Blockchain-oriented Services Industry | Forecast 2030
The global blockchain-oriented services industry generated over USD 29.09 billion in 2021 and is expected to grow at a CAGR of 41.3% over the forecast period. The market is segmented based on type, application, end users, and industry. BFSI segment held the largest share of blockchain-oriented services revenue. Leveraging blockchain technology in businesses can improve operational efficiency in BFSI sector. For instance, digital asset owners such as cryptocurrency holders can earn interest on their assets without giving up control of their assets. Contrary to the traditional system, wherein depositors rely on banks to hold assets, digital asset owners leverage non-custodial wallets to hold their funds, representing an account on the blockchain network.
Access the Global Blockchain-oriented Services Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
One of the key elements expected to drive the growth of the market include the growing investments from venture capital firms in blockchain-oriented services companies. Additionally, the legalization of cryptocurrency encourages investors and business owners to invest more in blockchain-oriented services market. BTL Group Ltd, Chain, Inc, Circle Internet Financial Limited, and DeloitteTouche Tohmatsu Limited are some of the key players spearheading the growth of these applications.
Decentralized Finance Market Growth & Trends
The global decentralized finance market size is expected to reach USD 231.19 billion by 2030, expanding at a CAGR of 46.0% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The Decentralized Finance (DeFi) market is experiencing significant growth in terms of revenue attributed to the rapid technological advancements and continuous innovation within the crypto industry. In addition, the market’s expansion is propelled by the high level of transparency and real-time settlement capabilities offered by DeFi networks.
In April 2023, Life DeFi, a prominent decentralized finance ecosystem, unveiled its latest collaboration with a Web3 infrastructure provider, Validation Cloud. This strategic partnership aims to empower retail users by enabling them to easily stake their digital assets directly from the Life DeFi Wallet mobile applications. Leveraging the robust validator nodes offered by Validation Cloud, this collaboration ensures a seamless, trustworthy, and secure staking experience for users of the Life DeFi platform.
Order your copy of Free Sample of “Blockchain-oriented Services Industry Data Book – Decentralized Finance, Blockchain Messaging Apps, Decentralized Identity, Non-fungible Token, Web 3.0 Blockchain Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Blockchain Messaging Apps Market Growth & Trends
The global blockchain messaging apps market size is expected to reach USD 536.5 million by 2030, growing at a CAGR of 43.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for data privacy and increasing advancements in Web 3.0 across the globe is anticipated to drive market growth. For instance, according to the Electric Capital Developer Report 2021, more than 18,416 monthly active Web3 developers are working on open-source crypto and Web 3.0 projects.
The rapid rise in access to the internet and frequent development in internet speed with the deployment of the 5G and 6G technologies are further expected to fuel the market’s growth. For instance, according to DataReportal 2022, around 5.07 billion people worldwide have access to and use the internet, equivalent to almost 63.5% of the total world’s population. Furthermore, the inadequate security offered by traditional messaging platforms is expected to create demand for blockchain messaging apps owing to their high-security feature.
Decentralized Identity Market Growth & Trends
The global decentralized identity market size is projected to reach USD 102.00 billion by 2030, growing at a CAGR of 90.3% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising need for interoperability between different identity systems is accentuating the acceptance of decentralized identity. In today’s interconnected world, individuals often interact with multiple platforms and services that have their separate identity systems.
Decentralized identity solutions provide a standardized framework for identity verification that can be seamlessly integrated across various platforms, enabling interoperability and enhancing user convenience. Furthermore, the impulse for self-sovereign identity is an important driver for market growth. Decentralized identity solutions empower individuals with self-sovereign identities, giving them the freedom to manage and share their identity information as they see fit.
Competitive Landscape
The key players in the market are focused on strategies, such as mergers & acquisitions, partnerships, and collaboration to strengthen their market position. For instance, in December 2020, Ripple announced its partnership with Novatti, a fintech and digital payments company based in Australia. This partnership helped Novatti to enable real-time remittance between Asia and Australia. Additionally, they have obtained approvals to launch their products across various countries. In May 2019, Microsoft Corporation launched Azure Blockchain Services. The services helped users in the formation, management, and governance of consortium blockchain networks and allowed businesses to build applications based on the blockchain technology.
Blockchain technology has revolutionized many aspects of our lives, from financial transactions to supply chain management. One of the most intriguing applications of blockchain is tokenization, which has the potential to transform the way we perceive and interact with real-world assets.
