Blockchain is a distributed and decentralized ledger that facilitates collaboration and trust in the internet space. The Blockchain Technology provides secured sharing of information while making it transparent and immutable for all the participants. The government’s role in enforcing blockchain-based transactions is gradually increasing to enhance business decisions, ease of compliance and regulations management, and reduce the overall costs.

The various factors, such as rapidly transforming business processes in government agencies, high adoption of blockchain technology for various application areas, such as smart contracts, identity management, and voting, and increasing venture funding and investments in the blockchain technology would provide growth opportunities for blockchain government technology vendors.

The application segment includes asset registry (land/real estate registry), identity management, payments, smart contracts, elections/voting, and others (healthcare, public transport, and supply chain & logistics). The identity management notification system is expected to be the fastest growing in this marketspace. Identity management plays an important role in the government that preserves confidential information of individuals and organizations.

The infrastructure providers segment is estimated to hold the highest market share in 2018. Infrastructure providers offer the infrastructure required to develop blockchain-based platforms with the help of middleware providers. These providers help enterprises implement the blockchain technology and develop solutions to fulfill the increasing need for customer services. The companies’ increasing adoption of the blockchain technology infrastructure is responsible for this segment’s growth.

The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the Blockchain Government Market. Furthermore, APAC is expected to grow at the highest rate during the forecast period, due to the increasing investments in the blockchain technology solutions to change the business processes in the government sector.