The Exceptional Growth of the Blockchain Devices Market
MarketsandMarkets, an intelligence and market research platform, state that the blockchain devices market is expected to grow from USD 218 million in 2019 to USD 1.285 billion by 2024, at a compound annual growth rate (CAGR) of 42.5% in this period.
Ever since Satoshi released Bitcoin's whitepaper, cryptocurrencies have been a must-pop-up talk in the fin-tech world. People have been so much drawn in the currency side of bitcoin till they forget the underlying technology that structures it. However, during then, a few individuals did notice the brilliance of blockchain technology and have experimented with the tech to innovate new ways on how we can benefit it.
Today, as we are on the verge of experiencing phone pollution (there would be 1.654 billion phones by 2022), mobile companies have started to incorporate blockchain technology in the phones' operating systems. Surprisingly, the rise of blockchain devices seems to be the next big step in the adoption of the blockchain.
When it comes to some of the significant elements behind this growth, MarketsandMarkets have highlighted:
- increasing adoption of blockchain technology in retail and supply chain management
- rising venture capital funding
- the growing market capitalization of digital assets
- increasing acceptance of cryptocurrency across industries and regions
- major companies launching various types of hardware
- in Asia-Pacific, specifically, there are favorable economic condition and rise in demand for blockchain to be included in different applications
- North America, specifically, is home to several blockchain devices vendors, contributing to the growth of the market in the region.
However, the report also states that significant factors restraining the market growth include uncertain regulations and lack of awareness.
Blockchain devices that use wireless connectivity for information transfer, like crypto hardware wallets and point-of-sale (POS) devices, will reportedly register the best progress throughout the forecast period.
However, they will be accompanied by blockchain gateways and pre-configured devices which are also expected to grow at the highest rate in this period. Corporations, governments, and institutions are increasingly adopting such devices.
Blockchain devices are also being adopted by banking, financial service, retail, e-commerce, automotive, transportation, IT and telecommunication, and many others.
Major Players in the Blockchain Devices Market
MarketsandMarkets named the top companies from across the world that are driving growth in the blockchain market. These companies include Ledger, HTC, Pundi X, Filament, SatoshiLabs, Genesis Coin, General Bytes, Riddle&Code, and Sirin Labs, among others.
These companies are spearheading the use of blockchain for Smartphones, Crypto Hardware Wallets, Crypto ATMs, POS Devices, & Others, which will undoubtedly help in crypto adoption across the globe. It will also support research and innovation to make the blockchain and crypto space more secure over time.
Here is a look at recent examples of blockchain device adoption and innovation across various fields.
LG Set to Launch its Own Blockchain-Powered Smartphone
LG is a known advocate of blockchain technology and has been exploring a range of blockchain-related business avenues. The company has developed its Monachain blockchain platform and is working with KB bank to create a stable coin.
A few weeks ago, the tech giant unveiled plans to launch its blockchain-powered smartphone in response to Samsung’s recently unveiled Klaytn Phone.
The company also revealed that in the wake of Samsung's Blockchain Wallet release earlier this year, LG met with several Dapp (decentralized application) developers to discuss a possible future partnership.
LG also has plans to work with farmers and schools on an unprecedented blockchain-powered school lunch scheme.
Additionally, LG filed a patent in the US for a smartphone cryptocurrency wallet earlier this year and is shaping up to be a leader in crypto adoption and innovation in the blockchain device market.
More recently, LG Electronics applied for a patent for the ThinkQ Wallet. The company already has an extensive range of IoT-compatible products, smartphones, apps, and services in its expanding ThinQ range.
Pundi X Partners with PoS Giant
In July 2019, Singapore-based blockchain company, Pundi X, revealed that it had made strides towards cryptocurrency adoption. The company made this possible by integrating its technology into traditional PoS terminals, made by a critical provider of such devices, US-based, VeriFone.
According to Pundi X, its XPOS (a point of service device that accepts cryptocurrencies) module had been integrated on Verifone's X990. X990 is the latest Android-based point of sale terminal produced by the PoS company.
