitization. Content production and distribution in the media and entertainment industry has been
transformed with digital technology coming in. In this industry, the problem of copyrights can be solved by
implementing the blockchain technology by assigning rights, usage tracking, and distribution of all the
content creators and owners. By adopting this distributed ledger technology, the industry can benefit from
piracy, reduce costs for distribution, licensing, and royalty as well as help the consumers to pay only for the
content they want. Easier copyright management in the digital world with the help of blockchain is helping
this industry to overcome the flaws such as piracy and plagiarism due to rise in digitization. Another
obvious application of the blockchain technology in the media and entertainment industry is its ability to
support micropayments that can be processed without the need for an intermediary payment network or its
fees.
SingularDTV is a blockchain platform for digital content distribution and management. The company has
built an app through which the artists can build, protect, and monetize their content. SingularDTV is based
on the Ethereum network and the ConsenSys venture production studio, that relies on a tokenized
ecosystem using a local cryptocurrency called SNGLS to help artists and creators benefit from transparent
media production and distribution. Moreover, the consumers will be able to make payments according to
the indications of each smart contract of the creators.
The table given below highlights media and entertainment market size by application. The exchanges
application is expected to grow from USD 4.9 million in 2016 to USD 65.0 million in 2021, at the CAGR of

Payments 0.8 1.3 9.8 17.4 69.2%
Exchanges 3.3 4.9 36.9 65.0 67.4%
Smart Contracts 1.4 2.2 17.6 31.5 70.3%
Documentation 1.6 2.4 18.8 33.7 69.7%
Others 0.4 0.6 4.8 8.7 70.5%
Total 9.1 13.9 107.2 190.6 68.9%
The table given below highlights the media and entertainment vertical market size by region. The market
size in APAC is expected to grow from USD 2.2 million in 2016 to USD 42.2 million in 2021, at a CAGR of
77

Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 4.3 6.3 41.1 69.2 61.3%
Europe 2.4 3.6 30.0 54.3 71.7%
APAC 1.4 2.2 22.2 42.2 80.1%
Latin America 0.7 1.1 9.2 16.8 72.9%
MEA 0.4 0.6 4.6 8.1 68.7%
Total 9.1 13.9 107.2 190.6 68.9%
10.8 OTHERS
The blockchain technology finds wide application in other industry verticals such as energy, travel &
hospitality, transportations & logistics, real estate, and education. These verticals can benefit for the
distributed ledger technology as it provides ease of transactions, transparency in records, immutability,
and irrevocability.
Energy:
In the energy vertical, the blockchain technology could change the way the energy grid works by helping to
keep track of electrons flowing through the systems. It could be applied to transactions of energy units
through a cooperative, decentralized network. Various applications around grid, energy, and utilities are
being explored by companies from Austria, USA, South Africa, Netherlands, and Germany.
Bankymoon is providing blockchain-powered solutions and services to the energy sector by introducing
smart meters to provide and manage the supply and demand of power. The smart grids are connected to
the smart meters with the help of which the users can send services such as water, gas, and electricity to
anybody in the world by topping up their meters. The smart meters are enabled with bitcoin addresses and
payments with the help of bitcoins.
Travel:
The blockchain technology is bringing in new developments in the travel and hospitality industry by making
the travel experience safe, secure, and hassle-free. By streamlining the process related to banks payment
and settlements, the blockchain technology brings in a technology change in the travel domain for airlines
and hotel bookings among various others. This ensures a smooth functioning in authenticating the
customer identity, faster payments, and hotel review management systems.
Moving in pace with the blockchain technology, Airbus has joined the Hyperledger project and will actively
contribute to the development of the project’s mission to create an enterprise grade, open source
distributed ledger technology. As a premium member, Airbus will share its expertise and guidance to drive
this technology forward.
Transportation & Logistics:

The blockchain technology has made transportation and logistics more efficient by streamlining the
transportation processes. The blockchain technology ensures the flow of goods from a point to another
that can be traced easily via central ledger. The impact of blockchain in this vertical will enhance the
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compliance & transparency, reduction of errors in payments, better tracking of the orders, and real-time
feedback from users, increased scalability, and trust by the consumers.
For instance, Everledger is offering the blockchain technology services to companies where they can
monitor and track transactions related to diamonds and other luxury and expensive commodity. The
Everledger platform records the chronology of an item’s ownership and is customized to incorporate the
relevant integrity markers. This would allow users to store ownership records, detect fraud, and combat
counterfeit goods with a reliable source-to-sale narrative.
Real Estate:
In the real estate sector, blockchain is playing a significant role, as it will be the next game-changer in the
property business. In this industry, the blockchain technology would offer transparency as all data
necessary for a transaction is stored in the database and is easily accessible for the buyer and seller of
real estate. This would help in minimizing the fraud practices, as blockchain offers a total transparent
system of real estate ownership and the possibility to track down the transaction history of each property in
the market. This technology would also help in speeding up the process associated with buying or selling a
property.
In 2015, Ubitquity launched a blockchain-powered platform for real estate which records the property
ownership transfers using the cryptocurrency technology. The company created a basic user interface
allowing users to test the system and record real estate on the blockchain. The goal behind this was to
digitize all the assets and provide immutability to property records, powered by bitcoin blockchain.
Education:
The blockchain technology is ready to disrupt the education industry as well. This technology could offer a
more learner-centered alternative to traditional credentialing. What makes it special is that it is durable,
time-stamped, transparent, and decentralized. The users can own the academic certifications and share
the link with various companies for jobs and other academic record verification activities, using the
blockchain technology.
Sony Global Education leveraged the blockchain technology to offer secure open sharing of academic
proficiency and progress records through encrypted transmissions. For instance, after taking an
examination, an individual could direct the testing organization to share the test results with one or more
third-party evaluating organizations who could assess those results and calculate a score in a way that fits
its own methods.
The table given below highlights other verticals market size by application. The smart contracts application
is expected to grow from USD 3.2 million in 2016 to USD 38.6 million in 2021, at the CAGR of 64.2%
79
TABLE 35 OTHERS: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 0.7 1.0 7.4 13.1 67.6%
Exchanges 0.9 1.3 9.4 16.5 66.0%
Smart Contracts 2.2 3.2 22.3 38.6 64.2%
Documentation 1.0 1.5 10.0 17.2 62.5%
Others 0.2 0.4 2.6 4.4 64.9%
Total 6.2 9.1 63.7 110.6 64.7%
The table given below highlights the others vertical market size by region. The market size in APAC is
expected to grow from USD 1.6 million in 2016 to USD 27.2 million in 2021, at a CAGR of 76.0% during

Region 2015 2016-e 2020 2021-p CAGR (2016–2021)
North America 3.0 4.3 25.4 41.8 57.5%
Europe 1.5 2.2 16.3 28.6 66.3%
APAC 1.0 1.6 14.7 27.2 76.0%
Latin America 0.4 0.6 4.7 8.5 70.5%
MEA 0.3 0.4 2.6 4.5 64.3%
Total 6.2 9.1 63.7 110.6 64.7%
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11 GEOGRAPHIC ANALYSIS
KEY FINDINGS
North America is estimated to hold the largest market share of the overall blockchain
technology market in 2016, and grow at a CAGR of 54.5% from 2016 to 2021.
APAC is expected to grow at the highest CAGR of 73.1% during the forecast period. The reason
behind such a huge growth is the increasing need for faster and transparent transactions and
the evolving need for distributed ledger across industry verticals in APAC.
The BFSI vertical is one of the biggest industries in the APAC region, followed by government
and public sector, and healthcare and life sciences.
Payments in North America is one of the biggest application areas of the blockchain
technology, followed by smart contracts and documentation.
Latin America and MEA are expected to grow at CAGR of 68.7% and 62.3% respectively, during
the period 2016–2021.
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11.1 INTRODUCTION
The geographical analysis of the blockchain technology market is primarily segmented across the five
regions, North America, Europe, MEA, APAC, and Latin America. This report demonstrates that the
implementation of blockchain technology is increasing and is currently in the high growth phase worldwide,
among which, North America is the largest market share holder, followed by Europe. In addition, the
development of various industry sectors in any region is highly dependent on the economic conditions and
technological advancements in that region. Europe is expected to eventually follow suite with North
America in terms of implementation of the blockchain technology related strategies. APAC is considered to
show a rise in adoption considering the emerging needs for faster transactions. The regions of Latin
America, trailed by MEA, are gradually implementing the blockchain technology. This section gives industry
patterns, market potential, and forecast on the basis of providers, applications, organization size, and
industry verticals.
FIGURE 28 ASIA-PACIFIC IS EXPECTED TO HAVE THE HIGHEST CAGR DURING THE FORECAST
PERIOD
Europe
63.3%
North America
54.5%
APAC
73.1%
MEA
62.3%
Latin America
68.7%
< 55% 55-60% 60-65% > 65%
The table and figure given below highlight the blockchain technology market size by region. The blockchain
technology market by region is expected to grow from USD 144.6 million in 2016 to USD 2,312.5 million in
2021, at a CAGR of 61.5% during the forecast period 2016-2021. North America is estimated to hold the
largest market share and is expected to grow from USD 96.8 million in 2016 to USD 852.3 million by
2021, at a CAGR of 54.5% during the forecast period.
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TABLE 37 BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION, 2015-2021 (USD MILLION)
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
North America 68.8 96.8 528.4 852.3 54.5%
Europe 41.4 60.9 410.5 706.2 63.3%
APAC 19.3 30.1 256.8 468.5 73.1%
Latin America 8.9 13.5 103.6 184.1 68.7%
MEA 6.2 9.0 59.3 101.4 62.3%
Total 144.6 210.2 1,358.6 2,312.5 61.5%
Source: Secondary Literature, Expert Interviews, Chamber of Digital Commerce, R3 CEV Consortium, World Economic Forum and
FIGURE 29 NORTH AMERICA IS PROJECTED TO HAVE THE HIGHEST MARKET SHARE IN THE
BLOCKCHAIN TECHNOLOGY MARKET
54.5%
900
800
700
600
500
400
300
200
100
0
North America Europe APAC Latin America MEA
2016 96.8 60.9 30.1 13.5 9.0
2021 852.3 706.2 468.5 184.1 101.4
CAGR 54.5% 63.3% 73.1% 68.7% 62.3%
11.2 NORTH AMERICA

North America is expected to contribute the largest market share in the blockchain technology market,
globally. Particularly in North America, the banks and other financial services institutions are adopting the
blockchain technology and rolling out full-scale commercial blockchain technology-based products.
According to 2016 World Retail Banking Report, 62% of millennials in North America use products from
financial technology companies. However, the banking and financial services companies provide these
financial products and services via legacy systems which fail to provide the level of speed and
personalization millennials expect. To cater to this, various financial technology companies are embracing
the blockchain technology which can deliver instant resolution to customers' transactions and interactions
with their banks. This can be used to transfer data quickly across a large number of use cases, including
real-time account opening and flexible loyalty programs.
83
FIGURE 30 NORTH AMERICA MARKET SNAPSHOT
NORTH AMERICA
NORTH AMERICA MARKET SIZE,
BY TOP 3 INDUSTRY VERTICALS
Expected to hold
Expected to grow at (USD MILLION)
46.03% of the global 226.1
a CAGR of 54.5%
blockchain technology
(2016 – 2021)
market in 2016 163.9
152.1
Huge revenue is expected from

Region of innovative
the BFSI vertical, 30.5
technology early adopters; 18.9
which is expected to 16.1
expected to stay ahead in the
grow at a CAGR of 49.3%
competitive market
(2016-2021) BFSI Government Healthcare and
and Public Life Sciences
Sector
NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
2016 2021
BY PROVIDER (2016)
MARKET SIZE CAGR NORTH AMERICA MARKET SIZE,

PROVIDERS
(USD MILLION) (2016 – 2021) BY TOP 3 APPLICATIONS
(USD MILLION)
Infrastructure and
40.4 50.1% 179.8
Protocols Provider 169.4 156.8
Application and
32.7 58.6% 22.1
Solution Provider 18.8 17.3
Middleware Provider 23.7 55.8%
2016 2021
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The countries analyzed for the blockchain technology market in North America are the U.S. and Canada.
11.2.1 UNITED STATES (U.S.)

The U.S. comprises majority of North America blockchain technology market. Due to robust banking and
financial services infrastructure and technology companies, the U.S. market for blockchain technology is
expected to dominate the overall North America market. U.S.-based banks and other corporations are
almost exclusively looking into the private blockchains that would replace expensive and complicated
systems.
11.2.2 CANADA
Canada is also experimenting with the adoption of blockchain technology. The Central Bank of Canada
revealed that it is developing a digital version of the Canadian dollar based on the blockchain technology,
called CAD-coin. Moreover, the Toronto Stock Exchange (TSX) is exploring the blockchain technology
applications for securities trading and clearing.
The table given below highlights the blockchain technology market size by country in North America. The
U.S. blockchain technology market is expected to grow from USD 72.7 million in 2016 to USD 560.4
million in 2021, at a CAGR of 50.5% during the forecast period 2016-2021.
TABLE 38 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,

Country 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
U.S. 53.1 72.7 356.8 560.4 50.5%
Canada 15.7 24.1 171.6 291.9 64.7%
Total 68.8 96.8 528.4 852.3 54.5%
The table given below highlights the blockchain technology market size by provider in North America. The
blockchain technology market by provider is expected to grow from USD 96.8 million in 2016 to USD 852.3
million in 2021, at a CAGR of 54.5% during the forecast period 2016-2021. The application and solution
provider segment is expected to grow from USD 32.7 million in 2016 to USD 327.8 million by 2021, at the
highest CAGR of 327.8.
TABLE 39 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,

Application and Solution Provider 22.7 32.7 198.0 327.8 327.8

29.4 40.4 196.9 307.5 50.1%
Provider
Total 68.8 96.8 528.4 852.3 54.5%
e- Estimated; p- Projected
85
The table given below highlights the blockchain technology market size by application in North America.
The blockchain technology market by application is expected to grow from USD 96.8 million in 2016 to
USD 852.3 million in 2021, at a CAGR of 54.5% during the forecast period 2016-2021. The payments
application segment is expected to grow from USD 22.1 million in 2016 to USD 179.8 million by 2021, at
TABLE 40 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 15.9 22.1 113.4 179.8 52.1%
Exchanges 8.5 11.9 64.2 103.1 54.0%
Smart Contracts 13.3 18.8 104.6 169.4 55.1%
Documentation 12.3 17.3 96.7 156.8 55.3%
Others 3.2 4.5 26.3 43.1 57.0%
Total 68.8 96.8 528.4 852.3 54.5%
The table given below highlights the blockchain technology market size by organization size in North
America. The large enterprises segment is expected to witness the largest market size in 2016 and will
grow from USD 64.6 million in 2016 to USD 526.7 million in 2021, at a CAGR of 52.2% during the forecast
period 2016-2021. The SMEs segment is expected to grow from USD 32.2 million in 2016 to USD 325.6
million by 2021, at the highest CAGR of 58.8%.
TABLE 41 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,

Organization Size 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
Large Enterprises 46.6 64.6 331.6 526.7 52.2%
SMEs 22.2 32.2 196.8 325.6 58.8%
Total 68.8 96.8 528.4 852.3 54.5%
The table given below highlights the blockchain technology market size by industry vertical in North
America. The blockchain technology market by industry vertical is expected to grow from USD 96.8 million
in 2016 to USD 852.3 million in 2021, at a CAGR of 54.5% during the forecast period 2016-2021. The
media and entertainment vertical is expected to grow from USD 6.3 million in 2016 to USD 69.2 million by
2021, at the highest CAGR of 61.3%.
86
TABLE 42 NORTH AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 22.3 30.5 145.9 226.1 49.3%
Automotive 6.2 8.8 50.4 82.2 56.2%
Others 3.0 4.3 25.4 41.8 57.5%
Total 68.8 96.8 528.4 852.3 54.5%
11.3 EUROPE
Europe is expected to hold the second largest market share in the blockchain technology market after
North America. European Central Bank (ECB) has recently started looking towards new innovations such as
the blockchain technology to help run payment and settlement systems efficiently and effectively. ECB’s
‘Target2-Securities’ initiative is the reason for its recent embracing of the blockchain technology.
Regulatory bodies and policy makers in the European countries such as the U.K., Germany, France, and
other countries are taking steps to understand, contextualize, and regulate digital currencies. Visa Europe
highlighted in its recent announcement that the blockchain technology is no longer a choice now, and the
traditional financial infrastructure will soon adopt this technology. Recently, Visa’s London-based
innovation lab Visa Europe Collab, partnered with Toronto-based BTL Group to explore how the start-up’s
interbank settlement system can leverage blockchain and smart contracts to streamline domestic and
cross-border payments between banks.
The countries analyzed for blockchain technology market in this region are the U.K., Germany, and Rest of
Europe.
11.3.1 UNITED KINGDOM (U.K.)

