Blockchain technology is on the rise and a new report predicts a surge in market capitalization for the Blockchain-as-a-Service (BaaS) market. According to Stellar Market Research, the sector is expected to reach a market capitalization of $71.3 billion by 2030, with a projected compound annual growth rate of 37%.
BaaS solutions are cloud-based services that help enterprises integrate blockchain into their operations without the high costs and technical requirements. The report highlights the supply chain industry as a key driver of growth, with many service providers turning to blockchain for operational efficiency and transparency.
Aside from supply chain firms, e-commerce players and small-medium enterprises are also expected to contribute to the growth of BaaS. The report identifies sectors like healthcare, logistics, energy, and finance as potential areas for BaaS growth.
The report also predicts trends like integrating blockchain with AI and IoT technology, as well as the use of smart contracts and automation in government applications. While North America and Europe have been leading in BaaS adoption, Southeast Asia, particularly Vietnam and Thailand, are expected to see significant growth in the coming years.
Vietnam Blockchain Association partners with Da Nang to transform into an international financial hub
The Vietnam Blockchain Association has signed a partnership agreement with Da Nang to help the city become an international financial center. The collaboration aims to leverage blockchain technology to enhance Da Nang’s Web3 adoption and establish forward-thinking policies for financial integration.
Both parties are focused on mainstream integration of blockchain solutions in traditional financial services. The VBA chairman emphasizes the importance of sustainable growth and a Made in Vietnam approach to development. Plans for a national blockchain network and regulatory sandbox are in the works to propel Da Nang towards becoming a regional financial powerhouse.
Looking at Vietnam’s overall Web3 strategy, the government’s commitment to establishing mainstream Web3 brands and deepening talent pools for emerging technologies is evident. Bilateral partnerships with the U.S. are also contributing to Vietnam’s progress in blockchain adoption.
Don’t miss the Futureproof Tech Summit 2024: Exploring new AI-blockchain business models
title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””>
