A Blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
Blockchain is a distributed ledger that is broadly discussed as a technology with huge innovation potential in all areas of financial services. To date, it is largely in the banking arena where blockchain use cases have been identified. However, the blockchain technology also offers potential use cases for insurers that include innovating insurance products and services for growth, increasing effectiveness in fraud detection and pricing, and reducing administrative cost. In these application areas insurers could address some of the main challenges they are facing today – such as limited growth in mature markets and cost reduction pressures.
Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what's known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.
The factors major driving the Block chain market is growing awareness of cryptocurrency. Key companies in the industry are IBM Corporation (U.S), Microsoft Corporation (US), Amazon AWS (U.S) and SAP SE (Germany) holding the significant market share because of its better global presence at an operational level.
North America emerged as the most-lucrative market for blockchain distributed ledger, due to the extensive adoption of this technology in the BFSI and retail & e-commerce sectors. The U.S. accounted for highest market of bitcoin and blockchain deal share owing to US-based bitcoin and blockchain startups. North America is the largest contributor to the global blockchain distributed ledger market, owing to developments in the automotive and media & entertainment industry for the adoption of advanced technology.
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