The global consortium blockchain market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. The market growth can be attributed to the rising need for innovation in global trade finance through new technologies and development to streamline the transfer of money and goods. Growing use of consortium blockchain in agriculture and food sector to enhance traceability of agriculture products and foods is also expected to propel the growth of the global consortium blockchain market. Besides, rapid adoption of consortium blockchain to improve supply chain management with improved peer-to-peer communication between participants. High investment by financial institutions to develop consortium blockchain platforms to improve operational efficiency and drive the growth of deposits, loans and payments is expected to boost the growth of the global consortium blockchain market.
Rising Implementation Across End-User Industries to Drive Market Growth
Enterprises across the world are rapidly adapting consortium blockchain, a hybrid of public blockchain (accessible for everyone) and private blockchain (accessible to one enterprise). The rising adoption of consortium blockchain among enterprises can be attributed to the growing need to meet the challenges of a particular industry by scaling the effect of cooperation and create an advantageous network that include business allies and competitors as well. With consortia, new players can join the formed structure and shared data rather than building everything from the scratch while also solve common problems together, which would save companies’ development costs and time. Finance and Banking sector is using blockchain consortium for issuance and trading of assets and KYC. A group of banks are creating a shared database, which they can use to identify and assess information through a distributed ledger. Consortium is emerging to an optimal solution for the logistics sector for product tracking and supply management. Hospitals and insurance companies are joining a consortium to speed up the insurance payment process and enable seamless and paperless process.
Growing Need of Security to Boost the Market Growth
Since its inception, the blockchain technology has become one of the core technologies for ensuring secure data sharing and storage. Public blockchain allows any individual to view, modify, and audit the blockchain while private blockchain is owned by an individual organization who grants access to the network for new users. Whereas consortium blockchain eliminate the individual or single autonomy of the private blockchain by having multiple entities in charge of consensus and decision making for the benefit of whole network of peers. Hence, information found at on the consortium blockchain platform is not permissible for access to the public but only the consortium participants, which ensure high-end security and builds level of confidence and trust for the platform clients. Enhanced focus of government and private organizations in digitizing systems and strengthening data security are anticipated to boost the growth of the global consortium blockchain market in the coming years.
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Market Segmentation
The global consortium blockchain market is segmented by application, organization size, business model type, platform type, end user, and region. Based on the application, the market is bifurcated into financial and non-financial. Based on organization size, the market is divided into large enterprises and SMEs. Based on business model type, the market is segmented into non-profit entities & profit entities. Based on platform type, the market is divided among hyperledger, corda, ripple, multichain & others. Based on end user, the market is divided among logistics, insurance, and healthcare, BFSI, government & others.
Market Players
Key players operating in the global consortium blockchain market are Contour Blockchain (Voltron), BankChain, Marco Polo Network, We.trade, B3i, FundChain, Hashed Health Collective, China Ledger, Financial Blockchain Shenzhen Consortium (FISCO), Enterprise Ethereum Alliance, among others.
| Attribute | Details |
| Base Year | 2021 |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Application · Organization Size · Business Model Type · Platform Type · End User |
| Regional scope | North America; Asia Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Poland; Denmark; Brazil; Argentina; Colombia; Poland; Denmark; Saudi Arabia; South Africa; UAE; Iraq; Turkey |
| Key companies profiled | Contour Blockchain (Voltron), BankChain, Marco Polo Network, We.trade, B3i, FundChain, Hashed Health Collective, China Ledger, Financial Blockchain Shenzhen Consortium (FISCO), Enterprise Ethereum Alliance |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
