- Blockchain technology is being used in the government sector to create transparent, open, and collaborative networks. Technology has the ability to improve government services and create more transparent relations in governments.
- Additionally, blockchain technology allows for secure data sharing while also making it visible and absolute for all participants. The government’s role in regulating blockchain-based transactions is gradually rising in order to improve corporate decision-making, simplify compliance and regulatory management, and reduce overall costs. This is expected to boost the growth of the blockchain in government market.
- Furthermore, the extensive adoption of blockchain technology in various application areas such as identity management, voting, and smart contracts, as well as rapidly transforming business processes in government agencies and increasing venture funding and investments in blockchain technology, will provide growth opportunities for blockchain in government market vendors.
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Global Blockchain in Government Market: Dynamics
Global Blockchain in Government Market: Key Drivers
- The blockchain in government market is being driven by the rapid interest in blockchain technology, increasing government sector adoption, increasing instances of fraudulent activities in the public sector, increase in the use of blockchain technology to create transparent and decentralized governments, the need to protect data from tampering, and an emphasis on efficiency and speed in public sector transactions.
- Furthermore, blockchain in government technology is utilized to minimize bureaucracy, waste, and tax fraud while also improving service delivery. Digital cash transactions can assist in the transformation of government-to-citizen financial transactions.
- Secure supply chain management and smart contracts are features of the blockchain in government system, where contracts are automatically validated, signed, and enforced using a blockchain concept. As a result, the blockchain in government market is expected to expand.
- Moreover, blockchain technology has seen widespread adoption due to increased infrastructure development and the expanding acceptance of advanced technologies in the government sector, resulting in hyper connection. This, in turn, is expected to drive the blockchain in government market.
North America to Account for Major Share of the Global Blockchain in Government Market
- In terms of region, the global blockchain in government market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- In terms of technology adoption and infrastructure, North America is recognized as the most advanced region. Presence of a large number of significant blockchain technology solution providers in the region is the primary driving force behind the blockchain in government market. Payment and wallet solutions, smart contracts, and digital identity detection solutions are all being implemented by government agencies, necessitating the use of blockchain technologies. The presence of big firms in the region is also enhancing the blockchain in government market.
- Furthermore, Asia Pacific is predicted to be the fastest growing market during the forecast period due to rising use of digital payments, digital wallets, and smart contracts. In recent days, governments in countries such as India Japan, and China have undertaken the deployment of blockchain technology. Governments of these countries are supporting the use of blockchain due to the massive benefits it provides to a variety of industries, including enhanced transparency and efficiency. This is anticipated to drive the blockchain in government market in this region.
Global Blockchain in Government Market: Competitive Landscape
Key Players Operating in the Global Blockchain in Government Market
Providers of blockchain in government are implementing development strategies to enhance their presence and consolidate their share in the market. Blockchain in government providers have adopted major growth strategies such as product acquisitions, partnerships, and launches, forming regional and global distribution networks in order to expand their presence in the market.
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Key players operating in the global blockchain in government market include:
- IBM Corporation
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- Deloitte Touche Tohmatsu Limited
- Infosys Limited
- Accenture Plc
- Amazon Web Services, Inc.
- Auxesis Group
- Intel Corporation
- Bitfury Group Limited
- BLOCKO Inc.
- Brainbot Technologies AG
- BigchainDB GmbH
Global Blockchain in Government Market: Research Scope
Global Blockchain in Government Market, by Providers
- Application Providers
- Middleware Providers
- Infrastructure Providers
Global Blockchain in Government Market, by Application
- Asset Registry
- Identity Management
- Smart Contracts
- Others (Healthcare, Public Transport, and Supply Chain and Logistics)
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