Blockchain Press Releases
Blockchain Government Market to Reach $218.6 Billion, Globally, by 2032 at 56.8% CAGR: Allied Market Research
The global blockchain government market is driven by factors such as the rise in interest of the government sector in adopting blockchain technology, the increase in need to protect against data tampering, and the surge in blockchain technology’s utility to form transparent and decentralized governments.
PORTLAND, Ore., July 4, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Blockchain Government Market by Provider (Application Providers, Middleware Providers, Infrastructure Providers), by Application (Identity Management, Asset Registry, Smart Contracts, Payments, Voting, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global blockchain government industry generated $2.5 billion in 2022 and is anticipated to generate $218.6 billion by 2032, witnessing a CAGR of 56.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global blockchain government market is driven by factors such as the rise in interest of the government sector in adopting blockchain technology, the increase in need to protect against data tampering, and the surge in blockchain technology’s utility to form transparent and decentralized governments. However, a lack of awareness regarding the blockchain technique negatively impacts the growth of the blockchain government market. In addition, a lack of a common set of regulatory standards, an uncertain regulatory landscape, and a lack of awareness and technical understanding about blockchain technology hinder market growth. On the contrary, the increase in adoption of advanced technology in infrastructure development and the government sector is expected to provide lucrative opportunities for the blockchain government market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.5 Billion |
|
Market Size in 2032 |
$218.6 Billion |
|
CAGR |
56.8 % |
|
No. of Pages in Report |
233 |
|
Segments Covered |
Provider, Application, and Region |
|
Drivers |
Rise in interest in the government sector in adopting blockchain technology |
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Increase in the need to protect against data tampering |
|
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Surge in blockchain technology utility to form transparent and decentralized governments |
|
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Opportunities |
Increase in career paths in blockchain technology |
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Restraints |
Lack of awareness regarding blockchain technology |
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Dearth of skilled professionals |
COVID-19 Scenario:
- The pandemic accelerated the need for digital transformation in government operations. As governments faced the challenge of providing efficient and secure services in a remote and contactless environment, the demand for blockchain solutions increased. Blockchain government providers were well-positioned to offer their expertise and services in enabling secure digital processes, such as digital identity verification, secure data management, and remote voting.
- In general, the pandemic accelerated the investigation of voting systems based on blockchain technology as an alternative to traditional methods. As a result, the COVID-19 pandemic has had a positive impact on the government blockchain market.
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The infrastructure providers segment to maintain its leadership status throughout the forecast period-
Based on provider, the infrastructure providers segment held the highest market share in 2022, accounting for nearly half of the global blockchain government market revenue, and is estimated to maintain its leadership status throughout the forecast period. with a growing trend towards cloud-based infrastructure in the blockchain government market. Infrastructure providers are leveraging cloud computing services to offer scalable and flexible infrastructure solutions to government agencies. However, the application providers segment is projected to manifest the fastest CAGR of 62.9% from 2023 to 2032. Application providers are developing customized blockchain solutions that address the unique requirements of government operations. They work closely with government agencies to understand their pain points, regulatory frameworks, and security concerns, and then design blockchain applications that align with those requirements.
The payments segment to maintain its lead position during the forecast period-
Based on application, the payments segment held the highest market share in 2022, accounting for more than one-third of the global blockchain government market revenue, and is projected to maintain its lead position during the forecast period. This is due to the fact that blockchain technology offers increased security and immutability, which are crucial for secure government payments. Blockchain-based payment systems provide secure cryptographic protocols and distributed ledger technology that make it difficult for malicious actors to tamper with transaction data. However, the voting segment would display the fastest CAGR of 65.3% from 2023 to 2032. This is because blockchain enables remote and mobile voting, allowing eligible voters to cast their votes from anywhere using digital devices. This helps to overcome geographical barriers, improve accessibility for people with disabilities, and encourage broader participation in the democratic process.