U.K. is one of the strongest economy of the European region. Recently, the U.K. government is exploring
the potential use of the blockchain technology to aid it in dealing with the managing and distribution of
grants. This can help the U.K. government to build up greater trust in how it operates when handling the
data of its citizens, through blockchain-based technology.
11.3.2 GERMANY
The Germany market is also showing high adoption in the blockchain technology. Recently, software
developer SAP and Ripple made their first Canada to Germany blockchain transfer, supported by the
Canadian and German banks ATB Financial and ReiseBank and Ripple fintech start-up. Moreover, a
German blockchain start-up BlockPay implemented a free Blockchain Point of Sale (POS) system, enabling
the merchants to accept one or more digital currencies at zero cost.
87
11.3.3 REST OF EUROPE

The major countries adopting the blockchain technology include the Netherlands, Spain, France, and
others.
The table given below highlights the blockchain technology market size by country in Europe. The U.K.
blockchain technology market is expected to grow from USD 25.2 million in 2016 to USD 262.2 million in
2021, at a CAGR of 59.8% during the forecast period 2016-2021.
TABLE 43 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,

Country 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
U.K. 17.5 25.2 155.7 262.2 59.8%
Germany 10.9 15.9 102.3 174.1 61.4%
Rest of Europe 13.0 19.8 152.4 269.9 68.6%
Total 41.4 60.9 410.5 706.2 63.3%
The table given below highlights the blockchain technology market size by provider in Europe. The
million in 2021, at a CAGR of 63.3% during the forecast period 2016-2021. The infrastructure and
protocols provider segment is expected to have the largest market size of USD 25.3 million in 2016 and
estimated to grow to USD 277.0 million by 2021, at a CAGR of 61.4% during the forecast period.
TABLE 44 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,

Infrastructure and Protocols Provider 17.4 25.3 163.0 277.0 61.4%
Total 41.4 60.9 410.5 706.2 63.3%
The table given below highlights the blockchain technology market size by application in Europe. The
blockchain technology market by application is expected to grow from USD 60.9 million in 2016 to USD
706.2 million in 2021, at a CAGR of 63.3% during the forecast period 2016-2021. The payments
application segment is expected to grow from USD 13.0 million in 2016 to USD 140.6 million by 2021, at
88
TABLE 45 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 9.0 13.0 83.0 140.6 60.9%
Exchanges 5.2 7.6 50.3 86.5 62.6%
Smart Contracts 7.5 11.1 76.1 130.9 63.7%
Documentation 7.8 11.6 80.1 138.8 64.4%
Others 2.0 2.9 20.8 36.3 65.3%
Total 41.4 60.9 410.5 706.2 63.3%
The table given below highlights the blockchain technology market size by organization size in Europe. The
large enterprises segment is expected to contribute largest market size of USD 40.4 million in 2016 and
will grow to USD 447.3 million in 2021, at a CAGR of 61.8% during the forecast period 2016-2021. The
SMEs segment is expected to at the highest CAGR of 66.1% during the forecast period.
TABLE 46 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,

SMEs 13.7 20.5 148.0 258.9 66.1%
Total 41.4 60.9 410.5 706.2 63.3%
The table given below highlights the blockchain technology market size by industry vertical in Europe. The
blockchain technology market by industry vertical is expected to grow from USD 60.9 million in 2016 to
USD 706.2 million in 2021, at a CAGR of 63.3% during the forecast period 2016-2021. The BFSI vertical is
expected to have the largest market size of USD 21.3 million in 2016 and estimated to grow to USD 208.4
million by 2021, at a CAGR of 57.8% during the forecast period.
89
TABLE 47 EUROPE: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 14.9 21.3 126.1 208.4 57.8%
Automotive 4.1 6.2 44.0 76.6 65.5%
Others 1.5 2.2 16.3 28.6 66.3%
Total 41.4 60.9 410.5 706.2 63.3%
11.4 ASIA-PACIFIC (APAC)

The APAC region is expected to grow at the highest rate in the blockchain technology market during the
forecast period, especially in the BFSI sector due to the higher need of the blockchain technology for
payments and exchanges. APAC countries such as China, India, Australia, Singapore are showing particular
growth in cryptocurrency and the blockchain technology start-ups. In Singapore, a cryptocurrency-based
start-up BitX operating a wallet, several exchanges, and merchant integration services, raised USD 4
million through a Series-A round of fundraising. Bitspark - a Hong Kong-based company with a remittance
platform that uses blockchain technology to send and receive payments in emerging markets was one of
the seven start-ups selected for the 2015 FinTech Innovation Lab Asia-Pacific.
90
FIGURE 31 ASIA-PACIFIC MARKET SNAPSHOT
ASIA-PACIFIC
ASIA-PACIFIC MARKET SIZE, BY TOP 3
The market in APAC is Driving factors: Increasing need
estimated to grow at for faster and transparent INDUSTRY VERTICALS (USD MILLION)
a CAGR of 73.1% during the transactions across industry
forecast period. verticals, including BFSI 107.0
88.8
76.7
Countries such as China,

Australia, Japan, and India are
expected to show high growth 8.6 5.5 4.8
rates in the blockchain
technology market BFSI Government Healthcare and
and Public Life Sciences
Sector
ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE,
2016 2021
BY PROVIDER (2016)
MARKET SIZE CAGR ASIA-PACIFIC MARKET SIZE BY TOP 3

PROVIDER APPLICATIONS (USD MILLION)
(USD MILLION) (2016 – 2021)
Infrastructure and 95.7
12.2 70.3% 85.3 86.8
Protocols Provider
Application and
9.8 76.2%
Solution Provider
6.1 6.1 5.4
Middleware Provider 8.1 73.4% Payments Smart Documentation

Contracts
2016 2021
91
The countries analyzed for blockchain technology market in this region are China, Australia-New Zealand,
and Rest of APAC.
11.4.1 CHINA
China plays a key role in the technology landscape of the APAC region. The Chinese government is to use
the blockchain technology for social security payments such as unemployment benefits and pensions,
because of blockchain’s valuable applications in the investment and management of social security funds.
Moreover, the People's Bank of China (PBOC) is experimenting with the blockchain technology and a
possible digital currency of its own.
11.4.2 AUSTRALIA AND NEW ZE ALAND (ANZ)

Australia is one of the early adopters of blockchain technology in the APAC region, revolutionizing the
Australian financial markets. Australia’s FinTech Advisory Group has collaborated with the government, and
introduced key measures such as the CSIRO Data61 review of opportunities for distributed ledger
technology such as Blockchain. Moreover, Australia’s biggest stock exchange, the ASX is developing a
private blockchain with the U.S.-based firm Digital Asset as a post-trade solution for the Australian equity
market.
11.4.3 REST OF ASIA-PACIFIC

The major countries adopting the blockchain technology includes the Japan, Singapore, India, and others.
The table given below highlights the blockchain technology market size by country in APAC. The China
TABLE 48 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,

Country 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
China 6.6 10.1 81.7 147.0 70.8%
ANZ 4.1 6.3 52.2 94.4 71.6%
Rest of APAC 8.6 13.7 122.9 227.1 75.5%
Total 19.3 30.1 256.8 468.5 73.1%
The table given below highlights the blockchain technology market size by provider in APAC. The blockchain
technology market by provider is expected to grow from USD 30.1 million in 2016 to USD 468.5 million in
2021, at a CAGR of 73.1% during the forecast period 2016-2021. The infrastructure and protocols
provider segment is expected to have the largest market size of USD 12.2 million in 2016 and estimated to
grow to USD 174.5 million by 2021, at a CAGR of 70.3% during the forecast period.
92
TABLE 49 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,

Provider 2015 2016-e 2020 2021-p CAGR (2016–2021)

7.9 12.2 97.3 174.5 70.3%
Provider
Total 19.3 30.1 256.8 468.5 73.1%
The table given below highlights the blockchain technology market size by application in APAC. The
468.5 million in 2021, at a CAGR of 73.1% during the forecast period 2016-2021. The smart contracts
application segment is expected to grow from USD 6.2 million in 2016 to USD 95.7 million by 2021, at the
TABLE 50 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 4.0 6.1 47.8 85.3 69.6%
Exchanges 2.4 3.7 30.9 56.2 72.5%
Smart Contracts 3.9 6.2 52.3 95.7 73.7%
Documentation 3.4 5.4 47.2 86.8 74.5%
Others 1.1 1.7 14.9 27.5 75.2%
Total 19.3 30.1 256.8 468.5 73.1%
The table given below highlights the blockchain technology market size by organization size in APAC. The
SMEs segment is expected to grow from USD 10.2 million in 2016 to USD 181.5 million in 2021, at a
CAGR of 77.8% during the forecast period 2016-2021. The large enterprises segment is expected to have
the largest market size of USD 19.9 million in 2016 and estimated to grow to USD 287.0 million by 2021,
at a CAGR of 70.5% during the forecast period.
93
TABLE 51 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,

SMEs 6.4 10.2 97.1 181.5 77.8%
Total 19.3 30.1 256.8 468.5 73.1%
The table given below highlights the blockchain technology market size by industry vertical in APAC. The
blockchain technology market by industry vertical is expected to grow from USD 30.1 million in 2016 to
USD 468.5 million in 2021, at a CAGR of 73.1% during the forecast period 2016-2021. The BFSI vertical is
TABLE 52 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

Industry Vertical 2015 2016-e 2020 2021-p CAGR (2016–2021)
BFSI 5.7 8.6 61.9 107.0 65.6%
Automotive 2.1 3.4 30.1 55.6 75.3%
Others 1.0 1.6 14.7 27.2 76.0%
Total 19.3 30.1 256.8 468.5 73.1%
11.5 MIDDLE EAST AND AFRICA (MEA)

MEA include major economies such as UAE, KSA, and South Africa which are expected to show high
adoption for the blockchain technology market. According to a UAE-based Global Blockchain Council that
was formed by the Dubai Foundation for the Museum of the Future, both bitcoin and blockchain are still in
a nascent stage in the region, and the UAE is the first country to actively take the next step and encourage
the use of blockchain. The blockchain technology is expected to play a key role in “Smart Dubai” platform.
Several blockchain-based pilot projects by telecom operator du, Dubai Multi Commodities Centre, Dubai
International Financial Centre, Loyyal, Viktor Koeing, IBM and Bitoasis are already on in Dubai. Companies
such as BitOasis, Circle, and Deloitte have started looking to expand their reach to other parts of the region
and beyond.
The geographies analyzed for blockchain technology market in this region are MEA.
94
11.5.1 MIDDLE EAST

The Middle East region is also adopting the blockchain technology with initiatives such as Smart Dubai
initiative, which will offer technological innovation in digitizing asset and payment systems. The financial
technology companies are pushing for innovation in the Middle East region, which will be backed by the
blockchain technology.
11.5.2 AFRICA
The South Africa region is also exploring the blockchain technology market to reap the key benefits of the
distributed ledger technology. Recently, the South African Central Bank announced to explore the
blockchain technology and cryptocurrency to drive innovation within the region. Some of the domestic
banks have been involved in tests and experiments using Ethereum as well. Moreover, Absa Bank, the
South African subsidiary of leading African banking group Barclays Africa, has joined financial innovation
firm R3’s partnership to design and apply distributed and shared ledger-inspired technologies to global
financial markets.
The table given below highlights the blockchain technology market size by region in MEA. The Middle East
TABLE 53 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY REGION,
Region 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
Middle East 4.5 6.4 40.1 67.6 60.1%
Africa 1.7 2.6 19.2 33.8 67.5%
Total 6.2 9.0 59.3 101.4 62.3%
The table given below highlights the blockchain technology market size by type in MEA. The blockchain
technology market by provider is expected to grow from USD 9.0 million in 2016 to USD 101.4 million in
2021, at a CAGR of 62.3% during the forecast period 2016-2021. The infrastructure and protocols
provider segment is expected to have the largest market size of USD 4.0 million in 2016 and estimated to
grow to USD 41.3 million by 2021, at a CAGR of 59.8% during the forecast period.
TABLE 54 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,

2.8 4.0 24.5 41.3 59.8%
Provider
Total 6.2 9.0 59.3 101.4 62.3%
95
The table given below highlights the blockchain technology market size by application in MEA. The
TABLE 55 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,
Payments 1.4 2.0 12.7 21.4 60.8%
Exchanges 0.7 1.1 7.1 12.1 62.1%
Smart Contracts 1.1 1.6 10.6 18.1 62.5%
Documentation 1.1 1.7 11.5 19.8 63.5%
Others 0.3 0.5 3.5 6.0 64.1%
Total 6.2 9.0 59.3 101.4 62.3%
The table given below highlights the blockchain technology market size by organization size in MEA. The
SMEs segment is expected to grow from USD 3.2 million in 2016 to USD 39.0 million in 2021, at a CAGR
of 65.0% during the forecast period 2016-2021. The large enterprises segment is expected to have the
largest market size of USD 5.8 million in 2016 and estimated to grow to USD 62.5 million by 2021, at a
TABLE 56 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION
SIZE, 2015-2021 (USD MILLION)
SMEs 2.1 3.2 22.4 39.0 65.0%
Total 6.2 9.0 59.3 101.4 62.3%
The table given below highlights the blockchain technology market size by industry vertical in MEA. The
blockchain technology market by industry vertical is expected to grow from USD 9.0 million in 2016 to USD
101.4 million in 2021, at a CAGR of 62.3% during the forecast period 2016-2021. The BFSI vertical is
96
TABLE 57 MIDDLE EAST AND AFRICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY
VERTICAL, 2015-2021 (USD MILLION)
BFSI 1.7 2.4 14.3 23.5 57.3%
Automotive 0.7 1.1 7.5 12.9 63.7%
Others 0.3 0.4 2.6 4.5 64.3%
Total 6.2 9.0 59.3 101.4 62.3%
11.6 LATIN AMERICA

