Latin America Blockchain Market Outlook 2027

Blockchain is a system in which a record of transactions made can be stored and maintained across several entities that are linked in a network. In 2008, Blockchain was introduces as a basic database software for bitcoin by unknown personnel named ‘Satoshi Nakamoto’. The combination of Blockchain with bitcoin made the first digital currency to solve many problems related transactions. Blockchain system does not require trusted authority or central server. Blockchain has become the first technology to solve the problem of double spending. Double spending is a flaw in a digital currency system in which the same single digital token can be used and spent more than once. Digital token differs from the physical cash as they consist of a digital file for their representation. This file can be copied, duplicated or falsified. Such double spending situation leads to pretense by creating new record of copied money which did not existed previously. Blockchain does not allow altering or replacing the data. Once details are registered, it cannot be tempered with. Blockchain technology is basically shared, immutable ledger that facilitates the process of recording transactions and tracking assets.

According to the research report Latin America Blockchain Market Outlook, 2027 the Blockchain market is growing rapidly.Latin America Blockchain market has forecasted to have CAGR of 55.61% in 2027. By the country, Latin America region is segmented into three major countries which are Brazil, Argentina and Columbia. Argentina is expected to acquire more market share in Latin America region. In order to conserve the savings from the inflation, Argentines became some of the early adopters of cryptocurrency in Latin America. Due to prohibitive foreign exchange policy, Argentina became a prime location for Blockchain and cryptocurrency adoption. Argentina introduced Blockchain start-ups which are using this technology for revolutionize contracts, finance and fundraising. One of the Latin America’s most important Blockchain start-up, Ripio is based in Argentina. This Blockchain helps small business process payments from international credit cards and bitcoin. It helps to make payments for all transactions. Latin America’s bitcoin is gaining access from north to south. Trading volumes in local bitcoin have also increased in major portion of Latin America region. Due to rise in crypto support, Blockchain could acquire an innovative change in Latin America. In Latin America, Blockchain innovation is publically released which represents the uncommon chance for the whole region. Latin America is also changing vision to other applications of Blockchain technology such as they are aiming to use cryptos as technical resources.

Based on the report, Latin America Blockchain market is segmented into three parts which are Public Blockchain, Private Blockchain and Hybrid Blockchain. Among these segments Public Blockchain is estimated to have maximum market growth. As public Blockchain provides more transparency to every citizen, public Blockchain is getting accepted by people. Decentralizing the financial sector and putting trust in distributed ledger means less reliance on corrupt intermediaries. For many years, Latin America has gone through numerous setbacks that have caused it to drift from an economical perspective. By adopting the Blockchain technology in their daily lives, Latin America is trying to overcome the major restraining factor in overall economy.

The COVID-19 pandemic presented various extraordinary challenges to states, economies and societies around the Latin America region. The first quarter of 2020 did not end with a positive note for Latin America. In this period of Covid-19 pandemic, Latin America region was also dealing with the consequences of a historic dengue epidemic and felt the impact of the oil pricing dispute between Russia, Saudi Arabia and other countries. As for Latin America, this time period became somewhere positive too. Some countries were relying on the latest technology to track the virus; Blockchain has been featured prominently in the fight against the current pandemic. It is well-known that different countries are identifying the necessity to generate a digital passport to facilitate and improve the transition to a post-pandemic world. Columbia has become the first Blockchain powered Covid-19 passport.

Major Companies present in the market:

IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.

Considered in this report

• Geography: Latin America
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report

• Latin America Blockchain market with its value and forecast along with its segments
• Country wise Blockchain market analysis
• Segment wise Blockchain Market
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report

• Brazil
• Argentina
• Columbia

By Types of Blockchain in the report:

• Public
• Private
• Hybrid

By Provider type in the report:

• Infrastructure
• Application & Solution
• Middleware

By Enterprise in the report:

• Large Enterprise
• Small & Medium Enterprises

By Application in the report:

• Banking & Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail and Ecommerce
• Transportation & Logistics
• Energy and Utilities
• Others (Insurance, Manufacturing, Travel, It & Telecom, etc.,)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, Key and innovative vendors related to Blockchain industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.