Europe region to rule the roost in terms of revenue by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global blockchain government market revenue. This is because governments in North America are increasingly conducting pilot projects and proof of concepts to explore the potential of blockchain technology. These initiatives allow governments to test the feasibility and benefits of blockchain in specific use cases before implementing them on a larger scale. Examples include blockchain-based voting trials and land registry experiments. On the other hand, the Europe region is projected to rule the roost in terms of revenue during the forecast period. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 60.8% from 2023 to 2032. The growth is attributed to blockchain technology, which offers transparency, traceability, and efficiency in cross-border trade and supply chain management. Governments in the region are adopting blockchain solutions to enhance customs processes, reduce fraud, and streamline trade finance, contributing to increased efficiency and economic growth.
Leading Market Players: –
- Bitfury Group Limited.
- IBM
- Microsoft
- Oracle Corporation
- SAP SE
- RecordsKeeper
- Infosys Ltd.
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- BLOCKO Inc.
The report provides a detailed analysis of these key players in the global blockchain government market. These players have adopted different strategies, such as partnerships, product launches, and expansion, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blockchain government market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of blockchain government market overview.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the blockchain government market segmentation assists in determining the prevailing blockchain government market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global blockchain government market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/blockchain-government-market/purchase-options
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Blockchain
Blocks & Headlines: Today in Blockchain (Ethereum, Quantum Emotions, Pepeto, Zeus Investments, AgileGTM)
Ethereum’s Challenges Highlight the Importance of Blockchain Integrity
Ethereum, once hailed as the undisputed king of smart contract platforms, is facing mounting criticism over scalability issues and increasing centralization concerns. Critics argue that Ethereum’s looming challenges serve as a cautionary tale about the importance of maintaining blockchain integrity in the pursuit of innovation.
The network’s shift to proof-of-stake has introduced debates about validator centralization and network control. As transaction fees remain high and competition from newer blockchains intensifies, Ethereum’s journey underscores the delicate balance between growth and decentralization in the blockchain ecosystem.
Source: Bitcoin Magazine
Quantum Emotions Introduces Revolutionary Quantum Wallet
Quantum Emotions, a pioneering quantum technology firm, has unveiled its groundbreaking quantum wallet designed to provide unprecedented security for blockchain users. Leveraging quantum random number generators, the wallet ensures ultra-secure private key management and protection against emerging quantum threats.
As the blockchain industry prepares for a quantum computing era, innovations like this wallet highlight the need to future-proof digital assets. Quantum Emotions’ solution is a step forward in safeguarding the integrity of blockchain transactions in an increasingly complex technological landscape.
Source: Finance Yahoo
Pepeto Simplifies Cross-Chain Trading for Blockchain Users
Pepeto, a trailblazer in the blockchain space, is revolutionizing cross-chain trading with its user-friendly platform. By simplifying blockchain transfers across different networks, Pepeto addresses a significant pain point for users navigating the complexities of decentralized finance (DeFi).
The platform’s intuitive interface and efficient protocols enable seamless asset transfers while reducing transaction costs and processing times. As interoperability becomes a crucial factor in the blockchain sector, Pepeto’s innovation is set to reshape how users interact with decentralized ecosystems.
Source: Bitcoinist
Zeus Investments Launches Blockchain Research Division
Zeus Investments has announced the launch of its dedicated blockchain research division, aimed at driving innovation and identifying strategic opportunities in the blockchain sector. The division will focus on exploring emerging technologies, evaluating market trends, and fostering partnerships with industry leaders.
By committing resources to blockchain research, Zeus Investments signals its belief in the transformative potential of decentralized technologies. This initiative underscores the growing interest among traditional financial institutions in harnessing blockchain’s disruptive capabilities.
Source: Finance Yahoo
AgileGTM Blockchain Fund Secures $2M in First Close of $10M VC Fund
AgileGTM has achieved a significant milestone by securing $2 million in the first close of its $10 million pan-European blockchain venture capital fund. The fund aims to support early-stage blockchain startups across Europe, focusing on innovative solutions in areas such as DeFi, NFTs, and enterprise applications.
