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Blockchain Technology in Government Sector – Market Size & Analysis & Forecasts To 2025

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Title: Blockchain Technology in Government Sector – Market Size & Analysis & Forecasts To 2025


1
GLOBAL MARKET ESTIMATES RESEARCH
CONSULTANTS Ankita Roy, Treesha Banerjee and
Liza Dsouza from Global Market Estimates throw
the spotlight on the growing Blockchain
Technology in Government Sector. Market
Insights The global blockchain technology in the
government sector is expected to grow at a high
CAGR over the coming years as it improves the
efficiency of government operations. Developed
as well as developing countries have demonstrated
a tremendous interest in adopting blockchain
solutions to improve services and save money in
the long-run. Increased investment in developing
an appropriate infrastructure to manage various
public services, enhance the outreach of welfare
policies, and quicken the delivery of services
solutions to the general public is projected to
augment market growth over the coming years.
Development of smart cities is expected to foster
demand for blockchain technology in the North
American, Middle East, European, and Asia Pacific
region.
Blockchain Technology in Government Sector Type
Insights The blockchain technology market for
the government sector is segmented on the basis
of type into public, private, and hybrid.
Private blockchain enables in improving
operational efficiency to a large extent,
however, it limits decentralization. Public
blockchains are expected to grow at a high rate
as it allows interoperability, decentralization,
and transparency of operations along with
security. This growth is attributed to the
growing practice of the government and
institutions to inculcate open and efficient
transactions. The demand for hybrid blockchain
solutions is also expected to grow at a
significant CAGR over the coming years.
2
GLOBAL MARKET ESTIMATES RESEARCH
CONSULTANTS Blockchain Technology in Government
Sector Application Insights Blockchain
technology for government finds applications in
identity management, license renewals, security
management, election voting, healthcare,
education, contract management, documentation
compliance management, revenue tax monitoring,
utility payments, among others. The demand for
identity management solutions is anticipated to
grow at a high CAGR over the coming years. Other
services that would be easily adopted by
companies are license renewals, contract
management, documentation compliance
management, and tax payments. Developing
countries are also expected to invest in
blockchain solutions as it reduces red tape and
improves the delivery of social welfare benefits
to achieve set policy goals. Blockchain
Technology in Government Sector Regional
Insights In 2016, Delaware came up with the
Delaware Blockchain Initiative to improve its
legal infrastructure for the shared ledger.
Since Deleware resides over 65 of Fortune 500
companies, blockchain technology increases
efficiency and speeds up business incorporation
services. Illinois has also come up with similar
initiatives to harness benefits of using
blockchain technologies. The North American and
European region is anticipated to witness large
investments in blockchain technology on account
of their faster acceptance of advanced
technological solutions. The Asia Pacific and
the Middle Eastern region is expected to grow at
a high CAGR over the forecast period on account
of their increasing investments in smart cities
and need for improving process efficiency across
government public offices.
3
  • GLOBAL MARKET ESTIMATES RESEARCH CONSULTANTS
  • Blockchain Technology in Government Sector
    Competitive Landscape
  • The global blockchain industry is evolving at a
    rapid pace on account of its increased
    preference across various industry verticals. IBM
    Corporation has developed Blockchain for a
    government which helps secure information
    exchange, integrating various business partners
    such as suppliers, service agencies, and other
    community-based organizations.
  • Other companies involved in developing blockchain
    technologies include Microsoft Corporation,
    Infosys, Global Arena Holding, Inc., ABB Ltd.,
    BTL Group, Coinbase, 21, Inc., Chain, Inc.,
    Deloitte, and Digital Asset Holdings among
    others. The need for digitalization of public
    services to improve transparency and increase
    policy outreach is projected to boost the demand
    for blockchain solutions over the coming years.
  • The stakeholders to the report include government
    institutions, public sector, research
    organizations, and educational institutes among
    others.
  • The report segments the Blockchain Technology in
    Government Sector on the basis of
  • By Type
  • Public
  • Private

4
GLOBAL MARKET ESTIMATES RESEARCH CONSULTANTS
  • Contract Management
  • Documentation Compliance Management
  • Revenue Tax Monitoring
  • Utility Payments
  • Others
  • By Region
  • North America
  • Europe
  • Asia Pacific
  • Central South America
  • Middle East Africa

This article contains text from the Blockchain
Technology in Government Sector Forecast to
2025 report prepared by Global Market Estimates.
For more information or to buy the report, please
visit https//www.globalmarketestimates.com/bloc
kchain-technology-in-government-sector/ Check
our annual research partnership service
at https//www.globalmarketestimates.com/annual-r
esearch-partnership-services/
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