Latin America includes major economies such as Mexico, Brazil, Argentina, and others. This region has
traditionally fallen behind when innovating and developing financial technologies, including blockchain. But
the growing economies show a huge potential and there are a lot of promising blockchain technology
based projects in this region. Recently in September 2016, South America's biggest stock exchange
operator BM&F Bovespa has joined the R3 distributed ledger consortium. Moreover, ConsenSys and
CoinDesk are in discussion with Bovespa, a stock exchange based in São Paulo, Brazil, for the possibility of
working together on another blockchain-based project.
The countries analyzed for the blockchain technology market in this region are Brazil, Mexico and Rest of
Latin America.
11.6.1 MEXICO
Bank of Mexico is planning to test the blockchain technology's potential to implement it into existing
government operations. A developing plan in Mexico to create a digital peso could demonstrate the
potential of bitcoin technology to the rest of the world, if it is successful. Moreover, Bitso is planning build a
bitcoin exchange in Mexico.
11.6.2 BRAZIL
Brazil is one of the key market in Latin America for the payment industry. Brazilian banking group Bradesco
is planning to start trials for a new blockchain service developed by the Brazilian start-up eWally, to
streamline operations and reduce costs. Banco Bradesco is also in talks with the blockchain technology
provider Ripple for cross-border payments.
11.6.3 REST OF LATIN AMERICA

The major countries adopting the blockchain technology include Argentina, Venezuela, and others.
The table given below highlights the blockchain technology market size by country in Latin America. The
Mexico blockchain technology market is expected to grow from USD 3.8 million in 2016 to USD 47.4
million in 2021, at a CAGR of 66.0% during the forecast period 2016-2021.
97
TABLE 58 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY COUNTRY,

Country 2015 2016-e 2020-p 2021-p CAGR (2016–2021)
Mexico 2.5 3.8 27.1 47.4 66.0%
Brazil 2.1 3.2 23.9 42.1 67.1%
Rest of Latin America 4.2 6.5 52.6 94.6 70.8%
Total 8.9 13.5 103.6 184.1 68.7%
The table given below highlights the blockchain technology market size by provider in Latin America. The
million in 2021, at a CAGR of 68.7% during the forecast period 2016-2021. The infrastructure and
protocols provider segment is expected to have the largest market size of USD 5.7 million in 2016 and
estimated to grow to USD 70.3 million by 2021, at a CAGR of 65.2% during the forecast period.
TABLE 59 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY PROVIDER,


3.8 5.7 40.5 70.3 65.2%
Provider
Total 8.9 13.5 103.6 184.1 68.7%
The table given below highlights the blockchain technology market size by application in Latin America. The
98
TABLE 60 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

Payments 1.9 2.9 21.6 38.1 67.3%
Exchanges 1.3 1.9 14.7 26.1 68.6%
Smart Contracts 1.6 2.4 18.4 32.9 69.1%
Documentation 1.6 2.4 18.7 33.3 69.2%
Others 0.5 0.8 6.1 11.0 70.2%
Total 8.9 13.5 103.6 184.1 68.7%
The table given below highlights the blockchain technology market size by organization size in Latin
America. The SMEs segment is expected to grow from USD 5.0 million in 2016 to USD 70.9 million in
2021, at a CAGR of 69.9% during the forecast period 2016-2021. The large enterprises segment is
TABLE 61 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY ORGANIZATION SIZE,

SMEs 3.3 5.0 39.6 70.9 69.9%
Total 8.9 13.5 103.6 184.1 68.7%
The table given below highlights the blockchain technology market size by industry vertical in Latin
America. The blockchain technology market by industry vertical is expected to grow from USD 13.5 million
in 2016 to USD 184.1 million in 2021, at a CAGR of 68.7% during the forecast period 2016-2021. The
BFSI vertical is expected to have the largest market size of USD 4.4 million in 2016 and estimated to grow
to USD 55.0 million by 2021, at a CAGR of 65.5% during the forecast period.
99
TABLE 62 LATIN AMERICA: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY INDUSTRY VERTICAL,

BFSI 3.0 4.4 31.6 55.0 65.5%
Automotive 0.9 1.4 11.1 20.1 71.0%
Others 0.4 0.6 4.7 8.5 70.5%
Total 8.9 13.5 103.6 184.1 68.7%
100
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
Competitive landscape analyzes the growth strategies implemented by various key players in the
blockchain technology market. This section includes partnerships & collaborations, business expansions,
new product launches, and mergers & acquisitions that were carried out by the top market players during
the period 2014–2016 to expand their market share and increase their blockchain-based offerings in the
market.
FIGURE 32 COMPANIES ADOPTED THE STRATEGY OF PARTNERSHIPS AND COLLABORATIONS

AS THE KEY GROWTH STRATEGY DURING THE PERIOD 2014-2016
ORGANIC GROWTH STRATEGIES INORGANIC GROWTH STRATEGIES
COMPANY
NAME New Product Launches Business Expansions Partnerships / Collaborations
In November 2015, Microsoft

launched its BaaS for Microsoft Azure In May 2016, Microsoft collaborated with ConsenSys
MICROSOFT
to help organizations and clients and Blockstack Labs to create an open-source, self-
CORPORATION develop, test, and deploy blockchain sovereign, blockchain-based identity system.
applications.
In February 2016, IBM launched In July 2016, IBM opened

IBM BaaS For Developers which would a blockchain innovation center in
CORPORATION help them to explore the use of Singapore to accelerate blockchain
blockchain in the enterprise. adoption for finance and trade.
In May 2016, Deloitte created an

In May 2016, Deloitte partnered with startups
EMEA financial services blockchain lab
DELOITTE in Dublin, and employed 50 people
BlockCypher, Bloq, ConsenSys Enterprise, Loyyal and
Stellar, and built 20.
over the next 18 months.
In April 2015, Ripple Labs expanded

its horizons to include APAC to serve In June 2016, Ripple partnered with ATB Financial,
regional demand for Ripple’s real-time the Canadian Imperial Bank of Commerce (CIBC),
RIPPLE settlement protocol and connect to National Bank of Abu Dhabi (NBAD), Reisebank,
interested Ripple Labs’ partners in Santander, UniCredit, and UBS.
the U.S. and Europe.
In May 2016, Chain launched

a new open source protocol called
Chain Open Standard, which can be In June 2015, Nasdaq entered into a strategic
used for building a blockchain partnership with Chain to test bitcoin technology for
CHAIN, INC.
network that can secure and be able trading of shares of private companies.
to handle a large volume of
transactions.
Note: Indicates event that will have a significant impact on the market
Source: Press Releases, Expert Interviews, and MarketsandMarkets Analysis
101
12.2 COMPETITIVE SITUATIONS AND TRENDS

The blockchain technology market is highly competitive with a large number of global and local market
players. This segment studies the growth strategies adopted by the market players between 2014 and
2016. Players in this market have adopted various strategies to expand their global presence and increase
their market shares. The strategy of new product launch is the major strategy adopted by the market
players to achieve growth in the blockchain technology market.
FIGURE 33 MARKET EVALUATION FRAMEWORK
No. of New Product Launches 4 7 7
No. of Business Expansions 0 6 5
No. of Mergers and Acquisitions 0 3 2
No. of Partnerships and

Collaborations
1 2 9
350
300
Global Market Size
(USD Million)
250
200
150
100
50
0
2014 2015 2016
Source: Press Releases, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
102
FIGURE 34 BATTLE FOR MARKET SHARE: NEW PRODUCT LAUNCH WAS THE KEY STRATEGY IN
THE BLOCKCHAIN TECHNOLOGY MARKET
11%
New Product Launches

39%
24% Partnerships and Collaborations
Business Expansions
Mergers and Acquisitions
26%
Source: Press Releases, Expert Interviews, and MarketsandMarkets Analysis
The strategy of new product launch is the key strategy adopted by industry players to achieve growth in the
blockchain technology market. This strategy accounts for a share of 39% of all the growth strategies
adopted by the key market players. IBM, Deloitte, Chain Inc., Ripple, BitFury, Circle, and 21 Inc. have
adopted this strategy to jointly innovate on product developments, expand client base, and enter new
market spaces.
The second most adopted strategy is the strategy of partnerships and collaborations which enables
companies to quickly extend their solution capabilities and create new customer base. This strategy
accounts for a share of 26% of the total number of growth strategies adopted by key players in the
blockchain technology market between 2014 and 2016. Microsoft, IBM, BitFury, Coinbase, and Earthport
are some of the major companies who have adopted this strategy.
12.2.1 NEW PRODUCT LAUNCHES

The strategy of new product launches accounts for the maximum share of 39% of the total strategic
developments undertaken in the blockchain technology market. Companies adopted this strategy to
improve their product portfolio and meet the emerging demands of the end users. As the blockchain
technology market is in nascent stage and companies are innovating and developing new products, new
product launch is considered to be the most important growth strategy. IBM, Microsoft, Circle, Earthport
DigitalX Ltd., Chain Inc., 21 Inc., and Bitfury are some of the leading companies who have adopted this
strategy.
TABLE 63 NEW PRODUCT LAUNCHES, 2014-2016
Date Company Name Development
July IBM Corporation (New IBM launched cloud services for blockchain on Linux-only secure server. The
2016 York, U.S.) business network on the IBM Blockchain cloud environment helps secure
entry points and fights against insider threats.
Earthport launched EarthportFX, an Earthport payment network. This is a
July Earthport ( London, suite which helps its customers to gain direct access to the payment
2016 U.K)
network, a payment solution customized as per the need of the business
and to manage all the international payment transactions.
June Microsoft Corporation Microsoft launched Blockchain Fabric which is also known as Project
2016 (Washington, U.S.) Bletchley to help enterprises form consortiums that would help implement
the blockchain technology.
103
June DigitalX Ltd. (Boston, DigitalX launched an AirPocket app which will offer money transfer services
2016 U.S.)) in a cheaper way. The technology behind AirPocket is blockchain with the
help of which the users can become a remittance broker.
May Chain, Inc. (California, Chain Inc. launched a new open source protocol called Chain Open Standard
2016 U.S.) which can be used for building a blockchain network that can secureand
able to handle a large volume of transactions.
May 21 Inc. (California. 21 Inc. launched its software package 21. The idea behind this launch is to
2016 U.S)
make every computer a bitcoin computer.
April IBM Corporation (New IBM launched blockchain services for financial services, government, and
2016 York, U.S.) healthcare on IBM Cloud that are designed to meet existing regulatory and
security requirements.
March 21 Inc. (California. 21 Inc. launched a service named Ping 21; with the help of this, the users
2016 U.S) can determine the uptime or latency of website on the 21 network from
bitcoin computers.
March 21 Inc. (California. 21 Inc. launched a new offering named 21 Micropayments Marketplace. The
2016 U.S) users can be benefitted as they will be able to create app with the help of
which buyers and sellers can trade digital goods for bitcoins.
IBM launched Blockchain-as-a-Service (BaaS) for developers which would
February IBM Corporation (New help them to explore the use of blockchain in the enterprise. The new
2016 York, U.S.)
services have been made available on IBM cloud and IBM Garages in
London, New York, Singapore, and Tokyo.
BitFury started the development of a previously announced prototype for a
January BitFury (California, bitcoin-enabled Internet of Things (IoT) device. The device would be open-
2016 U.S.)
sourced when completed. The bitcoin device would help integrate blockchain
technology with IoT devices.
January BTL Group Ltd. (British BTL launched Interbit, a blockchain remittance platform. The remittance
2016 Columbia, Canada) platform would help reduce costs incurred using traditional methods for fund
transfer.
December BitFury (California, BitFury announced mass production of the fastest and most effective 16nm
2015 U.S.) ASIC chip in the world. The device can be used for fast mining operations
which are carried out in any blockchain transaction.
Microsoft along with ConsenSys, a blockchain software technology company,
November Microsoft Corporation launched Ethereum Blockchain as a Service (ETH-BaaS) on the Microsoft
2015 (Washington, U.S.)
Azure platform so clients and organizations can have a common blockchain
development environment.
November Microsoft Corporation Microsoft launched its Blockchain as a Service (BaaS) for Microsoft Azure to
2015 (Washington, U.S.) help organizations and clients develop, test, and deploy blockchain
applications.
September Circle (Massachusetts, Circle enhanced its application for iOS and android users by allowing users
2015 U.S.) to also link bank account and credit card information which would enable
customers to also transfer U.S. dollars.
September 21 Inc. (California, 21 Inc. launched 21 Bitcoin computer with the help of which users can mine,
2015 U.S.)
sell, and buy bitcoins.
Earthport launched a real-time payment gateway which enables its

August Earthport (London. customers for real-time cross-border payments via distributed ledger
2015 U.K.) protocol. This distributed ledger has benefits such as instant payment and
liquidity, risk mitigation, transaction cost efficiency, compliance friendly, and
ease of adaptability.
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June Microsoft Corporation To join missing pieces before enterprises begin to start using blockchain
2015 (Washington, U.S.) technology, Microsoft launched Project Bletchley which is Microsoft’s vision
for an open, modular Blockchain fabric powered by Azure.
June BitFury (California, BitFury launched light bulbs that can mine bitcoins. Light bulbs would come
2015 U.S.) with an attached wallet for transacting with friends and would help users of
all ages to experience bitcoin blockchain ecosystem.
February BitFury (California, BitFury launched 28nm Bitcoin Mining Application Specific Integrated Circuit
2015 U.S.)
(ASIC) which would help in the implementation of the blockchain technology.
Earthport announced its launch of Distributed Ledger Hub (DLH) which offers
January Earthport (London, various solutions to banks with the help of which banks can easily switch in
2015 U.K.)
the payment technology without investing a huge amount in compliance,
infrastructure, and operational requirements.
November Circle (Massachusetts, Circle launched an application for iOS and android users to send and receive
2014 U.S.)
bitcoin, the virtual currency.
July Chain, Inc. (California, Chain launched iOS API to provide fingerprint authorization to applications
2014 U.S.) that process bitcoins. The app is a demo and open source to help developers
implement it in their own applications.
July BitFury (California, BitFury launched a new hosted mining service for business customers. The
2014 U.S.) scheme will help customers to generate maximum returns on their
investment. 40% of all bitcoins are mined using BitFury-made chips.
May Circle (Massachusetts, Circle launched a new service to allow customers to make instant bitcoin
2014 U.S.)
transfers without any additional costs.
Source: Press Releases
12.2.2 PARTNERSHIPS AND COL LABORATIONS

