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Blockchain Market is Projected to Grow at a CAGR of 81% Globally from 2018 to 2023
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Blockchain, which is a decentralized digital database, supports participants when they confirm their transactions without the need for a central authority to approve/accept the transaction. Although this technology has been recognized mainly by digital currencies such as Bitcoin and other cryptocurrencies, it has several other applications in different aspects of life including in digital payments and e-wallets (which is supported by fintech; blockchain is one of the technologies used in fintech), agriculture, logistics, healthcare, real estate, cloud storage, education, public transportation, pharma, food and beverage, etc. Countries around the world including those in Southeast Asia are improving and updating their regulatory frameworks to provide a suitable and attractive environment for blockchain companies to keep pace with the fast-growing global blockchain market and reap the benefits of this technology.The global blockchain market is growing very fast and it is forecast that its market size will reach US$23.3 billion by 2023, representing a CAGR of 81% over the period from 2018 to 2023. The global fintech market also showed a significant increase in 2018, reflecting greater application of blockchain in financial services around the world. It is also predicted that the global fintech market will grow faster and its future market value looks promising. In countries covered in this study (Malaysia, Singapore, Thailand, and Vietnam) the future fintech market is forecast to be optimistic and promising considering the transaction values in each country.Countries in Southeast Asia are also trying to improve their regulatory environment to gain more benefits from different applications of blockchain technology.
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