Latin America Blockchain Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2027

Blockchain is a system in which a record of transactions can be stored and maintained across several entities linked in a network. In 2008, Blockchain was introduced as a primary database software for bitcoin by unknown personnel named 'Satoshi Nakamoto'. The combination of Blockchain with bitcoin made the first digital currency to solve many transaction-related problems. A blockchain system does not require a trusted authority or central server. Blockchain has become the first technology to solve the problem of double-spending. Double spending is a flaw in a digital currency system in which the same single digital token can be used and spent more than once. Digital token differs from physical cash as they consist of a digital file for their representation. This file can be copied, duplicated or falsified. Such a double spending situation leads to pretence by creating a new record of copied money which did not exist previously. Blockchain does not allow altering or replacing the data. Blockchain technology is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets. 

According to the research report "Latin AmericaBlockchain Market Outlook, 2027", published by Actual Market Research, the Blockchain market is increasing. The Latin America Blockchain market is expected to grow with a CAGR of more than 55% by the end of 2027. By country, the Latin America region is segmented into three major countries: Brazil, Argentina and Columbia. Argentina is expected to acquire more market share in the Latin America region. To conserve the savings from inflation, Argentines became some early adopters of cryptocurrency in Latin America. Due to a prohibitive foreign exchange policy, Argentina became a prime location for Blockchain and cryptocurrency adoption. Argentina introduced Blockchain start-ups using this technology to revolutionize contracts, finance and fundraising. One of Latin America's most crucial Blockchain start-ups, Ripio, is based in Argentina. This Blockchain helps small businesses process payments from international credit cards and bitcoin. It helps to make payments for all transactions. Latin America's bitcoin is gaining access from north to south. Trading volumes in local bitcoin have also increased in a significant portion of Latin America. Due to the rise in crypto support, Blockchain could acquire an innovative change in Latin America. In Latin America, Blockchain innovation is publicly released, representing a unique chance for the whole region. Latin America is also changing its vision to other applications of Blockchain technology, such as they are aiming to use cryptos as technical resources. 

Based on the report, the Latin America Blockchain market is segmented into three parts: Public Blockchain, Private Blockchain and Hybrid Blockchain. Among these segments, Public Blockchain is estimated to have maximum market growth. As public Blockchain provides more transparency to every citizen, public Blockchain is getting accepted by people. Decentralizing the financial sector and putting trust in distributed ledgers means less reliance on corrupt intermediaries. For many years, Latin America has endured numerous setbacks that have caused it to drift from an economic perspective. By adopting Blockchain technology in their daily lives, Latin America is trying to overcome the major restraining factor in the overall economy. 

The covid-19 pandemic presented extraordinary challenges to states, economies and societies around the Latin America. The first quarter of 2020 did not end positively for Latin America. During this period of the Covid-19 pandemic, the Latin American part was also dealing with the consequences of a historic dengue epidemic. It felt the impact of the oil pricing dispute between Russia, Saudi Arabia and other countries. As for Latin America, this period became somewhere positive too. Some countries rely on the latest technology to track the virus; Blockchain has been featured prominently in the fight against the current pandemic. It is well-known that different countries are identifying the necessity to generate a digital passport to facilitate and improve the transition to a post-pandemic world. Columbia has become the first Blockchain-powered Covid-19 passport.

Major Companies present in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.

Considered in this report
• Geography: Latin America
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Latin America Blockchain market with its value and forecast along with its segments
• Country wise Blockchain market analysis
• Segment wise Blockchain Market
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• Brazil
• Argentina
• Columbia

By Types of Blockchain in the report:
• Public
• Private
• Hybrid

By Provider type in the report:
• Infrastructure
• Application & Solution
• Middleware

By Enterprise in the report:
• Large Enterprise
• Small & Medium Enterprises

By Application in the report:
• Banking & Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail and Ecommerce
• Transportation & Logistics
• Energy and Utilities
• Others (Insurance, Manufacturing, Travel, It & Telecom, etc.,)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, Key and innovative vendors related to Blockchain industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.