The strategy of partnerships and collaborations accounts for a share of 26% of all the growth strategies
adopted by players in the blockchain technology market. Companies such as BTL Group, Deloitte, Chain
Inc., Earthport, Ripple, and DigitalX Ltd have adopted this market strategy to avail the benefits of
technology sharing.
TABLE 64 PARTNERSHIPS AND COLLABORATIONS, 2014–2016
Global Arena Holdings GES entered into a business relationship with Smartmatic, a leading voting
September Ltd. (New York, U.S.) technology provider. GES with the help of Smartmatic’s software will
2016 and Smartmatic analyze the data and find out the people who voted whether they were
(London, U.K.) eligible to vote for the elections which would maintain a transparency
across.
BTL Group Ltd (British
Columbia, Canada) BTL partnered with Fantasy 6 Sports Inc. to create a suite of blockchain
September services designed specifically for fantasy sports companies. This strategic
and Fantacy 6 Sports,
2016
Inc. ( British Columbia, partnership is intended to combine Fantasy 6’s vision for technological
Canada) leadership and innovation in the fantasy sports industry.
105
BTL Group Ltd (British BTL collaborated with Visa Europe Collab to explore potential applications
September Columbia, Canada) for blockchain technology in the financial services ecosystem. The
2016 and Visa Europe collaborated project would use BTL’s cross-border settlement platform,
(London, U.K.) Interbit to explore the ways in which blockchain-based settlements can
reduce the friction of domestic and cross-border transfers between banks.
Deloitte (New York, Deloitte entered into a partnership with Terepac Corporation, a company
August U.S.) and Terapac dealing with IoT devices and data, to create a distributed ledger to allow
2016 Corporation (Waterloo,
manufacturers to follow the entire life-cycle of their products, as part of
Canada)
Internet of Things (IoT).
Earthport (London, Earthport partnered with Bank of the Bahamas to provide local payment
July U.K.) and Bank of services to the Caribbean region. This partnership will increase their
2016 Bahamas (The
network and client base to serve the growing demand for payment services
Bahamas)
in the region.
Ripple (San Francisco, Ripple partnered with ATB Financial, the Canadian Imperial Bank of
June Commerce (CIBC), National Bank of Abu Dhabi (NBAD), Reisebank,
U.S.) and ATB Financial
2016
(Alberta, Canada) Santander, UniCredit, and UBS. The new partnering companies will use the
Ripple technology for blockchain implementation.
Earthport (London,
June U.K.) and Commercial Earthport partnered with Commercial Bank of Ceylon Plc to provide local
2016 Bank of Ceylon Plc (Sri payment services to Sri Lanka. This partnership will strengthen its network
Lanka) in South-Asia.
Earthport (London, Earthport signed a collaborative deal with MoneyGram. Through the launch
June
U.K.) and MoneyGram of the new service, MoneyGram would allow its customers globally to send
2016
(Texas, U.S.)
money to any RON account based in Romania.
Microsoft Corporation
(Washington, U.S.), Microsoft collaborated with ConsenSys and Blockstack Labs to create an
May ConsenSys (New opensource, selfsovereign, blockchain-based identity system which could
2016 York,U.S.), and
be used to address the human rights crimes increased due to lack of legal
Blockstack (New York,
identification.
U.S.)
Ripple (San Francisco, Ripple announced its partnership with R3 CEV, a leading blockchain
May innovation and development consortium group that has partnered with
U.S.) and R3 CEV (New
2016
York, U.S.) more than 40 financial institutions. The partnership would enable R2 CEV
to use Ripple’s protocol for blockchain implementation.
Deloitte (New York, Deloitte partnered with startups BlockCypher, Bloq, ConsenSys Enterprise,
May
U.S.) and BlockCypher and Loyyal and Stellar. The partnership will help generate innovative
2016
(California, U.S.)
solutions for building blockchain prototypes.
Deloitte and ConsenSys Enterprise entered into a collaboration to offer a

Deloitte (New York, digital banking suite of products to the financial services industry,
May
U.S.) and ConsenSys underpinned by blockchain technologies. The collaboration combines the
2016
(New York,U.S.)
strategic consulting experience of Deloitte and ConsenSys Enterprise’s
Ethereum-centric blockchain.
Microsoft Corporation Microsoft entered into a strategic partnership with the R3 banking
April (Washington, U.S.) and consortium, which includes 45 financial companies in Research and
2016 R3 CEV (New York,
Development (R&D) of blockchain usage in the financial system, to develop,
U.S.)
test, and deploy blockchain technologies.
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Earthport (London, Earthport announced its agreement with Ria Money Transfer. This
April U.K.) and Ria Money partnership would help Earthport to develop its product offerings and Ria to
2016 Transfer (California,
gain access to Earthport’s global payment network which will enhance its
U.S.)
current bank deposit services.
Earthport (London, Earthport has announced its partnership with FX4BIZ, a corporate FX
March provider. This strategic partnership will help to increase presence of the
U.K.) and FX4BIZ
2016
(Belgium) company in the European region as a facilitator in cross-border payment via
single API.
DigitalX Ltd. (Boston, DigitalX has signed a Memorandum of Understanding (MOU) with a
February
U.S.) and a Mexican company in Mexico which is a leading payment provider. This company will
2016
company
then allow its users to remit money in Mexico through AirPocket.
DigitalX Ltd. (Boston, DigitalX partnered with Telefonica, a telecommunications company to

February
U.S.) and Telefonica promote AirPocket app across Latin America by targeting customers on
2016
(Spain)
various social media platforms to transfer funds digitally.
Deloitte partnered with Colu, a blockchain startup to bring blockchain

October Deloitte (New York, technology to new markets. Colu uses the open protocol “colored coins” to
2015 U.S.)
define a tiny fraction of the bitcoin with a specific attribute which can now
be used by Deloitte.
Chain, Inc. (California,
June Nasdaq entered into a strategic partnership with Chain to test bitcoin
U.S.) and Nasdaq (New
2015
York, U.S.) technology for trading of shares of private companies.
Ripple Labs and Earthport, an organization focusing on cross-border

Ripple (San Francisco, payments entered into a partnership to integrate the Ripple protocol with
December
U.S.) and Earthport Earthport’s payments network and platform which would eliminate the
2014
(London, U.K)
need to pre-fund a payment account while executing cross-border
transactions.
DigitalX Ltd. (Boston,
April 2014 U.S.) and Bitfury DigitalBTC partnered with Bitfury, a manufacturer of bitcoin mining
(California, U.S.) equipment.
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12.2.3 MERGERS AND ACQUISIT IONS

The mergers and acquisitions strategy accounts for a share of 11% of all the growth strategies
implemented by the players in the blockchain technology market. The top companies who have
incorporated this strategy are BTL Group, Digital Asset Holdings and GAHI Group.
TABLE 65 MERGERS AND ACQUISITIONS, 2015–2016
Digital Asset Holdings Digital Asset Holdings acquired Swiss startup Elevence, a technology firm
April (New York, U.S.) and which develops modelling language for financial institutions to model
2016 Elevence Digital Finance and execute agreements. The acquisition will help build a comprehensive
(Zurich, Switzerland) technology stack for the implementation of distributed ledger technology
in financial services.
BTL Group Ltd (British
Columbia, Canada) and BTL acquired XAPCASH Technologies Inc, a blockchain company. The
March
XAPCASH Technologies acquisition would help add XAPCASH’s management and blockchain
2016
(British Columbia,
expertise to the BTL team.
Canada)
Digital Asset Holdings Digital Asset Holdings acquired Blockstack.io, a firm that offers a
October (New York, U.S.) and Blockchain-as-a-service to enable financial institutions to develop
2015 Blockstack.io (California,
applications on a private blockchain. The acquisition helped increase
U.S)
Digital Asset Holdings’ solutions to existing digital asset technology stack.
GAHI acquired BTC, a blockchain technology company which is taking the

Global Arena Holdings blockchain technology to another level. With this blockchain technology,
October
Ltd. (New York, U.S.) and the company is focusing on customizing apps, voting on blockchain, time
2015
BTC (New York, U.S.)
stamping and notary, bitcoin ATM machines, self-executing wills and
contracts.
Digital Asset Holdings Digital Assets Holdings acquired Hyperledger. Hyperledger developed an
June (New York, U.S.) and innovative distributed ledger to allow banks and other financial
2015 Hyperledger (California,
institutions to clear and settle transactions in real-time. The acquisition
U.S)
would help increase the solutions provided by Digital Asset Holdings.
Digital Asset Holdings Digital Asset Holdings acquired and Bits of Proof. Bits of Proof developed
June (New York, U.S.) and Bits and deployed an enterprise level server to integrate blockchain
2015 of Proof (Budapest,
technology into financial applications. The acquisition would help
Hungary)
increase Digital Asset Holdings’ portfolio.
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12.2.4 VENTURE FUNDING

Companies adopted this strategy of venture funding to improve their product portfolio and meet the
emerging demands of the end users. Circle, Bitfury, IBM, Abra, Chain Inc, Ripple, and Coinbase are some of
the leading companies who have adopted this strategy.
TABLE 66 VENTURE FUNDING, 2014-2016
Circle obtained USD 60 million from investors VC IDG Capital Partners,

June Circle (Massachusetts, Breyer Capital, General Catalyst Partners, Baidu, CICC Alpha, China
2016 U.S.)
Everbright, Wanxiang, and CreditEase. The funds would help the
company in establishing themselves in China.
May Credit China invested in BitFury to jointly promote blockchain technology
Bitfury (California, U.S.)
2016
in China to help strengthen information security.
February IBM Corporation (New

2016 York, U.S.) Goldman Sachs and IBM invested USD 60 million towards funding.
October Ratan Tata invested in Abra, as part of a Series A round for an

Abra (California, U.S.)
2015
undisclosed amount.
October American Express invested In Abra, which also announced its launch in
2015
U.S. and Philippines.
September Chain, Inc. (California, Investors such as Visa Inc., Nasdaq Inc., Citi Ventures, Capital One
2015 U.S.) Financial Corp., Fiserv Inc., and Orange SA invested USD 30 million in
Chain.
September Abra has obtained USD 12 million in Series A funding. Investors in the
2015
round include Arbor Ventures, RRE Ventures, and First Round Capital.
Ripple obtained USD 28 million funding from AME Cloud Ventures,

May Ripple (San Francisco, ChinaRock Capital Management, China Growth Capital, Wicklow Capital,
2015 U.S.)
Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures,
RRE Ventures, Vast Ventures and Venture51.
April Circle (Massachusetts, Circle obtained an investment of 50 million from Goldman Sachs and IDG
2015 U.S.)
Capital Partners.
Coinbase has raised USD 75 million in funding by including investors

January Coinbase (California, such as The New York Stock Exchange, USAA, BBVA (Spain), NTT Docomo
2015 U.S.) (Japan), Valor Capital Group, Vikram Pandit, Tom Glocer, and Carlos
Rodriguez Pastor. Returning investors included were Andreessen
Horowitz, Reddit Capital, and Union Square Ventures.
August Chain, Inc. (California, Investors such as Khosla Ventures, RRE Ventures, Pantera Capital, Thrive
2014 U.S.)
Capital, and SV Angel invested USD 9.5 million in Chain.
October Circle (Massachusetts, Circle obtained USD 9 million as funding from Jim Breyer, Accel Partners,
2013 U.S.)
and General Catalyst Partners.
May Coinbase (California, Coinbase obtained funding of USD 5 million from investment led by
2013 U.S.)
Union Square Ventures.
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12.2.5 BUSINESS EXPANSIONS

The strategy of business expansion accounts for the maximum share of 24% of the total strategic
developments undertaken in the blockchain technology market. Companies adopted this strategy to
improve their product portfolio and meet the emerging demands of the end users. Earthport, IBM, Circle,
Deloitte, Bitfury, BTL Group, and Coinbase are some of the leading companies who have adopted this
strategy.
TABLE 67 BUSINESS EXPANSIONS, 2015-2016
Earthport partnered with Aftab Currency Exchange Limited (ACEL). This

August Earthport (London, strategic partnership would help ACEL to become a global leader in money
2016 U.K.)
transfer business as Earthport would act as a single connection point for
global bank payments.
IBM opened Blockchain Innovation Center in Singapore to accelerate
July IBM Corporation blockchain adoption for finance and trade. IBM collaborated with Singapore
2016 (New York, U.S.) Economic Development Board (EDB) and the Monetary Authority of
Singapore (MAS), to develop applications and solutions which are based on
enterprise blockchain, cyber-security, and cognitive computing technologies.
Circle Circle entered the Chinese market with a separate company called Circle
June
(Massachusetts, China. The new company would help in increasing the present clientele of
2016
U.S.)
Circle.
Deloitte created an EMEA Financial Services Blockchain lab in Dublin, and

May Deloitte (New York, would employ 50 people over the next 18 months. This is part of FinTech
2016 U.S.)
initiative called the 'The Grid', which constitutes a network of labs around the
world.
Circle Circle obtained electronic money license by the British government. With the
April British license, Circle customers in the United Kingdom can implement cross-
(Massachusetts,
2016
U.S.) border payments between US dollars and UK pounds (or vice versa), as well
as Bitcoin payments.
Bitfury invested USD 1.1 million in BitPesa, an exchange service provider in
March Bitfury (California, Kenya, Uganda, Nigeria, and Tanzania. BitPesa accepts bitcoin payments
2016 U.S.)
and then exchanges the bitcoin for local currencies, which it then deposits
into bank accounts or mobile money wallets.
BTL Group Ltd
November
(British Columbia, BTL Group got listed on Toronto Stock Exchange as a blockchain company.
2015
Canada)
September Coinbase (California, Coinbase included Singapore to the list of countries where exchange of
2015 U.S.) bitcoins is made possible using their platform. Coinbase’s entry into Asia has
started with Singapore Dollars to buy bitcoin.
September Coinbase (California, Coinbase expanded its services to U.K. With this expansion, Coinbase is
2015 U.S.)
bringing both the exchange and consumer wallets to the British market.
August Coinbase (California, Coinbase included Canada to the list of countries where exchange of bitcoins
2015 U.S.) is made possible using Coinbase platform. By including Canada, Coinbase is
now available in 27 countries in North America and Europe.
June Bitfury (California, Bitfury acquired a privatized land plot in the Republic of Georgia to build a
2015 U.S.) technology park. Bitfury would build a mega data center to process
transactions using 28 nm and the upcoming 16 nm ASIC chips.
110
April Ripple (San Ripple Labs expanded its horizons to include APAC to serve regional demand
2015 Francisco, U.S.) for Ripple’s real-time settlement protocol and connect to interested Ripple
lab partners in U.S. and Europe.
January DigitalX Ltd. (Boston, DigitalBTC signs a deal with Verne Global to expand its mining capacity. With
2015 U.S.) the help of this, DigitalBTC had been able to reduce its operating cost and
increase its efficiency.
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13 KEY INNOVATOR PROFILES
13.1 INTRODUCTION
The major players of the blockchain technology market generated major portion of their revenues from the
regions of the Americas, Europe, Middle East, and Africa (EMEA), and APAC in 2015. The countries in North
America, especially the U.S. and Canada, have shown faster and wider adoption of upcoming technologies,
which has resulted in higher revenue generation in the region. This chapter includes company profiles for
major key innovators in the blockchain technology market. A company profile covers an in-depth analysis of
the key growth strategies for the company during the period 2014-2016.
112
13.2 MICROSOFT CORPORATION
13.2.1 BUSINESS OVERVIEW

Microsoft Corporation is a leading multinational technology company, founded in 1975 and headquartered
in Washington, U.S. The company is recognized for providing platforms for enterprise solutions such as
mobile and cloud-based environment. Microsoft focuses on support and strategy for reinventing
productivity and business processes, structuring analytics platform and services, and creating more
personal computing experiences for customers in different segments. The segments in operation include
D&C licensing, computing and gaming hardware, phone hardware, commercial licensing, and others.
Microsoft offers a plethora of products such as operating systems, server applications, software
development tools, video games, and cloud-based solutions. Its customers basically include individual
consumers, small- and medium-sized organizations, large global enterprises, public sector institutions,
Internet service providers, application developers, and Original Equipment Manufacturers (OEMs).
Microsoft caters to a diverse clientele in the regions of North America, APAC, Latin America, MEA, and
Europe.
Microsoft provides an open, flexible, and scalar platform, Blockchain as a Service (BaaS), to support a vast
number of distributed technologies which would help address specific business and technical
requirements of various organizations. BaaS provides a cloud-based platform for organizations to
collaborate together by experimenting new business processes. Microsoft provides Cortana Intelligence
Suite which provides unique data management and analysis capabilities.
FIGURE 35 MICROSOFT CORPORATION: COMPANY SNAPSHOT
COMPANY AT A GLANCE - 2015 RECENT FINANCIALS
100 13.6%
Founded: 1975 13.37%
Revenue (USD Billion)
R&D Expenditure (%)

