Based on a study from Allied Market Research, participants in the blockchain finance sector are increasingly looking at partnerships and acquisitions as key strategies.

The issues faced by the conventional finance world due to the COVID-19 outbreak, along with the potential for reduced operational expenses, amplify the likelihood of the digital ecosystem being embraced more widely globally.

The primary benefits of the blockchain finance sector are its reliance on substantial computational power, making it optimal for managing extensive distributed ledgers tied to financial dealings. These elements are set to propel the growth of the blockchain financial market.

The leading sub-domains within blockchain finance are cross-border payments and trade, buoyed by increasing interest from individuals, enterprises, traders, industrial sectors, and international developmental entities.

As users persistently search for more cost-effective ways to transfer their funds globally, specialists anticipate the persistence of this trend. In 2022, North America held a dominant position in the blockchain finance domain, and it's predicted to maintain its forefront in blockchain finance adoption.

Researchers at Allied Market Research forecast a compound annual growth rate (CAGR) of 60.5%. This could propel the sector to be worth $79.3 billion.

Previously in the year, the Bank of America (BofA) contended that it's decentralized finance (defi) that truly challenges conventional finance, rather than Bitcoin (BTC). Despite Bitcoin's staggering market capitalization surpassing $1 trillion, BofA suggests that its inherent limitations hinder it from genuinely revolutionizing the traditional financial landscape.