MAJICAL SECTORS: BLOCKCHAIN (CRYPTO EXCHANGES & CUSTODY)
Blockchain is one such sector, demonstrated through the company’s Crypto Exchanges and Crypto Custody operations.
What is Blockchain?
A blockchain is best described as a digital ledger of transactions, which is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and each time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
Blockchain in action:
Trust was always the prevailing issue in the past when trying to create digital money. Bitcoin was designed to solve this problem by using a specific type of database called a blockchain. Bitcoins can’t be faked, hacked or double spent. Most normal databases have someone in charge who can change the entries. Blockchain is different: nobody is in charge – it’s run by the people who use it.
Crypto Exchanges & Crypto Custody in the future:
The Crypto Exchange sector is expanding as public awareness of cryptocurrencies and their benefits increases. Demand is expected to rise as digital assets such as cryptocurrencies and Non-Fungible Tokens (NFTs) increase in popularity. Additionally, the cryptocurrency exchange market is anticipated to benefit from the increasing use of mobile-based trading systems.
Digital asset custody is the process of storing crypto, NFTs and other forms of digital assets safely and securely.
Global Blockchain market is projected to jump from $7.18 billion in 2022 to $163.83 billion by 2029.
The Global Cryptocurrency Exchange Platform Market Size to grow from USD 32.77 billion in 2021 to USD 347.50 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 30.08% during the forecast period.
“Custody is a key service for professional investors to be able to access digital markets, and total assets under custody grew rapidly in the past few years to stand at $223bn in January this year”, according to Blockdata.
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