SECURITY SOLUTIONS

As per the global blockchain market study , the demand for cryptographic ledger solutions to increase due to increased identity and data theft activities . To protect end-user financial data and identity , BFSI firms are turning to digital ledger technologies .

Cross-border transactions , processing and settlements , trade finance networks , digital identity verification and credit reporting are among the technology applications gaining traction in the BFSI market . This is projected to help the blockchain market expand .

The blockchain market growth will be hampered by a scarcity of skilled professionals . Threats and cyberattacks have escalated as industries have embraced digital change . Organisations , on the other hand , face a scarcity of competent experts to deal with risk issues .

As a result , technologically advanced solutions are being adopted slowly , which is expected to have an impact on blockchain market growth in the coming years .

Furthermore , developing countries , such as India , Peru and Mexico , among others , face a lack of awareness regarding data security risks . As a result , blockchain market adoption trends are expected to remain flat for a few years .

The legalisation of bitcoin stimulates further investment in blockchain technology by businesses and investors . It also pushes the blockchain market players to put in more effort to enhance their services in order to obtain a competitive advantage . In the near future , these efforts by firms are likely to make blockchain technology more effective and efficient . DeFi is a new financial technology based on blockchain that allows banks to have less influence over financial services and money . Over the forecast period , the blockchain market growth is expected to be driven by expanding strategic initiatives in the decentralised financial domain .

Blockchain technology has the potential to disrupt and revolutionise transactions , but to reap the benefits , businesses must overcome key confidentiality , privacy and control challenges . Because blockchain records are kept in a distributed public ledger , hackers can take advantage of a larger attack surface to get access to critical and sensitive data .

If a blockchain solution is used to hold a sensitive contract or payment data , copying the file could provide hackers with more access . The lack of adoption of cryptographic solutions is mostly due to the privacy issue with blockchain solutions . � www . intelligentfin . tech

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