80 13.4%
Headquarters: Washington, U.S.
60 13.11% 13.2%
Employees: 118,000
40 12.87% 13.0%
Revenue: USD 93.58 Billion
20 12.8%
R&D: USD 12.04 Billion 77.8 86.8 93.6
0 12.6%
Ownership: Public (NASDAQ: MSFT) 2013 2014 2015
GEOGRAPHIC REVENUE MIX BUSINESS REVENUE MIX
America 44% Commercial

46%
54% Others 56% Devices and Consumer
Source: Company Website, Annual Reports, and SEC Filings
113
13.2.2 SOLUTIONS OFFERED

The company offers the following solution:
Solution Description
Blockchain as a Service provides a scalable, flexible, and open platform and

Microsoft Azure Blockchain supports a large number of ledger technologies which address business and
as a Service
technical operational requirements such as, security, performance, and operational
processes.
Source: Company Website, Press Releases
13.2.3 RECENT DEVELOPMENTS

Date Approach Description
June New Product Microsoft launched Blockchain Fabric which is also known as Project Bletchley to
2016 Launch help enterprises form consortiums that would help implement the blockchain
technology.
May Microsoft collaborated with ConsenSys and Blockstack Labs to create an open-
Collaboration source, selfsovereign, blockchain-based identity system which could be used to
2016
address the human rights crimes increased due to lack of legal identification.
April Microsoft entered into a strategic partnership with the R3 banking consortium, which
Partnership includes 45 financial companies in R&D of blockchain usage in the financial system,
2016
to develop, test, and deploy blockchain technologies.
November New Product Microsoft along with ConsenSys, a blockchain software technology company,
2015 Launch launched Ethereum Blockchain as a Service (ETH-BaaS) on their Azure platform so
clients and organizations can have a common blockchain development environment.
November New Product Microsoft launched its BaaS for Microsoft Azure to help organizations and clients
2015 Launch
develop, test, and deploy blockchain applications.
June New Project To join missing pieces before enterprises begin to start using blockchain technology,
2015 Launch Microsoft launched Project Bletchley which is Microsoft’s vision for an open, modular
Blockchain fabric powered by Azure.
Source: Company Website, Press Releases
13.2.4 MNM VIEW

13.2.4.1 Key strategies
Microsoft has been a global vendor in providing diverse set of software, licensing solutions, and hardware
products across different industrial verticals for over three decades. The company focuses on keeping its
customers updated on the evolving market trends such as progressions in mobility and cloud applications.
Its acquisitions and partnerships with major key players in the industry have led the company to higher
growth and can also address most of its customers. The company has also entered into the blockchain
technology market which is in the initial phases of development and is expected to grow at a very fast
pace.
Ethereum and Microsoft entered into a collaboration to launch Ethereum BaaS which would help
customers create and work in private, public, and group based blockchain environments. The framework
used provides functionalities such as Cortana analytics, Power BI, Azure active directory, and CRM Online
(CRMOL) for government. The Blockchain as a Service on Microsoft Azure provides two tools, i.e.
114
Ether.Camp and BlockApps. Ether.Camp helps to create an integrated developer environment and
BlockApps which can be deployed in public Ethereum environment. The BlockApps platform allows
Microsoft services supported by Representational State Transfer (REST) APIs to be presented under a
managed solution.
The company uses inorganic strategies by partnering with Ethereum to release Ethereum BaaS to help
financial services customers and partners. The partnership will help organizations use the Ethereum
blockchain technology and test it using the Azure platform and come up with blockchain solutions together.
Microsoft’s partnership with R3 CEV, a consortium of more than 40 banks, to use its BaaS offering has
helped Microsoft enter the BFSI vertical. Ethereum BaaS has been kept open to a variety of blockchain
protocols such as Hyperledger and Ethereum, as developed. The company is focusing on promoting
blockchain technology by allowing the users to use their service for free for a stipulated period of time
partnering with the banks, the company is trying to create awareness of the blockchain technology and
help organizations with its implementation which would be beneficial in increasing its clientele and overall
revenue.
13.2.4.2 SWOT analysis

FIGURE 36 MICROSOFT CORPORATION: SWOT ANALYSIS
STRENGTHS WEAKNESSES
Strong financial base and renowned brand name The investments in devices and infrastructure
Largest compliance portfolio in the industry, will increase operating costs, which will affect its
backed by the cloud platform operating margins
MICROSOFT CORPORATION
Expansion of data center presence in India and The company faces diverse competition from
Canada will create opportunities for business established companies, such as IBM and
intelligence and analytics Deloitte, and many start-ups/niche vendors
Acquisition of major companies in security, data, worldwide
and analytics will help it to strengthen cloud
platform and witness growth in revenue
OPPORTUNITIES THREATS
115
13.3 IBM CORPORATION

International Business Machines Corporation (IBM) was founded in 1911 and is headquartered in New
York, U.S. IBM is an established player and a globally renowned vendor for providing dedicated software,
hardware, and related services. The company’s major business segments include global services,
comprising Global Financing, Global Technology Services (GTS), Global Business Services (GBS), and
Systems and Technology, Software, and others. IBM caters to the diverse industries of communications,
BFSI, energy & utilities, hospitality, automotive, healthcare, retail, travel & transportation, metals & mining,
government sector, media & entertainment, and education. The company has a significant presence
across 175 countries, and mainly caters to the regions of the Americas, Europe, APAC, and MEA.
Business segments of IBM include Global Technology Services, Global Business Services, Software,
Systems Hardware, Global Financing, and others. The Global Technology Services segment offers IT
services such as strategic outsourcing, integrated technology, cloud managed services, and technology
support services. The Global Business Services segment delivers business value and innovation to the
clients through its capabilities in consulting and systems integration, application management services,
and process services. The software segment offers software capabilities such as websphere, information
management, Tivoli, workforce solutions, and rational which enables the client to integrate and manage
their businesses and also prevent from security breaches. The Systems Hardware segment offers hardware
technologies, such as servers, storage, and microelectronics that help its client operate their businesses
efficiently. The Global Financing segment provides financial solutions, such as client financing (finance
provided for the company’s products and services), commercial financing (finance provided to suppliers,
distributors, and remarketers of IBM products), and remanufacturing & remarketing that minimizes client’s
business risks effectively with respect to credit and residual value.
FIGURE 37 IBM CORPORATION: COMPANY SNAPSHOT

120 6.6%
Founded: 1911 6.42%
100 6.33%
R&D Expenditure (%)

6.4%
Headquarters: Armonk, U.S. 80
6.2%
Employees: 377,757 60
5.93%
6.0%
Revenue: USD 81.74 Billion 40
20 5.8%
R&D: USD 5.25 Billion 98.37 92.79 81.74
0 5.6%
Ownership: Public (NYSE: IBM) 2013 2014 2015

3%
9%
21%
Global Technology Services
39%
47% Americas Global Business Services
EMEA 28%
Software
APAC Systems Hardware
32%
21% Global Financing
Note: EMEA = Europe, Middle East, and Africa

116

The company offers the following solutions:
IBM Bluemix Garages for IBM Bluemix garage for blockchain combines industry expertise with blockchain
Blockchain technology along with Design Thinking and Agile Development, to deliver
business solutions that work.
IBM Blockchain on Bluemix helps developers create and manage blockchain
networks to power a new class of distributed ledger applications. Developers can
IBM Blockchain on Bluemix create digital assets and accompanying business logic to more securely and
privately transfer assets among members of a permissioned blockchain test
network. IBM has built its service on its open standards cloud applications
platform Bluemix.
Source: Company Website

July New Product IBM launched cloud services for blockchain on Linux-only secure server. The
2016 Launch business network on the IBM Blockchain cloud environment helps secure entry
points and fights against insider threats.
IBM opened blockchain innovation center in Singapore to accelerate blockchain
July adoption for finance and trade. IBM collaborated with Singapore Economic
Expansion Development Board (EDB) and the Monetary Authority of Singapore (MAS), to
2016
develop applications and solutions which are based on enterprise blockchain,
cyber-security, and cognitive computing technologies.
IBM opened Garage in SoHo, New York City for cloud developers, blockchain, and
June Recent other fast emerging technologies. IBM announced the opening of an IBM Bluemix
2016 Developments
Garage in New York City, which will help power the city’s growing concentration of
developers, entrepreneurs, and Fintech companies with cloud and blockchain.
April New Product IBM launched blockchain services for financial services, Government and
2016 Launch Healthcare on IBM Cloud that are designed to meet existing regulatory and
security requirements.
IBM launched Blockchain As-A-Service for developers which would help them to
February New Service explore the use of blockchain in the enterprise. The new services have been
2016 Launch
made available on IBM cloud and IBM Garages in London, New York, Singapore,
and Tokyo.
13.3.4 MNM VIEW

IBM Corporation, one of the world-leading IT companies, delivers industry specific products and services. In
2014, the company announced its strategic imperatives around four major areas: data & analytics, cloud,
mobile, social, and security. In 2015, the strategic imperatives, with the growth of 26% from 2014,
generated USD 29 billion, contributing approximately 35% to the IBM’s total revenue. In 2015, it invested
around USD 5,247 million of total revenue for R&D, focusing on high-growth and high-value opportunities.
The company also managed approximately USD 24 billion in 2015, in delivering feature-rich products to its
117
clients through its Global Process Services (GPS) business segment. The company is focused towards its
global R&D strategy to drive innovations, and spent USD 1.30 billion in 2015 to develop new technologies
and product enhancements.
Blockchain being an emerging technology, IBM has tried to fasten its adoption by making a new framework
for securely operating blockchain networks, as well as new services on the IBM Cloud that are designed to
meet existing regulatory and security requirements. Security being an important factor prohibiting the
acceptance of blockchain, IBM has started addressing the security needs by including Federal Information
Processing Standards (FIPS 140-2) and Evaluation Assurance Levels (EAL) in the industry to support the
use of blockchain in government, financial services, and healthcare. The company has already released
44,000 Lines of Code as Founding Member of the Linux Foundation’s Hyperledger Project for any
environment, and started offering services on Bluemix, IBM’s cloud platform, to help developers quickly
build applications using blockchain.
Blockchain being new to the market, IBM has started with the release of new products such as cloud
services on the linux only secure server and BaaS to establish itself in this niche market. IBM has also tried
to expand its global audience by opening an innovation center in Singapore to accelerate the blockchain
adoption for finance and trade in the APAC region. The collaboration with Singapore Economic
Development Board (EDB) and Monetary Authority of Singapore (MAS) would help IBM increase its client
base for the blockchain technology market. To establish its footprint in the blockchain technology market,
IBM opened IBM Bluemix Garage in New York in 2016 to help bring developers together for blockchain
development.

FIGURE 38 IBM CORPORATION: SWOT ANALYSIS
Dynamic business model, adopting to the Heavily dependent on Americas for revenue
continuously changing industry and economic Revenue decline in core business segments, such
environment as Global Technology Services and Global
Strong strategic organic investment and Business Services, which is in turn affecting the
acquisitions total revenue
Extensive integrated supply chain with active R&D
segment
IBM CORPORATION
Transforming cognitive solutions and cloud Impact on revenue due to rapid technological
platform company, which will capture the long- changes
term growth around the world Increasing competition from start-ups and niche
Watson IoT integrated with Blockchain could vendors across the globe
provides significant new opportunities in the
market
118
13.4 DELOITTE

Founded in 1845 and headquartered in New York, U.S., Deloitte provides audit, consulting, financial
advisory, risk management, tax, and related services to select clients. Deloitte comprises various firms and
each firm is a member of Deloitte Touche Tohmatsu Limited (DTTL), a U.K. private company limited by
guarantee. Every DTTL member firm provides services in particular geographic areas and is subject to the
laws and professional guidelines of the particular country or countries in which it operates. Deloitte has its
presence in more than 150 countries.
Rubix, a subsidiary of Deloitte, founded in Toronto, Canada in 2014, helps bridge the gap between
innovative nature of the blockchain technology and the complexity of existing enterprise system
environments. Rubix, launched after a year of R&D, helps companies to understand the future possibilities
using the blockchain technology. The Rubix team positioned itself as a blockchain infrastructure provider,
focusing on interoperability, scalability, performance, and security. Rubix helps developers create and
deploy decentralized distributed applications (Dapps) in a blockchain environment based on unique
industry and client needs. Rubix is backed by Deloitte and focuses on developing a full-stack blockchain
infrastructure which can then be used by clients as well as other Deloitte teams.
FIGURE 39 DELOITTE: COMPANY SNAPSHOT

36
35.2
Founded: 1845 35
34.2
Headquarters: New York, U.S. 34
Employees: 225,000 33 32.4
Revenue: USD 35.2 Billion 32
Ownership: Private 31
2013 2014 2015
Source: Company Website, Annual Reports

Rubix software platform is an Ethereum compliant full-stack blockchain infrastructure

Rubix Software Platform which is specifically designed to allow developers to create and deploy decentralized
applications in a blockchain environment that can be easily customized for unique
industry and business requirements.
119

August Deloitte entered into a partnership with Terepac Corporation, a company dealing with IoT
Partnership devices and data, to create a distributed ledger to allow manufacturers to follow the
2016
entire life-cycle of their products, as part of Internet of Things (IoT).
May Business Deloitte created an EMEA Financial Services blockchain lab in Dublin, and would employ
2016 Expansion 50 people over the next 18 months. This is part of FinTech initiative called the 'The Grid',
which constitutes a network of labs around the world.
May Deloitte partnered with startups BlockCypher, Bloq, ConsenSys Enterprise, and Loyyal
Partnership and Stellar. The partnership will help generate innovative solutions for building
2016
blockchain prototypes.
Deloitte and ConsenSys Enterprise entered into a collaboration to offer a digital banking
May suite of products to the financial services industry, underpinned by blockchain
Partnership
2016
technologies. The collaboration combines the strategic consulting experience of Deloitte
and ConsenSys Enterprise’s Ethereum-centric blockchain.
October Deloitte partnered with Colu, a blockchain startup to bring blockchain technology to new
Partnership markets. Colu uses the open protocol “colored coins” to define a tiny fraction of the
2015
bitcoin with a specific attribute which can now be used by Deloitte.
13.4.4 MNM VIEW

Deloitte has mainly followed an inorganic growth strategy to strenghten its position in the market by
combining the technologies created by five blockchain startups through partnership. The partnered
companies mainly focus on blockchain technology which being a niche market is very advantageous to
Deloitte. The partnered companies include BlockCypher, Bloq, ConsenSys Enterprise, Loyyal and Stellar.
The collaboration with Consensus has been beneficial as both companies can now combine the strategic
consulting experience of Deloitte with ConsenSys Enterprise’s Ethereum-centric Blockchain to come up
with innovative solutions in the blockchain technology market. The partnership with Colu has helped
Deloitte increase its product portfolio by including Rubix in its list of offered products.
120

FIGURE 40 DELOITTE: SWOT ANALYSIS
Strong brand visibility in consulting and audit Frail presence in the outsourcing market
services Low penetration in the APAC region
Global network and multidisciplinary portfolio
model
DELOITTE
Deloitte could help with global financial services Continued economic volatility and uncertainty,
owing to its financial and audit expertise causing financial risk
Strategic acquisitions would help to expand its Increasing geopolitical changes and regulatory
businesses in areas such as cognitive changes in various countries across the globe
technologies, cloud computing, digital
applications, cyber, risk, and crisis services
121
13.5 RIPPLE

Founded in 2012, Ripple is a distributed financial
technology company providing Internet Protocol (IP) COMPANY AT A GLANCE - 2015
technology known as Ripple which can be used by
Founded: 2012
banks to clear and settle transactions in real-time via
Headquarters: San Francisco, U.S.
a distributed network. Ripple solutions help reduce
the cost of settlement by allowing banks to transact Ownership: Private
directly. Ripple has its offices in San Francisco, New
York, London, Luxembourg, and Sydney. Ripple helps
with the implementation of Internet of Value (IoV) by Note: This is a privately held company. Hence no
allowing the exchange of value just like the exchange financial information is available in the public domain
of information. Prominent investors of Ripple include
Google Ventures, Andreessen Horowitz, CME Group, Santander Bank, and Seagate Technology. Ripple is
part of Federal Reserve’s Faster Payments Task Force Steering Committee and co-chairs the W3C’s Web
Payments Working Group.

