More and more companies are exploring the potential uses of blockchain technology in their businesses

According to a new report published by Netscribes Inc., the global blockchain technology market size is expected to reach USD 13.98 billion by 2022, with a compound annual growth rate of 42.8 percent. Increasing adoption of blockchain-based technologies in financial transactions and cross-border payments are the main factors that drive the market.

Blockchain technology is also used in sectors such as healthcare, energy, media and informatics. The report also indicated that the North American region is expected to have the largest shares of the blockchain technology market during the forecast period, while Asia Pacific will grow at a faster rate. Global Blockchain Technologies Corp., The Bitcoin Investment Trust, Cboe Global Markets Inc. ChinaNet-Online Holdings Inc., India Globalization Capital Inc. are some of the players.

More and more companies are exploring the potential uses of blockchain technology in their businesses. Top companies like Microsoft, IBM and Oracle have undertaken a lot of initiatives in providing blockchain solutions. According to Reuters, global shipping giant A.P. Moller-Maersk recently announced partnership with IBM to launch a blockchain-based platform for global trade.

Maersk's chief commercial officer, Vincent Clerc, said, "The big thing that is missing from this industry to digitize and unleash the potential of the technology is really to create a form of utility that brings standards across the entire ecosystem."