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Global Blockchain Government Market Size, Share, Demand, and Growth Forecast to 2027

The global blockchain government market is anticipated to grow at a 86% CAGR during 2021-2027 and is expected to reach USD 6,410 million by 2027. The mounting infrastructure development and rising adoption of developed technologies in the government sector will lead to the growth of blockchain technology. Furthermore, the rising instances of fraudulent activities in the public sector, increased adoption of blockchain technology to generate a transparent and decentralized government, emphasis to improve efficiency and speed in public sector transactions, need to protect against data tampering will further drive the growth of blockchain government market.

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The blockchain government market is divided into asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and other applications, based on the application. Identity management is anticipated to have a high CAGR during 2021-2027 as it is easy and cost-effective. Blockchain technology can be used to manage documents and keep track of individual identities with great success. As a result, the use of blockchain technology to handle identities is becoming more common.

North America contributes to the largest share in the blockchain government as they are early adopters of technology and have a well-established infrastructure. Moreover, the presence of key industry players and smart contracts, payment and wallet solutions, and digital identity detection solutions being implemented by government agencies will propel the growth of blockchain technology.

In February 2022, WaveDancer, a cutting-edge technology firm, announced that its pioneering supply chain management blockchain platform is available on Amazon Web Services (AWS) Marketplace for GovCloud to fulfill secure supply chain requirements for key government missions. WaveDancer's blockchain is a new technology engine for cloud services, powered by Amazon Web Services. WaveDancer's blockchain was first created as part of significant research and development for a global national security-focused company. The revolutionary technology that was developed is now available to the entire US government.

The prominent players in the blockchain government market include IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.

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