As Blockchain technology continues its rise in mainstream acceptance, a new report predicts a market capitalization peak for the blockchain-as-a-service market to new highlights.
According to Stellar Market Research’s report, the sector is expected to reach a market capitalization of $ 71.3 billion before the end of 2030. Currently valued at around $ 8 billion, the report projects a compound annual growth rate of 37% before the end of the decade.
Blockchain-as-a-Service (Baas) are cloud-based solutions that are designed to smooth out the curve for companies that want to integrate blockchain into their existing activities. With these customized services, users can manage and monitor blockchain applications without the disadvantage of steep infrastructure costs and complex technical requirements.
The ambitious projections for the sector are powered by a whole series of factors, whereby the Supply Chain industry is expected to increase figures. Tribes of supply chain service providers turn to blockchain in large numbers, driven by the need to achieve operational efficiency and transparency for participants.
Outside of supply chain companies, e-commerce players are ready to activate a peak in market capitalization for boss via tokenization use, although small and medium-sized companies (SMEs) are also expected to contribute their fair share to the growth of Baas.
The report identifies healthcare, logistics, energy and financial sectors as potential pine oversizers for Baas in the coming years.
A community lecture of the five -year projection reveals the rise of various trends in the sector. To begin with, Blockchain is integrating with artificial intelligence (AI) and the Internet of Things (IoT) technology is expected to dominate the boss story for years.
On the government’s side, automation and smart contracts will be central to the Baas, with the Use -Cases report on digital identity platforms.
While North America and Europe have dominated Baas’s adoption statistics since 2020, the report projects that Southeast -Asia will take the lead in the coming years. The region already has signs of incoming growth, whereby the local ecosystems of Vietnam and Thailand with double digits register.
In the Far East, Japan is calculating a boss market extension of 15%, stimulated by stripes of innovation by Fujitsu (Nasdaq: FJTSY) and NTT data (Nasdaq: NTDTY). Singapore and South Korea, don’t like to overtake, embrace the boss, with the US holding the 40% market share for industry.
Vietnam Blockchain Association has been set to help the transformation of Da Nang into a global financial hub
In other news, the Vietnam Blockchain Association (VBA) has confirmed the signing of a partnership agreement with DA Nang managers to transform the coastal city into an International Financial Center (IFC).
The cooperation agreement is intended to use the expertise of VBA with blockchain to improve the adoptive tricks of Da Nang. Representatives of both parties came together at a high -level financial conference called “International Financial Centers in Vietnam” to ink the deal.
The agreement reveals plans to draw up progressive policy for the city to increase its transformation as an international hub for finance. The VBA is expected to play an advisory role for supervisors and managers of the Central Vietnamese city with a view to full integration.
In addition to the use of blockchain and digital currencies for speculation, the VBA and Da Nang have set their sights on regular integration in financial circles. Both parties will try to insist on traditional financial and payment service providers to integrate solutions based on blockchain into their offer for consumers.
VBA chairman Phan Duc Trung unveiled on the sidelines of the event that the Push to reach the IFC status is on three pillars. The first depends on an “integrated policy framework”, while the second and third pillars include innovative solutions and sustainable growth.
Trung believes that sustainable growth seems to be the most difficult hill to climb the three requirements. To circumvent the challenge, the VBA chairman explains a blueprint for the executive arm of Da Nang to integrate into their long-term plans to achieve global financial hub status.
Trung calls for a made in Vietnam approach to development, leaning on local solutions instead of a wholesaler on foreign offers. There are a whisper from a National Blockchain network with Da Nang that is expected to launch a pilot program for use use of digital assets.
By leaning on a regulatory sandbox and the flourishing tourist sectors of Da Nang, Trung claims that the city is well on its way to reach regional dominance.
Zooming out from Da Nang, a clearer picture of Vietnam’s Web3 strategy starts to shape form, accentuated by resolution 259, a crazy dash to adoption. In its national blockchain strategy, the central government intends to set up 20 regular web3 brands in a strong show of dedication.
Vietnam is exhausted to deepen his talent pool for local and international companies to achieve this exalted ambition. Bilateral partnerships with the US for emerging technologies have started with impressive benefits for the Southeast Asian country, extending use cases and adoption figures.
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