The company offers the following products:
Category Product Features
Cross currency settlement helps sort cross currency payments by connecting all
Cross-currency Settlement banks globally. Cross currency settlement improves visibility and eliminates time
delays caused due to the involvement of various intermediaries during a currency
exchange.
Fx market making on Ripple help organizations enter the global payments market
Fx Market Making and provide liquidity for cross-currency trades. Real time settlements of trades
reduce volatility and risks involved in the trade.
Ripple Protocol Ripple’s distributed financial technology allows banks to directly transact with each
other without the need for a central intermediary.
122

September
Funding Standard Chartered invested in Ripple to a tune of USD 55 million.
2016
Ripple partnered with ATB Financial, the Canadian Imperial Bank of Commerce
June (CIBC), National Bank of Abu Dhabi (NBAD), Reisebank, Santander, UniCredit, and
Partnership
2016
UBS. The new partnering companies will use the Ripple technology for blockchain
implementation.
Ripple announced its partnership with R3 CEV, a leading blockchain innovation and
May development consortium group that has partnered with more than 40 financial
Partnership
2016
institutions. The partnership would enable R2 CEV to use Ripple’s protocol for
blockchain implementation.
Ripple obtained USD 28 million funding from AME Cloud Ventures, ChinaRock
May 2015 Funding Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity
Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures
and Venture51.
Business Ripple Labs expanded its horizons to include APAC to serve regional demand for
April 2015 Ripple’s real-time settlement protocol and connect to interested Ripple lab partners
Expansion
in U.S. and Europe.
Ripple Labs and Earthport, an organization focusing on cross-border payments
December entered into a partnership to integrate the Ripple protocol with Earthport’s
Partnership
2014
payments network and platform which would eliminate the need to pre-fund a
payment account while executing cross-border transactions.
13.5.4 MNM VIEW

The company being new to the market is gaining recognition among venture capitalists who invested USD
28 million and USD 3.5 million towards R&D in the company’s blockchain technology. The key strategy of
the company is to create awareness of the blockchain technology. The company mainly follows on organic
strategy by partnering with key financial institutions which use their Ripple protocol for blockchain
implementation. The partnerships will help Ripple increase its list of companies who would begin with the
implementation of blockchain technology thereby increasing its global audience. The company has also
initiated business expansion by introducing Ripple real time settlement protocol in the APAC region. The
partnership with Earthport has helped Ripple integrate its Ripple protocol with Earthport’s payment
network. This would help with creating an awareness of the blockchain technology among people.
123

FIGURE 41 RIPPLE: SWOT ANALYSIS
Specializes in infrastructure technology for The company only focusses on blockchain
financial settlement using a distributed approach technology and services and solutions offered are
Being continuously funded by prominent investors not diversified
such as Google Ventures, Andreessen Horowitz, The blockchain technology being offered by the
CME Group, Santander Bank, and Seagate company is in its initial phase and is still trying to
Technology attract a wide audience
RIPPLE
The blockchain technology is not only limited to Being a start-up company, it faces competition
bitcoins and is now finding its implementation from established key players such as IBM,
and use in other verticals as well Microsoft, and Deloitte, who also provide the
The group engages in business activities on same services
global scale and is not impacted by fluctuation in
exchange rates
124
13.6 CHAIN, INC.

Chain, Inc. was incorporated in 2014 and is
headquartered in San Francisco, U.S. The company is COMPANY AT A GLANCE - 2015
the leading provider of blockchain technology
Founded: 2014
infrastructure to financial institutions. It is privately
Headquarters: California, U.S.
held company having offices in California and New
York. Ownership: Private
Chain is an enterprise software company that

partners with leading financial firms to design and Note: This is a privately held company. Hence no
build blockchain networks. Chain developed and financial information is available in the public domain
maintains the Chain Open Standard, an open source Source: Company Website
blockchain protocol for high-scale financial applications. Chain's platform includes Chain Core, an
enterprise-grade production node and the Chain Sandbox prototyping environment.

Solutions Description
The Chain Open Standard was purpose-built to enable high-scale financial

applications to run on permissioned blockchain networks while meeting the
Chain Open Standard stringent regulatory, security and privacy requirements of the financial services
industry. It is pioneering a new consensus model, a privacy solution that
provides selective access to data, a smart contract framework, a scalable data
model, and a rich metadata layer.
Chain Core is implemented using the Chain Open Standard and is designed to
Chain Core run in enterprise IT environments. Chain Core helps institutions initiate, operate,
or connect to a Blockchain network.
Chain Sandbox Chain Sandbox allows development teams to build blockchain applications in a
hosted environment without deploying Chain Core on-premises.

May New Product Chain unveiled a new protocol called Chain Open Standard which can be used
2016 Launch for building a blockchain network that can handle and secure private
transactions in higher volume.
September Investors such as Visa Inc., Nasdaq Inc., Citi Ventures, Capital One Financial
Funding
2015
Corp., Fiserv Inc. and Orange SA invested USD 30 million in Chain.
June Nasdaq entered into a strategic partnership with Chain to test bitcoin technology
Partnership
2015
for trading of shares of private companies.
August Investors such as Khosla Ventures, RRE Ventures, Pantera Capital, Thrive
Funding
2014
Capital, and SV Angel invested USD 9.5 million in Chain.
125
July New Product Chain launched iOS API to provide fingerprint authorization to applications that
2014 Launch process bitcoins. The app is a demo and open source to help developers
implement it in their own applications.
13.6.4 MNM VIEW

The company offers products aimed at enterprise production systems (Chain Core) and developer
prototyping (Chain Sandbox). The Chain Open Standard is the set of protocols that the company has
developed that underlie their offerings. Chain’s products are geared towards high scale financial
applications and are built with the express purpose of digitizing financial assets.
The company has received nearly USD 45 million in funding from venture capital and strategic partners.
The company’s partners include NASDAQ, Visa, Citi, Capital One, Orange, and Fiserv. The Chain platform
enables its partner to design, deploy, and operate highly scalable blockchain networks with security,
privacy, and compliance requirements for financial institutions. The partnership with NASDAQ has resulted
in a network used for the trading of private market equity called NASDAQ Linq.
FIGURE 42 CHAIN, INC.: SWOT ANALYSIS
Chain’s protocols allow for secure, private, low- Only focus on blockchain technologies, which is in
cost, and programmable asset transfer its initial phase
Strong R&D capabilities to bring technological
innovations
CHAIN, INC.
Digitizing financial assets is appealing to a wide Competitive threats from well-established

range of financial players, ranging from the players, such as IBM and Microsoft
capital markets to payments space
Attracting investors from developing markets
would help the company in generating revenue
from that region
126
13.7 BTL GROUP (BLOCKCHAIN TECH LTD.)

BTL Group (Blockchain Tech LTD) was founded in
2015 and is headquartered in British Columbia, COMPANY AT A GLANCE - 2015
Canada. BTL is a public company presently reflected
Founded: 2015
on Toronto Stock Exchange (TSXV: BTL). BTL’s core
Headquarters: British Columbia, Canada
blockchain platform, Interbit, is a settlement platform
Ownership: Public (TSXV:BTL)
with a focus on privacy and scalability, using the
blockchain technologies in order to, amongst other
applications, send faster, cheaper and more efficient
payments abroad. Interbit makes use of distributed- Note: This is a privately held company. Hence no
financial information is available in the public domain
ledger-technology, Ethereum, and solidity smart Source: Company Website
contracts to dramatically improve efficiency across
several industries.
BTL offers blockchain solutions to businesses with advanced trading and settlement needs, such as
companies dealing with financial services, energy, and other commodity sectors. The blockchain
technologies are developed in-house predominantly in Vancouver, British Columbia. BTL’s first technology
platform in the remittance business is called XAPCASH which combined with BTL’s proprietary cross-border
settlement technology (Interbit) to create cost-effective “cash-in cash-out” settlement solutions from
Canada and the United Kingdom to target countries worldwide. BTL currently has offices in Vancouver
(Canada) and London (U.K.).
13.7.2 PRODUCTS OFFERED

Interbit is a blockchain remittance settlement platform with core focus on privacy and
Interbit scalability. Some of the world’s largest institutions are using Interbit to explore new
opportunities on the blockchain.
XAPCASH platform is leveraging the blockchain technology used to create rapid and cost-
XAPCASH Platform effective “cash-in cash-out” settlement solutions. The XAPCASH platform will connect
users in Canada and the U.K. with South America, south-east Asia and Africa.

January New Product BTL launched Interbit, a blockchain remittance platform. The remittance platform will
2016 Launch
help reduce costs incurred using traditional methods for fund transfer.
March BTL acquired XAPCASH Technologies Inc, a blockchain company. The acquisition
Acquisition
2016
would help add XAPCASH’s management and blockchain expertise to the BTL team.
BTL partnered with Fantasy 6 Sports Inc. to create a suite of blockchain services
September designed specifically for fantasy sports companies. This strategic partnership is
Partnership
2016
intended to combine Fantasy 6’s vision for technological leadership and innovation
in the fantasy sports industry.
127
BTL collaborated with Visa Europe Collab to explore potential applications for
September blockchain technology in the financial services ecosystem. The collaborated project
Collaboration would use BTL’s cross-border settlement platform, Interbit to explore the ways in
2016
which blockchain-based settlements can reduce the friction of domestic and cross
border transfers between banks.
November Business
2015 expansion BTL Group got publically listed on Toronto Stock Exchange as a Blockchain company.
128
13.8 GLOBAL ARENA HOLDING, INC. (GAHI)

Global Arena Holding, Inc. (GAHI) was founded in 2011 and is headquartered in New York, U.S. GAHC is a
public company presently being reflected on OTC Markets (OTCMKTS: GAHC). GAHC is a financial and
technology holding company which aims to acquire technologies, patents, and organizations which are able
to create an influence in the blockchain crypto technology. There are two subsidiaries of GAHC group;
Global Election Services, Inc. (GES), and GAHI Acquisition Corp. GAHI has acquired Blockchain
Technologies Corporation (BTC), which is accelerating blockchain related opportunities to various startups,
related to crypto innovation. This acquisition will facilitate GAHI’s customers to benefit from blockchain
technology offered by BTC. BTC is a software technology company that provides blockchain and
cryptocurrency services. The company aims to revolutionize the blockchain technology market and has
launched its first bitcoin voting machine which uses the concept of blockchain.
FIGURE 43 GLOBAL ARENA HOLDING, INC. (GAHI): COMPANY SNAPSHOT
12.00
Annual Revenue (USD Million)
9.61
Founded: 2011 10.00
Headquarters: New York, U.S. 8.00
Revenue: USD 9.61 Million 6.00

4.00 2.60
Ownership: Public (OTCMKTS: GAHC)
2.00
0.28
0.00
2013 2014 2015

BTC launched a voting machine as VoteWatcher. It is a blockchain voting system. With

VoteWatcher the help of this product, BTC wants to make that the voting system is transparent as
well as secure.
Digital Asset Vending
Equipment (D.A.V.E.) D.A.V.E is an advanced bitcoin ATM, which is used to sell bitcoins for cash.
129

GES entered in a business relationship with Smartmatic, a leading voting

September technology provider. GES with the help of Smartmatic’s software will analyze the
Partnership
2016
data and find out the people who voted whether they were eligible to vote for the
elections which would maintain a transparency across.
September Service BTC launched a product named VoteWatcher which takes the voting system to
2016 Launch another level with the help of blockchain technology. The voting system will be more
secure and a transparent process.
August BTC launched Digital Asset Vending Equipment (D.A.V.E) with the help of which the
Service launch
2016
users can buy and sell bitcoins for cash.
GAHI acquired BTC, a blockchain technology company which is taking the

October blockchain technology to another level. With this blockchain technology, the
Acquisition
2015
company is focusing on customizing apps, voting on Blockchain, time stamping and
notary, bitcoin ATM machines, self-executing wills and contracts.
130
13.9 DIGITALX LTD. (DIGITAL CC LTD.)

