The market competition pattern is highly dispersed. Market participants focus on partnership, product innovation, research and development and geographical expansion to strengthen their market position. For example, from 2065438 to March 2009, Circle Internet Finance Co., Ltd. completed the acquisition of the equity crowdfunding platform SeedInvest. The acquisition aims to provide a token market, allowing individuals and businesses to raise funds and interact with investors through an open encryption infrastructure.
In 2020, the global blockchain technology market will be 3.67 billion US dollars, and it is estimated that the compound annual growth rate (CAGR) will reach 82.4% from 2002/KLOC-0 to 2028. Blockchain has become a promising technology in the IT field. It is an open and unchangeable distributed public ledger, which can be accessed by many parties involved in the transaction and serves as the general repository for all transactions between participants. The acceptance of cryptocurrency in the world is getting higher and higher, which is one of the main factors to promote market growth. Commercial banks and central banks all over the world are now using blockchain technology to process the payment and issuance of digital currency. Compared with the traditional system, this technology can realize cheaper and faster cross-border payment.
Compared with other third parties, the remittance cost of blockchain is 2% to 3% of the total amount, because blockchain does not need third-party authentication. Various financial services and solution providers are establishing partnerships with blockchain solution providers to enhance their cross-border payment processes. For example, from 2065438 to September 2009, MasterCard announced that it would cooperate with R3, an enterprise blockchain software provider, to develop a cross-border payment solution supporting blockchain.
The traditional stock exchange involves a lot of bureaucracy and stages, so it takes three days to deal with it. However, the decentralization of blockchain technology in the banking industry eliminates unnecessary intermediate links and enables transactions to run on global computers. At the same time, blockchain helps to improve performance by reducing information redundancy in transactions. Various financial service providers use blockchain technology to enhance their stock trading process. For example, in 200211,Japan-based SBI Holding Company cooperated with Sumitomo Mitsui Financial Group to launch a digital stock exchange in Japan by 2022.