The BFSI segment accounted for the second-largest share of the blockchain devices market in 2020 and is expected to maintain its second position during the forecast period. Blockchain technology is expected to experience rapid growth worldwide in the BFSI segment due to various factors, such as high compatibility with the financial services industry ecosystem, ICOs, rapid transactions, and reduced total cost of ownership, along with the rising adoption of cryptocurrencies. However, the uncertain regulatory standards and frameworks, and the lack of business applications and use cases of blockchain technology may hinder the market growth globally.
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