DigitalX Ltd was founded in 2014 as the first Blockchain based company publicly traded on a major stock
exchange (ASX.DCC). The Company is headquartered in Boston, Massachusetts. DigitalX is a blockchain-
based software company which focuses on the global digital payments industry by developing products and
services across the mobile bill payment and remittance vertical. DigitalX is creating new and innovative
software by leveraging Blockchain technology and the secure ledger system. With the launch of its unique
mobile application, AirPocket the company has targeted the digital bill payment and remittance sector, as it
allows the customers to make any cross-border transactions and send remittances in any currency all over
the world irrespective to the transaction size, time or location. The Company has launched a successful
B2B Blockchain application, DigitalX Direct which provides real time digital currency liquidity to institutions
and commercial operators. The company has offices in New Jersey and Australia.
FIGURE 44 DIGITALX LTD.: COMPANY SNAPSHOT
40 36.60
Annual Revenue (USD Million) 35
Founded: 2014
30
Headquarters: Boston, U.S. 25
Employees: 20 20
15
Revenue: USD 36.60 Million 10
4.40
Ownership: Public (ASX:DCC) 5
0
2014 2015

AirPocket is a mobile bill pay and remittance application providing low cost, secure, and
AirPocket instant transfers. The application is built using the blockchain technology and cloud-
based services to allow the platform to scale on demand.
DigitalX Direct is a business-to-business liquidity platform that is specifically designed to
DigitalX Direct provide real-time digital currency liquidity to institutional investors and large commercial
operators.
131

July DigitalX partnered with TransferTo to offer international airtime to over 4.5 billion
Partnership
2016
mobile phone users across 100 countries.
June Product DigitalX launched an AirPocket app which will offer money transfer services in a
2016 Launch cheaper way. The technology behind AirPocket is blockchain with the help of which
the users can become a remittance broker.
February DigitalX signed a Memorandum of Understanding (MOU) with a company in Mexico

Partnership which is a leading payment provider. This company will then allow its users to remit
2016
money in Mexico through AirPocket.
February DigitalX has partnered with Telefonica, a telecommunications company to promote

Partnership AirPocket app across Latin America by targeting via a direct SMS campaign to
2016
transfer mobile top-ups digitally.
January Business DigitalBTC signed a deal with Verne Global to expand its mining capacity. With the
2015 Expansion help of this, DigitalBTC will be able to reduce its operating cost and increase its
efficiency.
132
13.10 EARTHPORT

Earthport was founded in 1997 and is headquartered in London, U.K. It is a public company presently
being traded on London Stock Exchange (AIM: EPO). Earthport is a financial organization that provides
services such as secure international payments, money transfer, and foreign exchange. Specialties of the
services provided by the company include cross-border payments, distributed ledger technology, and
foreign exchange. Through its single managed payment service system, the company provides access to its
clients over 70 markets globally which removes the complexity faced by the clients in the many-to-many
model. The Earthport solution which is called as hub and spoke model delivers an innovative payment
framework for local and cross-border payment which renders a good payment experience for its clients as
it is cheap, fast, and a transparent process. The company supports trade, commerce, and remittance
operations to its clients across the globe. The company is spread over 60 countries having regional offices
in New York, Miami, Dubai, and Singapore.
FIGURE 45 EARTHPORT: COMPANY SNAPSHOT
25,000
Annual Revenue (USD Million)
21.19
Founded: 1997
20,000
Headquarters: London, U.K. 14.28
15,000
Employees: 161
Revenue: 21.19 USD Million 10,000
5.46
R&D Expenditure: 0.18 USD Million 5,000
Ownership: Public (AIM: EPO) 0
2013 2014 2015
6%
6% 16%
UK
North America Transactional

24%
Europe Professional
64%
Rest of the world
84%
133
13.10.2 SERVICES OFFERED

The company offers the following services:
Services Description
Technology
Compliance
Payment services FX & Treasury
Payments expertise
Network management

August Business Earthport partnered with Aftab Currency Exchange Limited (ACEL). This strategic
2016 Expansion partnership would help ACEL to become a global leader in money transfer business
as Earthport would act as a single connection point for global bank payments.
July Earthport partnered with Bank of the Bahamas to provide local payment services to
Partnership the Caribbean region. This partnership will increase its network and client base to
2016
serve the growing demand for payment services in the region.
Product Earthport launched EarthportFX, an Earthport payment network. This is a suite

July which helps its customers to gain direct access to the payment network, a payment
Development/
2016
Launch solution customized as per the need of the business and to manage all the
international payment transactions.
June Earthport partnered with Commercial Bank of Ceylon Plc to provide local payment
Partnership
2016
services to Sri Lanka. This partnership will strengthen its network in South-Asia.
June Agreement/New Earthport signed a collaborative deal with MoneyGram. Through the launch of the
2016 Service new service, MoneyGram would allow its customers globally to send money to any
RON account based in Romania.
Earthport announced its agreement with Ria Money Transfer, a money transfer
April company. This partnership would help Earthport to develop its product offerings and
Agreement
2016
Ria to gain access to Earthport’s global payment network which will enhance its
current bank deposit services.
March Earthport announced its partnership with FX4BIZ, a corporate FX provider. This
Partnership strategic partnership will help to increase presence of the company in the European
2016
region as a facilitator in cross-border payment via single API.
Earthport launched a real-time payment gateway which enables its customers for
August real-time cross-border payments via distributed ledger protocol. This distributed
Product launch
2015
ledger has benefits such as instant payment and liquidity, risk mitigation,
transaction cost efficiency, compliance friendly, and ease of adaptability.
Earthport announced its launch of Distributed Ledger Hub (DLH) which offers
January various solutions to banks with the help of which banks can easily switch in the
Product launch
2015
payment technology without investing a huge amount in compliance, infrastructure,
and operational requirements.
134
13.11 ABRA, INC.

Incorporated in 2014 and headquartered in
California, U.S., Abra, Inc., is a peer-to-peer, digital COMPANY AT A GLANCE - 2015
cash, money transfer app. The company is among the
Founded: 2014
first to use blockchain technology to create a mobile
application which can transfer digital money. The Headquarters: California, U.S.
company currently operates in the U.S. and the Ownership: Private
Philippines. Abra helps store digital cash in the phone
and transactions are published directly to the
blockchain via the phone. The advantages of using Note: This is a privately held company. Hence no
the Abra application for digital money transfer is that financial information is available in the public domain
the value of the bitcoin will not fluctuate with time Source: Company Website
and the interest rate is comparably low when compared to traditional mediums used for money transfer
such as western union, CapitalOne, and CreditExpert. To make the application accessible to the
consumers, Abra has launched a network of Abra tellers. Tellers sell and buy digital money, i.e. they act as
human Automated Teller Machines (ATMs). Consumers using the Abra services will be provided with ATM
cards which would allow them to add digital cash to their smartphone with their ATM card and pin. The
consumers who want to buy digital money from Abra need to provide a genuine ID proof whereas the
others do not need to register at all. The advantages of using the Abra services are that there is no
intermediary involved and no foreign exchange ever happens.

Abra mobile application uses blockchain technology to help transfer digital money
Abra Mobile Application globally using only a smartphone with no intermediaries like banks and financial
institutions involved.

October Venture Ratan Tata invested in Abra, as part of a Series A round for an undisclosed
2015 Funding
amount.
October Venture American Express invested in Abra, which also announced its launch in the U.S.
2015 Funding
and Philippines.
September Venture Abra has obtained USD 12 million in Series A funding. Investors in the round
2015 Funding
include Arbor Ventures, RRE Ventures, and First Round Capital.
135
13.12 BITFURY

Bitfury was founded in 2011 and is headquartered in
California, U.S. The company is an integrated Bitcoin COMPANY AT A GLANCE - 2015
blockchain security and infrastructure provider with
Founded: 2011
offices in San Francisco and Amsterdam. Bitfury
designs and develops full customable ASIC silicon
chips, Printed Circuit Boards (PCB), servers, and data Ownership: Private
centers which runs in data centers in Iceland and the
Republic of Georgia. Bitfury delivers both software
and the hardware solutions depending on the Note: This is a privately held company. Hence no
businesses, governments, organizations, and financial information is available in the public domain
individuals to securely move an asset across the
blockchain. Bitfury solutions provide successful, easy, fast, secure, and cost-effective connectivity to the
blockchain. Some of Bitfury's investors include iTech Capital, Georgian Co-Investment Fund, and Georgian
Co-Investment Fund. Bitfury's latest acquisition was Allied-Control.

Digital Assets PaaS is a blockchain-based framework that can assure privacy,

Digital Assets PaaS external auditing capability and authentication and also allow companies to use
this framework on their public blockchain.
Data Analytics It is a platform for blockchain analysis that utilizes complex machine learning and
data mining tools.
Lightning network is a peer-to-peer system of payment channels which is built on
Lightning Network top of the public blockchain that can facilitate fast and secure financial
transactions.
Property Rights Registration uses blockchain technology and distributed
timestamping services to build audit infrastructure on top of existing public
Property Rights Registration registries for property rights registration. Property Rights Registration can help
moderate the possibility of corruption by providing clients with secure and
verifiable electronic receipts.
Chain Hub Chain Hub is a web portal which can be used by beginners to learn about
blockchain technologies and ways to implement it in their business.
136

Bitfury invested USD 1.1 million in BitPesa, an exchange service provider in

March Business Kenya, Uganda, Nigeria, and Tanzania. BitPesa accepts bitcoin payments and
2016 Expansion
then exchanges the bitcoin for local currencies, which it then deposits into bank
accounts or mobile money wallets.
February New Product Bitfury launched 28nm Bitcoin Mining Application Specific Integrated Circuit
2015 Launch
(ASIC) which would help in the implementation of the blockchain technology.
May 2016 Funding Credit China invested in BitFury to jointly promote blockchain technology in China
to help strengthen information security.
Bitfury started the development of a previously announced prototype for a bitcoin-
January New Product enabled Internet of Things (IoT) device. The device will be open-sourced when
2016 Enhancement
completed. The bitcoin device would help integrate blockchain technology with
IoT devices.
December New Product Bitfury announced mass production of the fastest and most effective 16nm ASIC
2015 Launch Chip in the world. The device can be used for fast mining operations which are
carried out in any blockchain transaction.
June New Product Bitfury launched light bulbs that can mine bitcoins. Light bulbs would come with
2015 Launch an attached wallet for transacting with friends and would help users of all ages to
experience bitcoin blockchain ecosystem.
June Business Bitfury acquired a privatized land plot in the Republic of Georgia to build a
2015 Expansion technology park. Bitfury would build a mega data center to process transactions
using 28 nm and the upcoming 16 nm ASIC chips.
July New Service Bitfury launched a new hosted mining service for business customers. The
2014 Launch scheme will help customers to generate maximum returns on their investment.
40% of all bitcoins are mined using Bitfury-made chips.
137
13.13 COINBASE

Coinbase was incorporated in 2012 and is
headquartered in San Francisco, U.S. Coinbase is a COMPANY AT A GLANCE - 2015
digital currency wallet and platform provider company
Founded: 2012
where merchants and consumers can transact with
new digital currencies such as bitcoin and ethereum.
It is privately held company which served more than Ownership: Private
4.4 million customers, 4,000 merchant and 8,000
application developers.
Note: This is a privately held company. Hence no
The company’s product consists of bitcoin selling and financial information is available in the public domain
buying, Coinbase merchant, Global Digital Asset Source: Company Website
Exchange (GDAX), and Coinbase developers. Coinbase buys and sells digital currency such as bitcoin and
ether; using Coinbase merchants, the customers can access payment from anywhere in the world with low
prices. Global GDAX is the platform for professional digital currency exchange. Coinbase offers API that
merchants can use to enable transactions that are conducted in Bitcoin. The company has raised USD 117
million from world leading investors. As expansion policy, Bitcoin users in Canada can now buy and sell
bitcoin using Coinbase. The company’s bitcoin services are available in 27 countries in North America and
Europe. The company faces competition from Bitplay, Blockchain Limited, and Chain, Inc.

Global Digital Asset Exchange GDAX is a trading platform used for trading digital currencies such as bitcoin and
(GDAX)
Ether.
API for Developers The API provided by Coinbase helps developers to build applications and accept
currencies from both bitcoin and ether currencies.

September Business Coinbase included Singapore to the list of countries where exchange of bitcoins is
2015 Expansion made possible using its platform. Coinbase’s entry into Asia has started with
Singapore Dollars to buy bitcoin.
August Business Coinbase included Canada to the list of countries where exchange of bitcoins is
2015 Expansion made possible using its platform. By including Canada, Coinbase is now available
in 27 countries in North America and Europe.
September Business Coinbase expanded its services to U.K. With this expansion, Coinbase is bringing
2015 Expansion
both the exchange and consumer wallets to the British market.
138
Coinbase has raised USD 75 million in funding by including investors such as The
January New York Stock Exchange, USAA, BBVA (Spain), NTT Docomo (Japan), Valor
Funding Capital Group, Vikram Pandit, Tom Glocer, and Carlos Rodriguez Pastor.
2015
Returning investors included were Andreessen Horowitz, Reddit Capital, and
Union Square Ventures.
October New Product Coinbase launched an iOS app which allows iPhone users to buy, sell, and send
2013 Launch
bitcoins using only their mobile phone.
May 2013 Funding Coinbase obtained funding of USD 5 million from investment led by Union Square
Ventures.
February Coinbase entered into a partnership with Reddit, a social discovery and
Partnership discussion site which now allows its users to pay for “Reddit Gold” using bitcoin
2013
with Coinbase’s system.
139
13.14 CIRCLE INTERNET FINANCIAL LIMITED

Circle Internet Financial Limited is a peer-to-peer
payments technology company, founded in 2013 COMPANY AT A GLANCE - 2015
and headquartered in Massachusetts, U.S. The
Founded: 2013
company is backed by Fintech business venture to
Headquarters: Massachusetts, U.S.
help consumers deal with finance by providing
simple, free technology for storing, and using money. Ownership: Private
The company has released an application for iOS
and android users to help transfer bitcoins, US
Dollars, British Pounds, and Euros currency without Note: This is a privately held company. Hence no
any additional costs. The company uses open financial information is available in the public domain
internet standards and protocols including
blockchain to build mobile apps aimed at enabling greater ease-of-use in online and in-person payments.
Circle received an initial funding of USD 136 million from investors such as Goldman Sachs, Baidu,
CreditEase, IDG China, Breyer Capital, Accel and General Catalyst. The company holds offices in Boston,
San Francisco, Dublin, and London.

Solution Service
The payment application released for iOS and android users by Circle helps
Circle pay customers make bitcoin, US Dollars, British Pounds and Euros currency
transactions.

June Business Circle entered into the Chinese market with a separate company called Circle China.
2016 Expansion
The new company would help in increasing the present clientele of Circle.
Circle obtained USD 60 million from investors VC IDG Capital Partners, Breyer
June Capital, General Catalyst Partners, Baidu, CICC Alpha, China Everbright, Wanxiang,
Funding
2016
and CreditEase. The funds would help the company in establishing themselves in
China.
Circle obtained electronic money license by the British government. With the British
April Business license, Circle customers in the United Kingdom can implement cross-border
2016 Expansion
payments between US dollars and UK pounds (or vice versa), as well as bitcoin
payments.
September New Product Circle enhanced its application for iOS and android users by allowing users to also
2015 Enhancement link bank account and credit card information which would enable customers to
also transfer US dollars.
April Circle obtained an investment of USD 50 million from Goldman Sachs and IDG
Funding
2015
Capital Partners.
140
November New Product Circle launched an application for iOS and android users to send and receive
2014 Launch
bitcoin, the virtual currency
May New Service Circle launched a new service to allow customers to make instant bitcoin transfers
2014 Launch
without any additional costs.
141
13.15 DIGITAL ASSET HOLDINGS

The company was incorporated in 2014 and is
headquartered in New York, U.S. Digital Asset is a COMPANY AT A GLANCE - 2015
technology company that builds distributed,
Founded: 2014
encrypted straight through processing tools to
Headquarters: New York, U.S.
improve efficiency, security, compliance and
settlement speed. It is a private company having Ownership: Private
offices in New York, London, Sydney, Zurich and
Budapest.
Note: This is a privately held company. Hence no
The Digital Asset Platform can commit transactions to financial information is available in the public domain
multiple types of distributed ledgers, including Source: Company Website
permission less networks, permissioned or private networks, and traditional databases, depending on each
use case and the corresponding requirements. In addition to this, Digital Asset has its own domain specific
language known as the Digital Asset Modeling Language (DAML), which is a powerful alternative to smart
contracts for financial institutions to model and execute agreements with certainty and finality. Since
launch, Digital Asset has acquired four companies including Hyperledger, Bits of Proof, Blockstack, and
Elevence. Earlier this year, the company became a founding premier member of the Linux Foundation’s
open source Hyperledger Project, to help drive the adoption and standardization of distributed ledger
technology. The company’s customers include banks, dealers, exchanges, central securities depositories,
custodians, central clearing counterparties, and other critical infrastructure providers worldwide.

Digital Asset Platform Digital Asset Platform is a cross application technology platform used to build
business applications that enrich existing market infrastructure.
Digital Asset Modelling Language is a domain specific language to codify rights and
Digital Asset Modelling obligations, while providing a new, verifiable way for parties to a transaction to
Language
independently prove updates to a distributed ledger while preserving data
confidentiality.
142

April Digital Asset acquired Swiss startup Elevence, a technology firm that developed an
Acquisition expressive language for financial institutions to model and execute agreements with
2016
certainty and finality.
February Digital Asset raised approximately USD 70 million from 15 strategic investors
Funding
2016
including Goldman Sachs, ASX, JP Morgan, and IBM.
October Digital Asset acquired Blockstack.io, a firm that offered a Blockchain-as-a-service to

Acquisition
2015
enable financial institutions to develop applications on a private blockchain.
June Digital Asset acquired Hyperledger, a startup that enabled financial institutions to
Acquisition create multiple private blockchains across a known group of participants. Unlike
2015
other distributed ledgers, Hyperledger does not have an inbuilt crypto-currency.
June Digital Asset acquired Bits of Proof. Bits of Proof developed and deployed an
Acquisition
2015
enterprise level server to integrate blockchain technology into financial applications.
143
13.16 21, INC.

