The driving factors for the growth of his market are reduced total cost of ownership and growing demand for distributed ledger technology. Growing demand for simplified business processes, increasing cryptocurrencies market cap and initial coin offerings, and creating transparency and immutability are also some of the factors also driving growth of this market. However, high adoption of blockchain for payments, smart contracts, the transformation of international trade and supply chain management, digital identities are anticipated to boost the growth of blockchain market in upcoming years. In addition, adoption of blockchain technology and increasing importance for communication service providers, and a new breed of programmable blockchain platforms would create beneficial market opportunities.
Some of the key players offering blockchain solutions include Amazon Web Services, BTL Group Ltd., Chain, Coinbase, Digital Asset Holdings LLC., Earthport PLC, Factom, International Business Machines Corporation, Microsoft Corporation, Ripple, Abra, AlphaPoint, and Bitfury Group Limited.