Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2022

The blockchain market size is expected to grow from USD 241.9 Million in 2016 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. The major growth drivers of the market include the increasing demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes and creating  transparency and immutability, faster transactions and increasing adoption of Blockchain-as-a-Service . The base year considered for this report is 2016 and the market forecast period is 2017–2022.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the global blockchain market on the basis of providers, applications, organization sizes, verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze the micro-markets with respect to individual growth trends, prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and new product developments; venture funding; and Research and Development (R&D) activities in the market.

Research Methodology

The research methodology used to estimate and forecast the blockchain market began with capturing data on key vendor revenues through secondary research, which included directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

The blockchain market ecosystem comprises vendors, such as Abra (US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited (US), BTL Group Ltd.  (Canada), Chain, Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK), Factom (US), International Business Machines Corporation (US), Microsoft Corporation (US), and Ripple (US).

The other stakeholders of the blockchain market include cryptocurrency vendors, research organizations, network and system integrators, blockchain service providers, distributed ledger technology solution providers, marketing analytics executives, third-party service providers, and technology providers.

Blockchain Key Target Audience

• Service providers and distributors
• Blockchain application builders
• Customer experience management professionals
• Independent Software Vendors (ISVs)
• Analytics consulting companies
• Enterprises
• End-users

“The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

The research report categorizes the blockchain market to forecast the revenues and analyze the trends in each of the following subsegments:

By Application

• Payments
• Exchanges
• Smart contracts
• Documentation
• Digital identity
• Supply chain management
• Governance, risk and compliance management
• Others (digital voting and content storage management)

By Provider

• Application and solution provider
• Middleware provider
• Infrastructure and protocol provider

By Organization Size

• Small and Medium-Sized Enterprises (SMEs)
• Large enterprises

By Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Government and public sector
• Healthcare and life sciences
• Media and entertainment
• Retail and eCommerce
• Travel and hospitality
• Transportation and logistics
• Real estate
• IT and telecommunications
• Others (automotive, education, and energy and utilities)

By Region

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • Rest of Europe
• APAC
  • China
  • India
  • Australia and New Zealand (ANZ)
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Middle East
  • Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

• Further breakdown of the North American blockchain market
• Further breakdown of the European market
• Further breakdown of the APAC market
• Further breakdown of the Latin American market
• Further breakdown of the MEA market

Company Information

• Detailed analysis and profiling of additional market players upto 5.

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Research Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Market Opportunities in Global Blockchain Market
    4.2 Global Blockchain Market: Market Shares Across Various Regions
    4.3 Global Blockchain Market: By Industry Vertical and Region
    4.4 Lifecycle Analysis, By Region, 2017

5 Market Overview and Industry Trends (Page No. - 37)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Adoption of Baas
                    5.2.1.2 Rising Cryptocurrency Market Cap and ICO
                    5.2.1.3 Simplifying Business Processes and Creating Transparency and Immutability
                    5.2.1.4 Faster Transactions
                    5.2.1.5 Reduced Total Cost of Ownership
           5.2.2 Restraints
                    5.2.2.1 Uncertain Regulatory Status and Lack of A Common Set of Standards
           5.2.3 Opportunities
                    5.2.3.1 Rising Importance and Adoption of the Blockchain Technology Among Communication Service Providers
                    5.2.3.2 Transforming International Trade and Supply Chain Management
                    5.2.3.3 High Adoption of the Blockchain Technology for Payments, Smart Contracts, and Digital Identities
                    5.2.3.4 New Breed of Programmable Blockchain Platforms
           5.2.4 Challenges
                    5.2.4.1 Security, Privacy, and Control
                    5.2.4.2 Limited Scalability
                    5.2.4.3 Lack of Awareness About the Blockchain Technology
    5.3 Industry Trends
           5.3.1 Types of Blockchain Technology
                    5.3.1.1 Public Blockchain
                    5.3.1.2 Private Blockchain
                    5.3.1.3 Permissioned Blockchain
           5.3.2 Blockchain Associations and Consortiums
                    5.3.2.1 Cls Group
                    5.3.2.2 R3cev Blockchain Consortium
                    5.3.2.3 Hyperledger
                    5.3.2.4 Gpsg
                    5.3.2.5 Financial Blockchain Shenzhen Consortium (FBSC)
                    5.3.2.6 CU Ledger
                    5.3.2.7 Blockchain Collaborative Consortium (BCCC)
                    5.3.2.8 Wall Street Blockchain Alliance (WSBA)
    5.4 Market Evolution
    5.5 Use Cases
           5.5.1 Blockchain in Supply Chain Management
           5.5.2 Blockchain in Finance
           5.5.3 Blockchain in Insurance
           5.5.4 Blockchain in Healthcare
           5.5.5 Blockchain in Government

