The revolution of the blockchain technology is utilized to record the transaction of Bitcoin via a worldwide network of computers. It is an unremitting increasing list of blocks (records) that are associated and protected utilizing the cryptography. Each fresh block generated is linked to the preceding block via a cryptographic Hash. The blockchain technology has made maximum penetration in these five mentioned regions. The European Commission has contributed an effective amount on the Blockchain related projects.
The European Union has previously contributed more than USD 6 Mn on the start-ups who are functioning with the Blockchain technology. A European Blockchain observatory and opportunity hub started observing the prevailing Blockchain initiatives, inclinations and potential perils. The forum will generate more consciousness that will further fuel the acceptance in the economy. According to the report analysis, ‘EU5 Blockchain Technology Market (2018-2023)’ states that in the EU5 blockchain technology market, there are several key players which presently functioning more positively for leading the highest market growth and dominating the handsome value of market share more positively throughout the short span of time while increasing the applications of the technology, effectively safeguarding the sensitive information, decreasing the issues of the users, investing the handsome amount of money for increasing the applications and delivering the better consumer satisfaction includes Microsoft Corporation, IBM, Accenture, Deloitte, Capgemini, Cognizant, Tata Consultancy Services, VirtusaPolaris, Wipro, Ripple, Ethereum, Coinbase, IOTA and several others.
Nonetheless, as described by The European Insurance and Reinsurance Federation, Europe controls the global insurance market. An industry consortium has generated a Blockchain based solution for the insurance market to enable the simplified, transparent sharing of information and advanced customer efficiency.
Nonetheless, the potential players in the EU5 blockchain technology market are effectively focusing for enlarge the business premises, generating the handsome value of revenue and profit, scheduling to utilize the blockchain technology for trading unlisted securities, and adopting the effective strategies and policies.
Meanwhile, the nonexistence of public decision is preventing the EU5 regions from implementing the Blockchain technology in notwithstanding gigantic investments build by the European commission. The devolved representative of the Blockchain technology clatters with the European parameter on the personal data fortification. These aspects encumber the implementation of the technology.
Furthermore, some of the protuberant trends that the market is observing involve the great variabilities of the programmable platforms, huge number of applications around the numerous industries, current technological improvements of the blockchain technology, growth choices/investment opportunities.
Not only has this, the players in the EU5 blockchain technology market are investing the high value of amount for enlarging the business premises, decreasing the cost of the services, effectively spreading the awareness related to the applications and employing the skilled employees. Furthermore, the European Commission is slackening the regulation. It has generated a new task force commended with the Blockchain proficiency. The springiness of law are predicted to fuel the market in this economy.
The European Commission propelled EU Blockchain Observatory and Forum in February 2018. Its focus is to bring together several segments to progress new usage case of Blockchain and highpoint the foremost advantages of the Blockchain initiatives. Therefore, in the coming years, it is anticipated that the market of EU5 blockchain technology will increase more positively over the coming years.
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Ankur Gupta, Head Marketing & Communications