What Makes Blockchains Preferable for Securing Online Financial Transactions?

The blockchain technology is gaining phenomenal growth in usage because of the shift toward the digital economy. This technology is widely used for securing online financial transactions, as with it, it is nearly impossible to cheat or hack a system. It can create a cross-national system of different participants, including NGOs, government bodies, any individual, and companies. Each of the entities involved with a blockchain has a verifiable record of all the transactions, and these records can only be altered with the participants’ consent.

This technology is virtually non-hackable due to its timestamp property, which is why it is becoming popular with banks, which are looking for options to enhance their data security by making their transactions impossible to be hacked and altered. Another key factor propelling the blockchain market is the integration of related solutions with the legacy system, for handling various functions served by the latter. These features offer an extreme level of security for anyone using this technology.

As a result, blockchain technologies are utilized for multiple non-financial and financial applications, among which it is utilized the most for payments. It is because digital identity applications will continue gaining popularity in the coming years as they help in eliminating the requirement for a central authority and third party. It will expand the need for blockchain-based management solutions used within any financial transaction. As per a December 2021 article in The Times of India, the value of digital transactions in India is likely to grow to $1 trillion by 2026 from $300 billion in 2021.

On the other hand, according to the estimation of market research company P&S Intelligence, APAC will also witness a massive rise in the demand for the blockchain technology, due to the heavy investments in designing such networks for minimizing labor costs. Moreover, the strongest driver for the APAC blockchain market is the rapid digitization in the region, led by India and China. With the increasing number of people with smartphones and internet access, online banking and shopping activities are rising, thus mandating the usage of this technology.

Hence, the shift toward the digital economy and increase in the requirement for securing online financial transactions are propelling the demand for the blockchain technology. 

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Blockchain Devices Market to Register a CAGR of 48.7% During 2020–2030

The market for cryptocurrency is expanding rapidly as corporate users in the banking, financial services, & insurance (BFSI) sector and government offices are increasingly adopting cryptocurrencies. Digital currency which is not regulated by any central authority is referred to as a cryptocurrency. No bank is involved in the transactions of these currencies and a decentralized system is in place for checking and validating every transaction. 

The concept of cryptocurrency became famous after the launch of Bitcoin, following which different companies started launching new cryptocurrencies. Since many retailers started accepting cryptocurrency as a mode of payment, the adoption of blockchain devices has also increased.

As per a report by P&S Intelligence, in 2019, the global blockchaindevices market generated a revenue of 0.3% billion and is projected to reach $23.5 billion by 2030, advancing at a 48.7% CAGR during the forecast period (2020–2030). 

Blockchain devices are designed for handling the blockchain technology transactions and work in the same way as blockchain technology, i.e. decentralized system or decentralized ledger. The primary application of the blockchain technology is cryptocurrency. Blockchain devices are used for both personal and corporate applications; however, the larger demand for blockchain devices is predicted to be created for corporate applications during the forecast period.

Different types of blockchain devices are point of sales terminals, blockchain smartphones, crypto automated teller machines (ATMs), and crypto hardware wallets. Some other types are blockchain gateways and pre-configured devices. Out of these, the largest demand during 2014–2019 was created for crypto hardware wallets, which are going to be the most in demand in the coming years as well, particularly because of the growing cryptocurrency market.

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As the number of transactions and cryptocurrency users are increasing, the requirement for securing cryptocurrency is rising as well. The users can use software-based and hardware-based wallets for keeping cryptocurrency safe. The fastest growth in demand is expected to be witnessed by crypto ATMs during the forecast period.  

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