It is estimated that the Global Blockchain as a Service Market size will grow at a CAGR of around 46.75% from 2024 to 2030. The major factors propelling the demand have been the increasing adoption of digital platforms by businesses due to the pandemic, the increasing need for supply chain transparency across verticals, and the requirement to lower the complexities and risks in the payment systems.

Blockchain offers secured business transactions as records are secured via cryptography. Moreover, the blockchain implementation in the BFSI sector helps the industry to create more secure networks for conducting digital transactions and gain the trust of customers to invest and trade via cryptocurrency. Hence, with the adoption of blockchain as a service, companies are elevating their operations, transparency levels, and security to new heights.

Application of Blockchain Technology in the Automotive Sector Thrives the Blockchain as a Service Industry Growth

Blockchain-based solutions offer multiple tangible benefits to the end-use industry as they provide operational transparency. Due to the complex supply chains, a multi-stage manufacturing process, regulatory framework, aftersales services, and car dealership network are some of the factors that required the adoption of blockchain as a service in the automotive industry. Moreover, the application of blockchain as a service in the automotive sector has been growing remarkably.

Hence, the automotive industry would be a profitable opportunity for the blockchain as a service market in the upcoming years.

Dominant Market Participants of the Blockchain as a Service Industry

As per the recent report by MarkNtel Advisors, the top players of the Blockchain as a Service Market are:

• IBM Corporation
• SAP SE
• Oracle
• Microsoft Corporation
• Alibaba
• Baidu, Inc.
• Accenture
• NTT Data Corporation
• Infosys Limited
• Stratis Group
• VMware, Inc.
• Huawei Cloud
• Tata Consultancy Services (TCS)
• Wipro Limited
• R3 (Corda)

Significant Development in the Blockchain as a Service Industry

In 2019, the Microsoft Corporation, in a strategic partnership with J.P. Morgan, declared to increase the adoption of enterprise blockchain. Under this partnership, J.P. Morgan developed a distributed ledger platform, Quorum, which is accessible via Azure Blockchain Service & would enable the customers to build a cloud-based blockchain network.