Blockchain market is expected to simplify the business processes and change the way big data is approached in the future. According to a report by Markets and Markets, the global blockchain market size is likely to grow USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025.
In India, Andhra Pradesh became the first state to adopt blockchain technology for governance. Before deploying it across the administration, the technology was first used in two sectors, land records and transport. In 2021, big banks such as the State Bank of India (SBI), ICICI Bank, Kotak Mahindra, Axis Bank, and 11 others created a new company – the Indian Banks’ Blockchain Infrastructure Company Private Limited (IBBIC).