In this blog post, we’ll delve into the concept of asset tokenization, its implications for real-world assets, and the broader impact it may have on various industries.
What is Tokenization?
Tokenization is the process of representing real-world assets or rights on a blockchain network using digital tokens. These tokens can represent ownership, equity, or access to assets, and are stored and transferred securely on a blockchain ledger.
There are several types of tokens, including utility tokens, security tokens, and asset-backed tokens. Each type serves a specific purpose within the tokenized ecosystem, facilitating transactions and enabling new forms of value exchange.
Real-World Assets and Tokenization:
Real-world assets encompass a wide range of tangible and intangible assets, including real estate, art, stocks, and commodities. Traditionally, these assets are illiquid and often require significant capital and administrative overhead to trade or transfer ownership.
However, with tokenization, these assets can be divided into digital tokens, allowing for fractional ownership and increased liquidity. While tokenizing real-world assets presents various challenges, such as regulatory compliance and asset valuation, the potential benefits far outweigh the obstacles.
Impact of Tokenization on Real-World Assets:
Tokenization has the potential to democratize access to investment opportunities and unlock liquidity in traditionally illiquid markets. By fractionalizing assets into digital tokens, investors can diversify their portfolios and access previously inaccessible markets.
Additionally, tokenization can streamline the process of asset trading and settlement, reducing friction and costs associated with traditional asset transactions. Real-world examples, such as tokenized real estate properties or artwork, demonstrate the transformative power of tokenization in unlocking value and creating new opportunities for investors.
Benefits and Use Cases of Real-World Asset Tokenization:
Tokenization of real-world assets offers numerous benefits and presents a wide range of use cases across various industries. Some of the key advantages and applications include:
Increased Liquidity: Tokenization enables fractional ownership of assets, allowing investors to buy and sell smaller portions of assets. This fractionalization increases liquidity in traditionally illiquid markets such as real estate and fine art, making it easier for investors to enter and exit positions.
Accessibility: By tokenizing assets, individuals can gain access to investment opportunities that were previously out of reach due to high minimum investment requirements. This democratization of access to assets opens up investment opportunities to a broader range of investors, promoting financial inclusion.
Cost Efficiency: Traditional asset transactions often involve high fees and administrative overhead. With tokenization, the process of buying, selling, and transferring assets can be automated through smart contracts, reducing transaction costs and eliminating intermediaries.
Diversification: Tokenization allows investors to diversify their portfolios by gaining exposure to a wide range of asset classes. From real estate and commodities to artwork and intellectual property, tokenized assets offer investors a way to spread risk and potentially enhance returns.
Transparency and Security: Blockchain technology provides an immutable ledger where transactions are recorded transparently and securely. This transparency reduces the risk of fraud and ensures that ownership rights are accurately represented, enhancing trust among market participants.
Role of Blockchain in Tokenizing Illiquid Assets:
Blockchain technology plays a crucial role in the tokenization of illiquid assets by providing a secure and efficient platform for asset representation and transfer. Some key aspects of blockchain’s role in tokenizing illiquid assets include:
Immutable Ledger: Blockchain’s distributed ledger ensures that records of asset ownership and transactions are tamper-proof and transparent. This immutable ledger enhances trust among participants and reduces the risk of disputes or fraudulent activity.
Smart Contracts: These Smart contracts are automated agreements where the terms are encoded directly into computer code, enabling self-execution. By leveraging smart contracts, tokenized assets can be programmed to automate various aspects of asset management, such as dividend payments, voting rights, and asset distribution.
Fractional Ownership: Blockchain enables the division of assets into smaller, tradable units, allowing for fractional ownership. This fractionalization increases liquidity in illiquid markets and enables a broader range of investors to participate in asset ownership.
Compliance and Regulation: Blockchain technology can facilitate compliance with regulatory requirements by providing a transparent record of asset ownership and transaction history. Additionally, blockchain-based identity solutions can enhance Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, ensuring compliance with regulatory standards.
Global Accessibility: Blockchain technology transcends geographical boundaries, enabling seamless transfer of assets across borders. This global accessibility opens up new markets and investment opportunities for both issuers and investors, further increasing liquidity and efficiency in asset markets.
