Blockchain technology has successfully incorporated rectifications against all major failure models which has massively impacted business models for generations, which is likely to augment the demand of the technology throughout various industry verticals. Byzantine fault tolerance being a major feature incorporated through blockchain where each node crash can be properly prevented and rectified as there are series of blocks protecting each node form crashing and a series of backup data to make a pre-empted data set based on backup data provided by the existing series of chains. The legendary problem of double spending has also been major innovative system incorporation in blockchain technology. It also legitimizes the transaction without any intermediary also combines proof of transaction, digital identity of the inception block and follows till the end user making it impossible to create a double spending loop since both the parties being present in the same chain creating a massive potential market for various applications and industry to adapt the technologyfrom 2016 to 2024.
According to the market structure of 2016, 39.1% market is based on payments, which holds major share of application market.But with growing popularity of other applications such as smart contracts, documentations and digital identity, and exchanges, share of blockchain usage in payment methods is expected to go below 31%through the forecast period. Market of ‘Blockchain technology’ is still at a very nascent stage and with a billion dollar investments in research and development of applications throughout various industry verticals, market growth has a very high potential.