This development highlights the increasing appetite for blockchain investment and the role of venture capital in accelerating the growth of the industry. AgileGTM’s initiative reflects the potential for blockchain to drive economic transformation and innovation across diverse sectors.
Source: Tech.eu
The post Blocks & Headlines: Today in Blockchain (Ethereum, Quantum Emotions, Pepeto, Zeus Investments, AgileGTM) appeared first on News, Events, Advertising Options.
xPortal, the AI-powered DeFi super-app, has acquired Alphalink, a Berlin-based Web3 startup recognized for delivering delightfully simple crypto experiences through its mobile app. The acquisition marks a major milestone in xPortal’s goal to simplify crypto and financial investing.
With over 2.5 million users and a 4.8-star rating from 70K+ app store reviews, xPortal combines crypto, real-world functionality, and AI into a single, user-friendly mobile app.
xPortal launched in 2023 as the wallet for the MultiversX blockchain (prev. Elrond) and quickly expanded into multi-chain territory, integrating Bitcoin, Ethereum, Solana, Polygon and more.
As part of its growth strategy, xPortal is raising capital in an anticipated oversubscribed round while making a full-scale push into AI, expanding into the U.S. and launching a native token to its ecosystem
Active xPortal users will also benefit from lucrative opportunities that will further fuel the ecosystem.
Empowered Leadership
Through the acquisition, xPortal brings seasoned FinTech and crypto innovators Marko Bradic as Co-founder and Chief Product Officer (CPO) and Mohit Tilwani as Co-founder and Chief Technology Officer (CTO) to complement the dream team together with Sergiu Biris, Co-founder and CEO of xPortal.
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Marko Bradic (ex-CEO of Alphalink) previously scaled Trade Republic – the $5B European Robinhood backed by Sequoia – to 4 million users, €180 million in annual revenue, and €35 billion in AUM.
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Mohit Tilwani (ex CTO of Alphalink) brings over a decade of engineering experience to xPortal. Served as the first engineering lead at Trade Republic, he scaled systems to support 8 million customers.
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Sergiu Biris (CEO of xPortal) is a serial entrepreneur with over 20 years of experience. He was the co-founder of LiveRail, a video advertising platform acquired by Facebook (now Meta) in 2014 for $500 million.
“Marko and Mohit’s experience in building and scaling world-class fintech products aligns perfectly with xPortal’s mission to make crypto easy to use and accessible to everyone. Their expertise strengthens our vision of blending crypto and AI with real-world utility. I’m extremely excited about what we’re going to be building together in the years to come.” – Sergiu Biris, Co-founder and CEO of xPortal
Beniamin Mincu, Co-founder and CEO of MultiversX added: “Through the acquisition of Alphalink xPortal is taking a bold step towards the future. One where crypto is merging with AI to deliver the best experiences to everyday users. xPortal started as a core part of MultiversX and, driven by this team of world class founders, is now becoming independent, creating its own story. I believe xPortal is poised to drive global crypto adoption, bringing unparalleled value to its users and the broader Web3 space.”
DeFi to DeFAI: What if your money had Brains?
Leading the paradigm shift from DeFi to DeFAI, xPortal is transforming how users interact with money. Making crypto easy and accessible for everyone, xPortal is building a vertically integrated network of specialized DeFAI agents that work autonomously, simplifying complex user tasks and removing onboarding and engagement friction through seamless chain management.
With features like effortless on-off ramps, cross-chain trading, staking, Web3 dApp integration, and Mastercards for everyday payments, the super-app bridges the gap between crypto and real-world utility.
The post xPortal Acquires Alphalink to Drive Innovation at the Intersection of AI and Crypto appeared first on News, Events, Advertising Options.
