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.