6 Global Blockchain Market, By Provider (Page No. - 50)
    6.1 Introduction
    6.2 Application and Solution Provider
    6.3 Middleware Provider
    6.4 Infrastructure and Protocols Provider

7 Global Blockchain Market, By Application (Page No. - 55)
    7.1 Introduction
    7.2 Payments
    7.3 Exchanges
    7.4 Smart Contracts
    7.5 Documentation
    7.6 Digital Identity
    7.7 Supply Chain Management
    7.8 Governance, Risk, and Compliance Management
    7.9 Others

8 Global Blockchain Market, By Organization Size (Page No. - 70)
    8.1 Introduction
    8.2 Large Enterprises
    8.3 SMEs

9 Global Blockchain Market, By Industry Vertical (Page No. - 74)
    9.1 Introduction
    9.2 BFSI
    9.3 Government
    9.4 Healthcare and Life Sciences
    9.5 Media and Entertainment
    9.6 Retail and E-Commerce
    9.7 Travel and Hospitality
    9.8 Transportation and Logistics
    9.9 Real Estate
    9.10 IT and Telecommunication
    9.11 Others

10 Global Blockchain Market, By Region (Page No. - 93)
     10.1 Introduction
     10.2 North America
             10.2.1 By Provider
             10.2.2 By Application
             10.2.3 By Organization Size
             10.2.4 By Industry Vertical
             10.2.5 By Country
                        10.2.5.1 United States
                        10.2.5.2 Canada
     10.3 Europe
             10.3.1 By Provider
             10.3.2 By Application
             10.3.3 By Organization Size
             10.3.4 By Industry Vertical
             10.3.5 By Country
                        10.3.5.1 United Kingdom
                        10.3.5.2 Germany
                        10.3.5.3 Rest of Europe
     10.4 APAC
             10.4.1 By Provider
             10.4.2 By Application
             10.4.3 By Organization Size
             10.4.4 By Industry Vertical
             10.4.5 By Country
                        10.4.5.1 China
                        10.4.5.2 India
                        10.4.5.3 Australia and New Zealand
                        10.4.5.4 Rest of APAC
     10.5 Latin America
             10.5.1 By Provider
             10.5.2 By Application
             10.5.3 By Organization Size
             10.5.4 By Industry Vertical
             10.5.5 By Country
                        10.5.5.1 Mexico
                        10.5.5.2 Brazil
                        10.5.5.3 Rest of Latin America
     10.6 MEA
             10.6.1 By Provider
             10.6.2 By Application
             10.6.3 By Organization Size
             10.6.4 By Industry Vertical
             10.6.5 By Region
                        10.6.5.1 Middle-East
                        10.6.5.2 Africa

11 Competitive Landscape (Page No. - 113)
     11.1 Overview
     11.2 Prominent Players in the Global Blockchain Market
     11.3 Partnerships, Agreements, and Collaborations
     11.4 New Product Launches/Product Upgradations
     11.5 Business Expansions
     11.6 Venture Funding

12 Company Profiles (Page No. - 118)
     12.1 Introduction
(Business Overview, Solutions Offered, Recent Developments, MnM View)*
     12.2 AWS
     12.3 IBM
     12.4 Microsoft
     12.5 Ripple
     12.6 Chain, Inc.
     12.7 Earthport
     12.8 Coinbase
     12.9 Bitfury
     12.10 BTL Group
     12.11 Digital Asset Holdings
     12.12 Abra
     12.13 Factom
     12.14 Alphapoint

