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Blockchain reaches its market in the automotive area to 20 billion dollars in 2029

2019-06-14 10:08 am | Resource: News Section | No Views : 93

Blockchain reaches its market in the automotive area to 20 billion dollars in 2029 The blockchain market in the automotive industry will reach more than $ 20 billion by 2029, according to a recent report released by Marketlink Research Market Project, published Thursday (June 13th).
Analysis projects using block chain applications in the automotive and aviation industries are expected to grow at a CAGR of 60.35% between 2019 and 2029. The study finds that block chain features such as transparency, quick transaction adjustments and fraud removal are key growth engines.
The report explained:
"The financial, paid and insurance services of the automotive industry and the manufacturing and logistics industry for the aviation industry dominate the blockchain in the automotive and aviation market and are expected to maintain their dominance throughout the forecast period, mainly due to the complexity of the automotive supply chain, And thus increase the issues of Internet threat. "
The dominant block chain is expected to maintain its position throughout the expected period, primarily due to the advantages of private block chain on the common and mixed block chain, such as highly secure networks, allowed networks, and faster speeds.
In terms of regional adoption, North America is expected to lead the world in the application of the block chain in the automotive, aerospace and aviation market.
Among the issues that can stifle the adoption of block chain in the above industries, the names of the study lack the regulatory framework, standardization, lack of expertise and awareness among players in the industry.
As reported in May, global spending on the block chain will represent approximately $ 2.9 billion in 2019, representing an increase of 88.7% over 2018. Manufacturing and distribution services in the market research firm, manufacturing and distribution services are expected to reach Block chain spending is up to $ 653 million and $ 642 million respectively in 2019.
In April, some digital news sites expected the US federal government to raise its blockchain spending to $ 123.5 million by 2022 - up more than 1,000 percent from $ 10.7 million spent in 2017.

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