21 Inc. was founded in 2013 and is headquartered
in California, U.S. It is a privately held company which COMPANY AT A GLANCE - 2015
provides software that converts a computer into
Founded: 2013
bitcoin computer. It is a bitcoin trading platform. The
Headquarters: California, U.S
company has launched software named 21 which
Ownership: Private
permits any Internet connected device to join its
network 21 and can receive digital currencies. With
the help of 21, Bitcoin computer which is embedded
by a 21 mining chip enables the users to mine, buy, Note: This is a privately held company. Hence no
financial information is available in the public domain
faucet, earn, and sell bitcoins. Source: Company Website

App: With the help of 21, the users can send and receive bitcoins over the internet and
use them for various purposes.
21 Suite Marketplace: Trade API calls and get bitcoins.
Network: Here we can track the bitcoin earnings from various machines.
Library: Users can develop machine payable apps for themselves.
21 Bitcoin Computer The company launched a bitcoin computer; with this, the users can learn and
develop apps to buy, sell, and mine digital goods for bitcoins.

May 21 Inc. launched its software package 21. The idea behind this launch is to make
Product launch
2016
every computer a bitcoin computer.
March 21 Inc. launched a service named Ping 21; with the help of this, the users can
Service launch determine the uptime or latency of website on the 21 network from bitcoin
2016
computers.
March 21 Inc. launched a new offering named 21 Micropayments Marketplace. The users
Service launch would be able to create app with the help of which buyers and sellers can trade
2016
digital goods for bitcoins.
September 21 Inc. launched 21 Bitcoin computer with the help of which users can mine, sell,
Product launch
2015
and buy bitcoins.
144
13.17 INTELYGENZ

Intelygenz was founded in 2002 and is
headquartered in Madrid, Spain. It is a privately held COMPANY AT A GLANCE - 2015
company which offers services such as internet of
Founded: 2002
things & wearables, software development, cloud
Headquarters: Madrid, Spain
computing, web development, mobility, virtual reality
and support & maintenance services. The company Ownership: Private
has its offices in San Francisco, Lima and Bogota.
The company focuses on both fortune 500 firms and Note: This is a privately held company. Hence no
startups to grow. The company has partnered with financial information is available in the public domain
Google, Microsoft, Salesforce, Apple, Propelland, Source: Company Website
mongoDB etc. The company is developing new projects to work on blockchain technology with its
applications in smart contracts.
145
13.18 ALPHAPHOINT

AlphaPoint (est. 2013) is a privately-held FinTech
company providing blockchain solutions to firms and COMPANY AT A GLANCE - 2015
institutions. The company’s technology offerings
Founded: 2013
focus on digital asset exchange solutions, which
Headquarters: New York, U.S
enable clients and their customers to trade any
blockchain-based asset, as well as distributed ledger Ownership: Private
solutions, which enable financial institutions to
create efficiencies and reduce overall operational
risk. AlphaPoint’s team has over 125 years of Note: This is a privately held company. Hence no
combined experience architecting high-performance financial information is available in the public domain
systems for Deutsche Bank, NASDAQ, NYSE, UBS,
SIG, Morgan Stanley, Direct Edge, and others. Headquartered in New York City, the company also has
offices in Philadelphia and San Francisco.
AlphaPoint provides both a digital asset exchange solution, as well as a general-purpose distributed ledger
platform. AlphaPoint’s exchange technology features enterprise-grade throughput (over 1 million
transactions per second). It is highly modular by design and has been architected from the start to
interoperate with a variety of public and private blockchains. For certain markets, AlphaPoint offers
automated marketmaking solutions through its Remarketer product.
AlphaPoint’s distributed ledger platform provides financial institutions the building blocks to rapidly deploy
applications in the front, middle, and back office. Use cases include: post-trade processing; reference data
& master data management; secure file management; and regulatory compliance. AlphaPoint’s platform
boasts the following features: user-level & field-level access controls; institution-grade throughput &
latency; and highly-secure smart contracts.
In March 2016, AlphaPoint joined Microsoft’s Blockchain-as-a-Service platform. In June 2016, AlphaPoint
completed the FinTech Innovation Lab, an elite FinTech accelerator, operated jointly by the Partnership
Fund for New York City and Accenture (NYSE: ACN).
146
14 APPENDIX
14.1 INSIGHTS OF INDUSTRY EXPERTS
“North America is the dominant player in the blockchain technology market. The
growth of the market will remain competitive due to high venture capital investments
and high technology adoption rate in this region.”
“Transparency, immutability, faster cross-border transaction offered by blockchain

technology are the significant factors which are expected to drive this market globally
in the next five years.”
“Developing economies such as APAC and MEA are expected to play a vital role in the
growth of the blockchain technology market.”
Source: Primary Interviews
147
14.2 DISCUSSION GUIDE
Q. 1. Please brief us about your offerings specific to Blockchain Technology:
Q. 2. How does the Blockchain Technology market look like today, and where according to you is it heading i.e. how it
will look after 5 years?
Respondent Views: _________________________________________________________________
Q. 3. What are the top three drivers, challenges and opportunities in this market?
S. No. Drivers Challenges Opportunities
Respondent Views:
Q. 4. From our initial analysis, we observe a market size of ~USD180 Million to USD200 Million for Blockchain
Technology Market globally in 2016. Are you also tracking the same market value?
Q. 5. From our initial analysis, we observe a CAGR more than 50% for Blockchain Technology Market for the next five
years (2016 – 2021). Are you also tracking the same growth?
Q. 6. Please rate the following types according to their market share by proportion (%) in the total Blockchain
Technology market:
% of total Blockchain Technology % of total Blockchain Technology

S. No Blockchain Technology Market – Provider
Market- 2016 Market- 2021
1 Application and Solution Provider
2 Middleware Provider
3 Infrastructure and Protocols Provider
Total 100% 100%
148
Q. 7. Please rate the following types according to their market share by proportion (%) in the Blockchain Technology
services market:
% of total Blockchain % of total Blockchain

S. No Blockchain Technology Market – Application
Technology Market- 2016 Technology Market- 2021
1 Payments
2 Exchanges
3 Smart Contracts
4 Documentation
5 Digital Identity
6 Clearing and Settlement
7 Others
Total 100% 100%
Q. 8. Please rate the following types according to their market share by proportion (%) in the Blockchain Technology
services market:
Blockchain Technology Market – % of total Blockchain Technology % of total Blockchain Technology

S. No
Organization Size Services Market- 2016 Services Market- 2021
Large Enterprises
1
Small and Medium Enterprises

2 (SMEs)
Total
100% 100%
Q. 9. Which Region, according to you, is the largest in terms of market opportunity now and in the future? Please rate
the following regions according to proportion (%) of total Blockchain Technology market.
% of total Blockchain % of total Blockchain

S. No. Blockchain Technology – Regions
Technology Market- 2016 Technology Market- 2021
1 North America
2 Europe
3 Asia Pacific
4 Middle East and Africa
5 Latin America
Total 100% 100%
149
Q. 10. Please rate the following types according to their market share by proportion (%) in the total Blockchain
Technology market:
Blockchain Technology Market– Industry Vertical % of total Blockchain Technology % of total Blockchain Technology
S. No
Types Market- 2016 Market- 2021
Banking, Financial Services & Insurance
1
(BFSI)
2 Government and Public Sector
3 Healthcare and Life Sciences
4 Retail and ecommerce
5 Automotive
6 Media and Entertainment

Others (Energy, Travel, Transportation and
7
Logistics, Real Estate, Education)
Total 100% 100%
Q. 11. What are your innovations in this market? What are the key differentiators for you in this market?
Q. 12. Do you see a very tough competition from start-ups as well as established players like Microsoft and IBM in this
market? Please name and rank your 2 main competitors.
Q. 13. What would you like to see covered additionally in the report apart from the market segmentation in the report
structure attached?
Q. 14. What according to you would be top 2-3 burning issues for which you would like to see market research reports in
the future?
Q. 15. If you have to summarize the overall market landscape, then what it will be? Would you like to add anything or
comment on anything with regards to the Blockchain Technology Market?
150
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION

PORTAL
Knowledge Store contains MarketsandMarkets’ unique market insights. As a subscriber you have access
to all of the published titles and any new ones added over the course of the subscription period. You can
subscribe to specific number of reports or domains of your interest.
Knowledge Store enables you to:

View & download all subscribed reports from a single, online platform
Contact our analysts to answer any questions related to our reports or request a custom
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Get started now by requesting a demo and learning more about Knowledge store - https://www.mnmks.com/
MarketsandMarkets Knowledge Store Snapshot
151
MarketsandMarkets Knowledge Store: Information & Communication Technology
152
14.4 INTRODUCTION RT: REAL-TIME MARKET INTELLIGENCE

Revenue Tree (RT) is an interactive platform that systematically helps the user to enhance revenue by
identifying high potential growth markets and track the same on a real-time basis on a competitive,
customer-centric, ecosystem level.
The in-built intelligence of the tool auto-identifies the competitors, allied markets, market value, and
customers, and helps the user identify tangible hotspots of revenue growth, both in existing and new
markets. The unique feature of RT is the Ecosystem, which is linked across a wide range of industries and
markets.
Features and benefits of RT:

Visual presentation of market data
Real-time information on market trends and developments
Information specific to an application, type, or region
Competitive intelligence (by tracking developments of major players)
Forward integration in value chain to find potential clients
Comparison of two or more markets
14.5 AVAILABLE CUSTOMIZATIONS

With the given market data, MarketsandMarkets offers customizations as per the company’s specific
needs. The following customization options are available for the report:
Geographic Analysis
Further breakdown of the European Blockchain technology market
Further breakdown of the APAC Blockchain technology market
Further breakdown of the Latin America Blockchain technology market
Further breakdown of the Middle Eastern and African Blockchain technology market
153
AUTHOR DETAILS
Chandrasekhar K. He carries a rich experience of 18+ in the Information & Technology industry &
Vice President
has worked with the likes of Oracle & Bristlecone. With a experience in Big Data
Information Communication & Analytics, Cloud Computing (SaaS, PaaS, IaaS), Mobility (Android, iOS, Windows),
Technology
Social RoI, Application LifeCycle Services, Microsoft, Oracle, IBM, SalesForce , the
value he brings to each assignment at hand is exceptional.
Balaji Sreedhar With an experience of over 14 years, he has been associated with ICT research
Associate Director
for more than 10 years now. Prior to joining Markets and Markets, he has worked
Information Communication & with firms like Frost and Sullivan, AMI-Partners, TNS Market Research and global
Technology
IT major, IBM, where he worked for more than 5 years and his last role saw him
as Market Segment Manager. He holds a rich experience in the technology sector
working on a number of custom and syndicated research assignments with large
Multinational Organizations.
Sameer Bhatnagar The role encompasses handling syndicated and custom research projects in the
Research Manage
ICT domain. Having more than 14 years of experience with 10+ years in research,
Information Communication & Sameer joined MarketsandMarkets from Forrester Research where he was
Technology
working as a Consultant, serving the Business Technology (BT) Professionals role.
The role saw him working on varied consulting/custom-research projects and
communicating directly with clients, internal resources (i.e., sales, research), and
third-party vendors to address queries and manage expectations to create quality
deliverables. Sameer has single-handedly driven projects that include
deliverable’s in the shape of data modeling, trend analysis, end-user
requirements, competitive profiling, etc.
Contributors Dhaval Kate - Assistant Manager

Mohit Shrivastava - Senior Research Analyst
Sapan Shah - Senior Research Analyst
154
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BLOCKCHAIN TECHNOLOGY MARKET - GLOBAL FORECAST TO 2021

Copyright © 2016 MarketsandMarkets

2 RESEARCH METHODOLOGY ...................................................................................... 17

3 EXECUTIVE SUMMARY .............................................................................................. 26

4 PREMIUM INSIGHTS ................................................................................................ 30

6 INDUSTRY TRENDS .................................................................................................. 43

6.4 STRATEGIC BENCHMARKING ........................................................................................................45

7 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY PROVIDER ................................. 48

8 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY APPLICATION ............................. 53

9 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY ORGANIZATION SIZE .................. 64

10 BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS, BY INDUSTRY VERTICAL .................. 68

11 GEOGRAPHIC ANALYSIS ........................................................................................... 81

12 COMPETITIVE LANDSCAPE ..................................................................................... 101

13 KEY INNOVATOR PROFILES ..................................................................................... 112

13.3 IBM CORPORATION ....................................................................................................................116

13.10 EARTHPORT ................................................................................................................................133

14 APPENDIX .............................................................................................................. 147

TABLE 1 BLOCKCHAIN TECHNOLOGY MARKET SIZE AND GROWTH,

TABLE 24 BANKING, FINANCIAL SERVICES, AND INSURANCE: BLOCKCHAIN TECHNOLOGY

TABLE 50 ASIA-PACIFIC: BLOCKCHAIN TECHNOLOGY MARKET SIZE, BY APPLICATION,

FIGURE 1 BLOCKCHAIN TECHNOLOGY MARKET: RESEARCH DESIGN 18

FIGURE 30 NORTH AMERICA MARKET SNAPSHOT 84

Abbreviation Full Form

BCCC Blockchain Collaborative Consortium

BFSI Banking, Financial Services, and Insurance

BYOD Bring Your Own Device

CAGR Compound Annual Growth Rate

CEO Chief Executive Officer

CIO Chief Information Officer

CUNA Credit Union National Association

CUSO Credit Union Service Organization

FBSC Financial Blockchain Shenzhen Consortium

GPSG Global Payments Steering Group

KYC Know Your Customer

MEA Middle East and Africa

MoU Memorandum of Understanding

PoW Proof of Work

R&D Research and Development

SMEs Small and Medium Enterprises

VAR Value-Added Reseller

WSBA Wall Street Blockchain Alliance

1.1 OBJECTIVES OF THE STUDY

1.2 MARKET DEFINITION

1.3 MARKET SCOPE

1.3.1 MARKETS COVERED

Others*: This include supply chain management and content storage

1.3.2 YEARS CONSIDERED FOR THE STUDY

HISTORICAL YEAR BASE YEAR ESTIMATED YEAR PROJECTED YEAR

Note: e-estimated year, p-projected year

2.1 RESEARCH DATA

FIGURE 1 BLOCKCHAIN TECHNOLOGY MARKET: RESEARCH DESIGN

MARKET DRIVERS: MARKET OPPORTUNITIES:

• PARTNERSHIPS, AGREEMENTS AND COLLABORATIONS:

MARKET SIZE & FORECAST:

Source: MarketsandMarkets Analysis

2.1.1 SECONDARY DATA

2.1.1.1 Key data from secondary sources

Source: MarketsandMarkets Analysis

2.1.2 PRIMARY DATA

2.1.2.1 Key data from primary sources

TYPE PARAMETER KEY DATA POINT

Overall market and

The global market size for