*Details on Business Overview, Solutions Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 152)
     13.1 Key Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customization
     13.6 Related Reports
     13.7 Author Details

List of Tables (77 Tables)

Table 1 Bitcoin vs Ethereum
Table 2 Global Blockchain Market Size and Growth Rate, 2015–2022 (USD Million, Y-O-Y %)
Table 3 Global Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 4 Application and Solution Provider: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 5 Middleware Provider: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 6 Infrastructure and Protocols Provider: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 7 Global Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 8 Payments: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 9 Payments: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 10 Exchanges: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 11 Exchanges: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 12 Smart Contracts: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 13 Smart Contracts: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 14 Documentation: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 15 Documentation: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 16 Digital Identity: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 17 Digital Identity: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 18 Supply Chain Management: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 19 Supply Chain Management: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 20 Governance, Risk, and Compliance Management: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 21 Governance, Risk, and Compliance Management: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 22 Others: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 23 Others: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 24 Global Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 25 Large Enterprises: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 26 SMEs: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 27 Global Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 28 BFSI: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 29 BFSI: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 30 Government: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 31 Government and Public Sector: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 32 Healthcare and Life Sciences: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 33 Healthcare and Life Sciences: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 34 Media and Entertainment: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 35 Media and Entertainment: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 36 Retail and Ecommerce: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 37 Retail and Ecommerce: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 38 Travel and Hospitality: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 39 Travel and Hospitality: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 40 Transportation and Logistics: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 41 Transportation and Logistics: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 42 Real Estate: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 43 Real Estate: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 44 IT and Telecommunication: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 45 IT and Telecommunication: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 46 Others: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 47 Others: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 48 Global Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 49 North America: Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 50 North America: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 51 North America: Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 52 North America: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 53 North America: Blockchain Market Size, By Country, 2015–2022 (USD Million)
Table 54 Europe: Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 55 North America: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 56 Europe: Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 57 Europe: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 58 Europe: Blockchain Market Size, By Country, 2015–2022 (USD Million)
Table 59 APAC: Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 60 APAC: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 61 APAC: Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 62 APAC: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 63 APAC: Blockchain Market Size, By Country, 2015–2022 (USD Million)
Table 64 Latin America: Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 65 Latin America: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 66 Latin America: Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 67 Latin America: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 68 Latin America: Blockchain Market Size, By Country, 2015–2022 (USD Million)
Table 69 MEA: Blockchain Market Size, By Provider, 2015–2022 (USD Million)
Table 70 MEA: Blockchain Market Size, By Application, 2015–2022 (USD Million)
Table 71 MEA: Blockchain Market Size, By Organization Size, 2015–2022 (USD Million)
Table 72 MEA: Blockchain Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 73 Middle East and Africa: Blockchain Market Size, By Region, 2015–2022 (USD Million)
Table 74 Partnerships, Agreements, and Collaborations, 2015–2017
Table 75 New Product Launches and Product Upgradations, 2015–2017
Table 76 Business Expansions, 2015–2017
Table 77 Venture Funding, 2015–2017

List of Figures (39 Figures)

