Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuous growing list of blocks (record) that are linked and secured using cryptography. Each new block created is connected to the previous block via a aEURoecryptographic Hash. Latin America blockchain technology market is expected to grow at a CAGR of 30.3% (2018-2023) and generate a global revenue of USD 0.51 billion by 2023. Countries in this region have found Bitcoin to be the best solution to solve political instability, and fall in oil prices and other initiatives will make it possible for companies to acquire Blockchain solutions in the near future.
Latin American banks are trying to find an alternative banking system to move away from traditional one. Approximately 51% of the population in Latin America and the Caribbean have bank accounts, prompting fintech starts-ups to have come up with an idea to provide alternative financial services to the masses. Start-up companies like Ripio and BITSO are making progress towards providing better customer services using blockchain technology.
Based on the countries, Latin America is divided into Argentina, Brazil, and the Rest of LATAM. Argentina and Brazil are expected to hold 50% of the market share.
Key growth factors:
o Latin America found Bitcoin to be helpful to attract businesses and expand the existing number of firms. The technology will help e-commerce firms like eBay, and Amazon that have already started their business in the region, to expand further.
o Latin America faces the problem of food security. The players in this region started using Blockchain technology to solve this problem. IBM has joined hands with Walmart to use blockchain technology in the supply chain to ensure food safety in pork and Mexican mangoes
Threats and key players:
Though funding in Blockchain, start-ups in Latin America are showing an increasing trend, that there still lies a problem in understanding the technology. The lack of awareness among bankers about the technology posesa serious problem.
The key players are BITSO, Microsoft Corporation, Ripio, Bitinka, and RSk Labs.
What’s covered in the report?
Overview of the Latin America technology market
The current and forecasted market size data for the Latin America Blockchain technology market
The current and forecasted market size data for the segments of the market – by industries- BFS (Banking and Financial services), Insurance, Supply Chain, Healthcare, others
Market trends in the Latin America blockchain technology market
Market drivers and challenges in the Latin America Blockchain technology market
Current and forecasted regional (Argentina, Brazil, and Rest of LATAM) market size data for Latin America Blockchain technology market and its segments
Analysis of company profiles of major players operating in the market
Get a broad understanding of the Latin America Blockchain technology market and its segments- by type and by industries
Get region-specific drivers and challenges affecting the Latin America Blockchain technology market
Recognize significant competitors’ business and market dynamics, and respond accordingly
The Latin America Blockchain Technology Market report answers the following questions:
What is the aim of the report?
- The Latin America Blockchain Technology Market report presents the estimated Latin America Blockchain Technology Market size of Latin America Blockchain Technology Market by the end of forecast period. Additionally, the historical and current Latin America Blockchain Technology Market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Latin America Blockchain Technology Market based on geographical scope, Latin America Blockchain Technology Market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Latin America Blockchain Technology Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of the Latin America Blockchain Technology Market are incorporated in the research report.
- The report analyzes growth rate, Latin America Blockchain Technology Market size and valuation of the Latin America Blockchain Technology Market during the forecast period.
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