Blockchain
Humanity Protocol and Open Campus Partner to Integrate Achievements and Interoperable Credentials for Decentralized Education
Humanity Protocol, the leader in on-chain Proof of Humanity (PoH) and decentralized identity, is thrilled to announce its strategic partnership with Open Campus (EDU), the Web3 education protocol.
This collaboration will redefine digital identity and credentialing for learners, educators, and developers, enabling interoperable, privacy-preserving credentials that can be seamlessly used across decentralized ecosystems.
Humanity Protocol’s Self-Sovereign Identity (SSI) framework and Proof of Humanity (PoH) technology ensure Sybil-resistant, verified human authentication for Web3 applications. Open Campus complements this by empowering users with tools to issue, manage, and utilize education-related credentials through its Open Campus ID and Achievements System.
Together, the two projects aim to unlock a future where identity and educational credentials are secure, interoperable, and privacy-focused.
At the core of this partnership is the integration of Open Campus Achievements and Open Campus ID with Humanity Protocol’s decentralized identity graph. This integration ensures that credentials issued on Open Campus are validated and interoperable, allowing users to showcase their verified educational accomplishments across Web3 platforms.
Key features of the collaboration include:
- Achievement Verification: Open Campus will focus on issuing education-related credentials, such as course completions, certifications, and learning milestones. These Achievements will be authenticated using Humanity Protocol’s verifiable credential (VC) framework, enabling secure and portable credentialing.
- Interoperable Identity: Open Campus ID will integrate with Humanity Protocol’s Proof of Humanity, providing users with privacy-preserving, Sybil-resistant identities. These identities will enable users to leverage their credentials in governance, professional, and educational applications.
The partnership between Humanity Protocol and Open Campus introduces new use cases that benefit learners, educators, and developers. Users can create portable, privacy-preserving portfolios combining Proof of Humanity and verified Open Campus Achievements. These portfolios can be used in professional and academic settings to showcase skills and accomplishments securely.
Learners and educators can leverage their interoperable identities to participate in governance activities on both Humanity Protocol and Open Campus platforms. By tying voting to verified individuals, governance becomes more transparent and fair. dApp developers can build applications that integrate Humanity Protocol’s identity verification with Open Campus’s credentialing, enabling innovations in decentralized education, recruitment, and professional networking.
In addition to technical integration, Humanity Protocol will actively support Open Campus in its ongoing conversations with educational institutions. By providing expertise in decentralized identity and credentialing, Humanity Protocol will help Open Campus establish trust and drive adoption of its Achievements and Open Campus ID among schools, universities, and certification bodies.
This collaboration strengthens the bridge between traditional education systems and the decentralized future. Humanity Protocol’s zkProofers will ensure that all verifications remain privacy-focused. Users will be able to prove their identities and credentials without exposing sensitive personal data, enabling secure and trustworthy interactions in education, governance, and professional contexts. By integrating these privacy-preserving solutions, the partnership ensures that credentials remain both secure and portable across ecosystems.
Terence Kwok, Founder and CEO of Humanity Protocol says: “Our partnership with Open Campus marks a significant milestone in integrating decentralized identity with education. By combining Proof of Humanity with Open Campus Achievements and Open Campus ID, we empower learners and educators to take control of their credentials in a way that is secure, interoperable, and privacy-focused. Humanity Protocol is also proud to support Open Campus in its ongoing conversations with educational institutions, helping to bridge Web3 innovation with traditional education systems.”
Jonah Lau, Head of Open Campus (EDU) and Portfolio Management, Animoca Brand says: “Collaborating with Humanity Protocol enhances the usability and security of Open Campus Achievements and IDs. By integrating with Proof of Humanity, we’re ensuring that learners and educators can seamlessly use their credentials across Web3, paving the way for a more interconnected and equitable decentralized education ecosystem. This partnership positions Open Campus as a leader in Web3 education innovation.”
The post Humanity Protocol and Open Campus Partner to Integrate Achievements and Interoperable Credentials for Decentralized Education appeared first on News, Events, Advertising Options.
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