Figure 1 Global Blockchain Market Segmentation
Figure 2 Global Blockchain Market: Regional Segmentation
Figure 3 Global Blockchain Market: Research Design
Figure 4 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 5 Data Triangulation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Blockchain Market: Assumptions
Figure 9 Blockchain: Block Diagram
Figure 10 Global Blockchain Market to Witness Significant Growth During the Forecast Period (USD Million)
Figure 11 Global Blockchain Market Snapshot, By Provider, 2017 vs 2022
Figure 12 Global Blockchain Market Snapshot, By Application, 2017–2022
Figure 13 Global Blockchain Market Snapshot, By Organization Size, 2017–2022
Figure 14 Global Blockchain Market Snapshot, By Industry Vertical, 2017 vs 2022
Figure 15 Growth in the Blockchain Market Driven By the Rising Cryptocurrencies Market Cap and ICO
Figure 16 North America Held the Largest Market Size in 2017
Figure 17 BFSI Industry Vertical and North America Held Largest Market Sizes in 2017
Figure 18 APAC to Enter the Growth Phase During 2017–2022
Figure 19 Blockchain Market: Drivers, Restraints, Opportunities, and Challenges
Figure 20 Evolution of the Global Blockchain Market
Figure 21 Application and Solution Provider Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Digital Identity Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 Smart Contracts Architecture
Figure 24 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Real Estate Industry Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 Regional Transparency Statistics for the Real Estate Industry Vertical
Figure 27 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 28 North America: Market Snapshot
Figure 29 APAC: Market Snapshot
Figure 30 Companies Adopted Partnerships and Collaborations as the Key Growth Strategy During 2015–2017
Figure 31 AWS: Company Snapshot
Figure 32 AWS: SWOT Analysis
Figure 33 IBM: Company Snapshot
Figure 34 IBM: SWOT Analysis
Figure 35 Microsoft: Company Snapshot
Figure 36 Microsoft: SWOT Analysis
Figure 37 Ripple: SWOT Analysis
Figure 38 Chain, Inc.: SWOT Analysis
Figure 39 Earthport: Company Snapshot

The blockchain market is expected to grow from USD 411.5 Million in 2017 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. Factors such as demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and rising adoption for Blockchain-as-a-Service are expected to drive the growth of the global market.

The report provides detailed insights into the global blockchain market, which is segmented by provider, application, organization size, industry vertical, and region. Among applications, the payment application would continue to dominate the market during the forecast period owing to reduce risks, improved efficiency, and transparency in payment systems provided by blockchain across different verticals. Digital identity application is expected to grow at the fastest rate owing to its applications in multiple transactions and reduced fraud rate and easy management.

Among providers, the application and solution provider segment is expected to dominate the blockchain market owing to significant value added to the businesses by reducing duplications in transactional data, providing periodic reconciliation and authentication for commercial and regulatory reasons. Application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across multiple industry verticals.

The real estate vertical is expected to grow at the highest rate during the forecast period. Blockchain can be used by real estate industries to define fast processes in multiple transactions, easy money transfer, and provide transparency of each transaction to its customers. In addition, steady progress of cross-border investment across the globe boosts transparency, thereby fueling the market growth for blockchain market.

Large enterprises are expected to dominate the market in terms of market share as such enterprises are continuously investing in their R&D activities to improve overall performance and provide customer satisfaction. Companies also get venture funding to develop supportive infrastructure for blockchain integration. However, the Small and Medium-Sized Enterprises (SMEs) are expected to exhibit a higher CAGR, owing to the availability of Blockchain-as-a-Service provided by vendors operating in the market that minimizes infrastructure development costs.

The report covers all the major aspects of the blockchain market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the prominent industry players, the North American region is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of blockchain across multiple industry verticals such as BFSI, retail and eCommerce, and real estate.

Factors such as rising cryptocurrencies market cap and ICO, faster transactions, reduced total cost of ownership, simplified business processes, transparency, and immutability are expected to drive the market growth. However, the transformation of international trade and supply chain management, high adoption of blockchain for payments, smart contracts, and digital identities, rising importance and adoption of blockchain technology for communication service providers, and a new breed of programmable blockchain platforms would create lucrative market opportunities.

The global blockchain market is fragmented in nature, as no single vendor dominates the market. Vendors that offer blockchain solutions include Abra (US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited (US), BTL Group Ltd.  (Canada), Chain, Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK), Factom (US), International Business Machines Corporation (US), Microsoft Corporation (US), and Ripple (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and collaborations, and acquisitions, business expansions, and venture funding to expand their offerings and enhance the customer experience in the market.

For instance, in August 2017, IBM announced major blockchain collaboration with leading global food supply chain companies to make the global food system more efficient and safer. The consortium includes Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, Mclane Company, Nestle, Tyson Foods, Unilever, and Walmart. In addition, in May 2015, Ripple obtained USD 28 million funding from AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures and Venture51.

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