Embracing Tokenization for a More Inclusive Financial Future
Tokenization marks a significant shift in our approach to understanding and engaging with tangible assets in the real world. By leveraging blockchain technology, tokenization has the power to unlock trillions of dollars in untapped value, democratize access to investment opportunities, and reshape traditional financial markets.
While challenges remain, the transformative potential of tokenization is undeniable, and its impact on the global economy is likely to be profound. As we navigate this new frontier, it’s essential for stakeholders to collaborate and innovate responsibly, ensuring that tokenization benefits all participants and contributes to a more inclusive and equitable financial system.
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Supply chain management is a 360-degree revolution across various industries like pharma, education, steel plant, construction, and food industry holds A-Z of industries but doing the right things is effective in supply chain management and thus smart contracts join hands to provide effective results. Let’s see what it can do.
What is a smart contract?
A smart contract is a self-executing predefined condition that automatically verifies fulfillment and enforces and performs the terms of the contract.
What is supply chain management?
Supply chain management is the management of the flow of goods, data, and finances related to a product or service, from the prospective source of raw materials to the delivery of the product at its final destination.
How do smart contracts work in supply chain management?
As we know, a smart contract in supply chain management is a self-executing digital contract that is stored on a blockchain and automatically terminates once it is achieved between parties involved in the supply chain.
How are smart contracts written?
Smart contracts are typically written using programming languages by technical experts who have the concerns compatible with the application with the blockchain platform on which they will be deployed so to write smart contracts we need a smart contract developer – likely BSEtec A leading blockchain development who has a pool of blockchain engineers and have developed most common platform for smart contracts is Ethereum you can check with mint trade “which uses a programming language called Solidity. Other platforms like Binance Smart Chain, Cardano, and Polkadot also have many more languages to write smart contracts based on requirement fits and can check their services more.
Steps for writing a smart contract:
Goal Scope: The initial step is to define the work scope, streamlining of the process, and likely goods and service info.
Selection of blockchain: Once the scope is defined, BSEtec will assist in selecting the appropriate blockchain platform for deploying the smart contract such as Ethereum, Binance Smart Chain, or others by considering its scalability, and security features required for supply chain management.
Set up the env: BSEtec smart contract engineers will install the necessary tools and set up a development environment for the chosen blockchain platform.
Smart contract code: For example, Solidity is commonly used for Ethereum-based smart contracts in Choose the programming language that supports the chosen blockchain platform to write the code for the smart contract.
Define the contract terms and conditions: Set up the terms and conditions of the supply chain protocol within the smart contract code specifying the conditions that need to be met for the contract to execute, such as delivery of goods, quality checks, quantity, and payment terms.
Compile and deploy the smart contract: Once the code is written, it needs to be compiled into bytecode that can be executed on the blockchain. After compilation, the smart contract can be deployed to the blockchain network in the platform.
Test the smart contract: The quality team tests the smart contract to ensure that it functions as intended. This includes testing its functionality, as well as simulating various scenarios to identify and fix any bugs or vulnerabilities.
Interact with the smart contract: Once deployed, the smart contract can be interacted with by sending transactions to it, triggering its functions, and executing its logic. ensures that the smart contract meets the specific needs of the supply chain and complies with relevant regulations and industry standards for payment processing, order fulfillment, and tracking of goods. Smart contracts can help to reduce the need for intermediaries, minimize the risk of fraud, and increase transparency and efficiency in the supply chain.
For example, a smart contract could be used to automatically release payment to a supplier once certain conditions, such as the delivery of goods or the completion of quality assurance checks, are met. Here’s a real-time example of a smart contract in supply chain management
Let’s say a company wants to purchase a Steel material from a supplier located in another country. The two parties can use a smart contract to automate the process and ensure that the terms of their conditions are met. This data will be stored in blockchain and includes the conditions that must be met before the contract is executed. Once the conditions are met, the smart contract would automatically release payment to the supplier and initiate the deliverable of raw material, The entire process would be transparent and secure, reduce the intermediaries and delay in payment release such as banks and freight forwarders, and minimize the risk of fraud or disputes between the parties
Overall, smart contracts have the potential to revolutionize supply chain management by providing a secure and automated way to manage and enforce agreements between different parties in the supply chain. Smart contact in the supply chain reduces the paperwork, theft, and data missing as it handles digitally, so if you are running a small business or a larger business you can upgrade your business by streamlining with smart contracts to keep your clients transparent and secure by reaching BSEtec – A leading blockchain development company who can navigate you step by step to achieve your target.