Data Shows the Global Blockchain Market is Expected to Reach USD 60 Billion by 2024
FinancialBuzz.com News Commentary
According to a report published by Wintergreen Research, the global blockchain market was valued at USD 708 Millionin 2017 and is expected to reach USD 60 Billion by 2024. Blockchain is a type of distributed ledger system that provides enhanced security to real-time transaction processing. It also increases the speed and efficiency of transaction processing. Additionally, the blockchain technology is increasingly being adopted within various industry sectors. Online payments have benefited from using the blockchain technology as the distributed ledger technology further enables tracking of financial transactions. Victory Square Technologies Inc. (OTC: VSQTF), Marathon Patent Group, Inc. (NASDAQ :MARA ), Grayscale Investments, LLC (OTC: GBTC), India Globalization Capital, Inc. (NYSE : IGC ), Wipro Limited (NYSE : WIT)
According to another report from Tractica, enterprise blockchain revenue is expected to grow from USD 4.6 Billion in 2018 to USD 20.3 Billion by 2025. The report suggested that blockchain enables a new business model that will replace intermediate trust agents. Principal analyst, Joe Hoffman, said, “Markets and applications ripe for blockchain are those where trust among participants is low and the need for records security and integrity is high. New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come.”
Victory Square Technologies Inc. (OTCQX: VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier last week, the Company announced, “A dynamic new technology and promotional partnership between its portfolio company FansUnite Entertainment Inc. (“FansUnite”) and the Leicester City Football Club, the 2016 English Premier League Champions.
The partnership will introduce the FansUnite brand to Leicester City FC supporters through targeted promotions and co-branded activations both in and outside the stadium.”
“Leicester City FC is a truly special story and a premier global sports brand,” said FansUnite CEO, Darius Eghdami. “Not only are The Foxes one of just six clubs to hoist the Premier League Trophy since its inception in 1992, they are at the forefront of innovation, incorporating new technology to help improve player performance and fan engagement.”
Eghdami added: “Partnering with a globally-recognized brand such as Leicester City that shares our commitment to improving conditions for sports fans through the application of new technology was a natural fit and a win-win for both companies.”
FansUnite (http://www.fansunite.com ), a blockchain protocol on target to disrupt and revolutionize the sports betting and sports data markets, is pioneering a tamper-proof and transparent global store for sports data. The FansUnite model will have far-reaching implications in a world that is increasingly conscious of data rights and sports integrity. Sports betting, daily fantasy and betting exchanges will be built atop the FansUnite Protocol.
“FansUnite has set their sights on powerfully transforming the entire sports betting and sports data marketplaces with their proprietary blockchain protocol and we couldn’t be happier to welcome Leicester City to the Victory Square family,” said Shafin Diamond Tejani, CEO of Victory Square. “The global reach and influence of The Foxes will expose FansUnite to millions of sports fans around the world. It serves as a great validation of their continued growth and success.”
The FansUnite sports betting protocol will launch before the end of 2018. It will allow operators and government-run wagering sites around the world to offer bettors lower fees and increased payback percentages directly to the waging public.
“We take the saying ‘Better for Bettors’ seriously,” said FansUnite CEO Eghdami. “FansUnite truly is ‘Better for Bettors.'”
In addition to the sportsbook offering, the FansUnite Protocol serves as the blockchain-based infrastructure for sports data applications, daily fantasy sports and a variety of other applications reliant on receiving secured sports data. Following their Series A financing of CAD 4.45 Million, FansUnite has been developing the protocol in preparation for their regulatory-compliant token launch later this calendar year.”