The increased interest of the public sector in distributed ledger technology technology and rising cases of fraudulent activities are driving the market for distributed ledger technology in government.
The global Blockchain in Government Market is forecast to reach USD 22.03 Billion by 2026, according to a new report by Reports and Data. Distributed ledger technology brings digital technology into real-time computing systems management. The market has the ability to change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment.
Distributed ledger technology technology in the government sector are using the services to build transparent, open, and collaborative networks. The technology is a potential vehicle to improve government services and stimulate more transparent government-citizen relations. The technology works dramatically to optimize the business process through secure and more efficient data sharing.
Rapid adoption of state-of-the-art technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), big data analytics, and cloud computing, and higher affordability and accessibility of the Internet for people across the globe are other key factors driving the global ICT market revenue growth. Emergence of the 5G technology, growing use of advanced Wi-Fi systems, growing need for faster Internet services for rapid data transfer and processing, and rising concerns of data security and user safety are factors expected to further drive market revenue growth.
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Governments around the world are recognizing the potential benefits of blockchain technology and are making investments to leverage its capabilities.
The example you provided of the Chinese government’s investments in blockchain technology is accurate. China has been actively exploring and implementing blockchain solutions in various sectors, including finance, supply chain management, healthcare, and more. They see blockchain as a means to enhance transparency, efficiency, and security in their administrative processes.
Similarly, the United Arab Emirates (UAE) has introduced the Emirates Blockchain Strategy 2021 to incorporate blockchain technology into various government functions. This strategy aims to improve data integrity, enhance government efficiency, and create new opportunities across different sectors through blockchain adoption.
Regarding the impact of the COVID-19 pandemic on the market for blockchain in government, it has had both positive and negative effects. On one hand, some government funding may have been redirected or reduced due to the economic impact of the pandemic. This could potentially slow down the pace of blockchain adoption in certain cases.
On the other hand, the pandemic has highlighted the importance of secure and resilient supply chain management. This has led to an increased interest in using blockchain technology to enhance transparency and traceability in supply chains. Blockchain can provide a tamper-resistant and decentralized platform for recording and tracking transactions, ensuring the integrity and authenticity of products as they move through the supply chain. As a result, the use of blockchain in supply chain management has expanded during the pandemic.
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Further key findings from the report suggest
- Public sectors are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter the contract. Smart contracts held the largest market share of 33.2% in the year 2018.
- Identity management is forecasted to grow with a CAGR of 81.9% during the forecast period. The technology enables citizens to register their identities on the blockchain, authorize transactions, send and request credentials, and manage data securely.
- Infrastructure providers held a market share of 37.0% in the year 2018, and application providers are forecasted to grow with a CAGR of 76.3% during the forecast period. The high adoption rate of blockchain in the government sector are fuelling the growth of the application providers.
- A hybrid blockchain is forecasted to hold a market share of 29.2% in the year 2026. In a hybrid blockchain, every transaction happens quickly in its own private chain, and it commits only to the public chain as and when necessary, like during public verification.
- North America held the largest market share of 36.1% in the year 2018. The region emerged as the most attractive market for blockchain in government owing to the high adoption of technology in the public sector. The highly competitive market in the region owing to the presence of major key companies is also driving the market.
- In June 2018, the Trump government, through the department of homeland security, awarded a grant of USD 192,380 to a startup called ‘Factom’ to test the capability of blockchain to protect data collected by Border Patrol cameras and sensors.
Major Regions Highlighted in the Global Blockchain in Government Market Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
IBM, SAP, Oracle, Microsoft, Accenture, Infosys, AWS, Deloitte, Intel, and Ripple, among others.
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