Blockchain Distributed Ledger Global Market Report 2024

A blockchain distributed ledger refers to a database that is distributed among several computers, nodes, institutions, or nations that helps to increase data transfer speed, reduce the need for a third party in corporate operations, and improve capital optimization. The blockchain distributed ledger is used in making payments, smart contracts, supply chain management, compliance management, and trade finance.

The main types of blockchain distributed ledger are private blockchain and public blockchain. A private blockchain refers to a network managed by a network administrator where members get permission to join the network. The components include solutions and services. These are applied in payments, smart contracts, supply chain management, compliance management, trade finance, and other applications. The various end-user industries include BFSI, government and public sector, manufacturing, retail and e-commerce, media and entertainment, transportation and logistics, healthcare, and energy and utilities.

The Blockchain Distributed Ledger Market Research Report is one of a series of new reports that provides blockchain distributed ledger market statistics, including global market size, regional shares, competitors with a blockchain distributed ledger market share, detailed blockchain distributed ledger market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain distributed ledger industry. This blockchain distributed ledger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blockchain distributed ledger market size has grown exponentially in recent years. It will grow from $14.11 billion in 2023 to $22.92 billion in 2024 at a compound annual growth rate (CAGR) of 62.4%. The growth in the historic period can be attributed to emergence of cryptocurrencies, particularly bitcoin, desire for transparent and tamper-proof recordkeeping, increased interest in decentralized systems, growing concerns about security and trust in digital transactions, adoption of smart contracts and automation.

The blockchain distributed ledger market size is expected to see exponential growth in the next few years. It will grow to $161.34 billion in 2028 at a compound annual growth rate (CAGR) of 62.9%. The growth in the forecast period can be attributed to expansion of decentralized finance (defi), implementation of central bank digital currencies (cbdcs), growing importance of tokenization, increased use of blockchain in identity management, rise of non-fungible tokens (nfts). Major trends in the forecast period include interoperability between different blockchains, integration of privacy-enhancing technologies in blockchain, environmental sustainability and green blockchain solutions, hybrid and consortium blockchain implementations, integration of blockchain in supply chain management.

An increase in investments in private blockchain distributed ledger technology across the globe is expected to propel the growth of the blockchain distributed ledger market going forward. A blockchain distributed ledger is a digital ledger database of all transactions used in financial services spread across numerous nodes, computers, organizations, or nations and is accessible and controlled by one or more businesses all over the world. The private blockchain distributed ledger technology offers advantages such as permission blockchain access, full privacy for data transactions, centralized process, less energy, reduced transaction costs, and data redundancies, simplified document handling, and getting rid of semi-manual compliance mechanisms. For instance, in June 2022, Binance Labs, a UK-based venture capital firm, invested USD500 million in funds for blockchain, Web3.0 start-ups, and value-building technologies. The investment is intended for initiatives to advance the adoption of blockchain technologies and expand the use cases for cryptocurrencies. Therefore, an increase in investments in private blockchain distributed ledger technology is driving the blockchain distributed ledger market growth.

Increase in digital transformation is expected to propel the growth of the blockchain distributed ledger market going forward. Digital transformation is the process of leveraging digital technologies, strategies, and tools to fundamentally change how organizations operate, deliver value to their customers, and interact with their stakeholders. Blockchain distributed ledgers are instrumental in digital transformation by providing a secure and transparent way to manage data and transactions. Organizations leverage blockchain technology to streamline processes, reduce fraud, enhance trust, and enable the creation of digital ecosystems. From supply chain optimization to identity verification and smart contracts, blockchain plays a pivotal role in modernizing industries and facilitating the transition to more efficient, digital-driven operations. For instance, in November 2022, according to Zippia, a US-based online recruitment services company, $1.5 trillion was spent on digital transformation globally in 2021 and global spending on digital transformation is expected to reach $6.8 trillion by 2023. Therefore, increase in digital transformation is driving the blockchain distributed ledger market.

Major market players are concentrating their efforts on implementing the technologically advanced solutions in various end-use industries that aid in enhancing transparency and reducing costs by removing processing overheads. For instance, in June 2021, Broadridge, a US-fintech company, launched their DLT Repo Platform which is a blockchain-enabled DLR allows for the immobilization of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform. The distributed ledger platform's functionality considerably lowers the risk and operating costs associated with all repo activity. It can execute and settle repo transactions to give customers immediate advantages in the form of lower risk, lower operating costs, and increased liquidity while also hastening their digital transformation.

Major companies in the blockchain distributed ledger market are entering strategic collaborations and partnerships to sustain their position in the market such as the collaboration between R3 and Qatar Financial Centre. The partnership aims to help commercial banks and fintechs experiment with distributed ledger technology. For instance, in April 2023, R3, a US-based provider of digital financial services partnered with Qatar Financial Centre, a Qatar-based business and financial center to foster innovation and create an environment that supports the growth of fintech companies in Qatar. The partnership includes education and training around distributed ledger technology (DLT), including asset digitization, working groups around global regulatory moves, and for providing overall support for Qatar Financial Centre use of distributed ledger technology across the country.

In May 2022, Route Ledger Technologies Private Limited, an India-based cloud communications platform service provider, acquired the artificial intelligence-based blockchain and DLT platform from Teledgers Technology Pvt. Ltd. for an undisclosed amount. The acquisition is aimed at providing mobile network operators with encrypted messaging and distributed ledger technology solutions. Teledgers Technology Private Limited is an India-based blockchain software company operating in the blockchain distributed ledger market.

Major companies operating in the in the blockchain distributed ledger market report are AlphaPoint, Amazon Web Services Inc., Auxesis Services And Technologies Ltd., Digital Asset Holdings LLC, Earthport, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, iXledger, NTT DATA Corporation, Accenture PLC, Eris Industries, Visa Inc., Microsoft Corporation, Chain Inc., Blockchain Tech Ltd., Capgemini, Deloitte Touche Tohmatsu Limited, Global Arena Holding Inc., Ethereum, BitFuryUsa Inc., Coinbase Inc., Abra Inc., Walmart Inc., Monero, Binance, Ripple, Bitmain Technologies Holding Company, Circle Internet Financial Limited, BitGo

North America will be the largest region in the blockchain distributed ledger market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain distributed ledger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the blockchain distributed ledger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The blockchain distributed ledger market consists of revenues earned by entities by providing hybrid blockchain and consortium blockchain. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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