These devices have been used to process cryptocurrency payments along with traditional transactions. Because of this, they allow for a more comprehensive network of retailers to accept payments in cryptocurrencies.
Thanks to the XPOS, the Verifone X990 can now accept several cryptocurrencies as payment options, such as BTC, ETH, BNB, KNC, and NPXS at any retailer. The only requirement is that the retailer has the Pundi X Verifone X990 installed.
Swiss Watchmaker Plans to Put a Crypto Wallet on Watches
Luxury Swiss watchmaker, A. Favre & Fils, announced in January of 2019, that it had designed a handcrafted mechanical timepiece with a built-in crypto-wallet. The watchmaker also added that the piece would have state of the art patented security solutions.
The initiative to connect traditional Swiss watchmaking with the young blockchain industry proved the willingness of traditional entities to adopt the technology.
Favre & Fils are working in partnership with experts from the cryptocurrency space in the creation of this watch. Most notable is the collaboration with Francesco Abbate, the co-founder, and CEO of advisory firm Swiss Crypto Advisors (SCA).
Toss to Launch Crypto Businesses
South Korean mobile finance provider, Toss, said on July 10th, 2019, that they were waiting for approval for securities trading from the South Korean regulatory Financial Services Commission (FSC). This would allow them to venture into areas including cryptocurrency investment.
The Toss app has some 12 million active users, and last year the company raised some USD 80 million in investment for a valuation of USD 1.2 billion. The company’s financial backers include PayPal and VC companies in the US and South Korea.
Big telecommunication companies venturing into the Blockchain Devices Market
- Apple Confirms Cryptocurrency is on the Company's Radar
An Apple executive confirmed on Sep 6th,2019, that the company is indeed interested in digital money, as it has attractive long-term potential.
The news came after Apple showed support for digital signatures and public and private encryption keys, which could be used to represent cryptocurrencies.
Moreover, Apple recently announced CryptoKit for iOS 13, which will permit developers to conveniently generate hashes for digital signatures and public and private keys that can be kept and managed by Apple's Secure Enclave.
Those keys can then represent digital currencies and be exchanged by iPhone owners as a form of payment through an app.
- Samsung Set to Launch New Blockchain Smartphone
In September 2019, electronics giant Samsung partnered with South Korea’s Klaytn blockchain platform to launch new blockchain-based variants of its Galaxy Note10 5G and Note 10+ 5G flagship smartphones for the South Korean market.
KlaytnPhone holds the same hardware and software specifications as the regular Galaxy Note 10 models, but with the Klaytn logo displayed when the phone is booted up and shut down.
KlaytnPhone will come with a built-in crypto wallet and blockchain-based applications. Additionally, users will also be rewarded with 2000 tokens of Klay cryptocurrency for purchasing the device.
- HTC Partners with Bitcoin.com
HTC and Bitcoin.com have recently teamed up on HTC’s flagship Exodus 1 smartphone to drive cryptocurrency buying and selling and utilization.
HTC hopes to tell apart its smartphone by making it easy for users to make use of the phone for cryptocurrency buying and selling. Moreover, the phone company hopes to pressure extra visitors to Bitcoin.com, including the more than 4 million folks who use its cryptocurrency pockets for transactions.
Unveiled in May 2019, HTC’s Exodus 1 is the first smartphone to offer users Bitcoin Cash (BCH) support without first downloading a BCH wallet from an app store. Existing Exodus 1 users will get a preloaded Bitcoin.com wallet app after updating the software on their devices.
The research conducted by MarketsAndMarkets seems to indicate that we will see a boom in blockchain devices across various fields. More so, the introduction of wireless connectivity for blockchain devices will rise exponentially. This will help provide digital identity confirmation, as well as a gateway for institutional services.
A key opportunity for the blockchain market is the projected rise in cryptocurrency acceptance across different industries and countries.
About The Author
Wayne JonesAm Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.
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