Cryptocurrency Trading to Increase the Usage of Crypto Hardw...| MENAFN.COM

Tuesday, 27 September 2022 04:50 GMT

Cryptocurrency Trading to Increase the Usage of Crypto Hardware Wallets

(MENAFN- P&S Intelligence) Blockchain solutions are adopted in sectors, such as government; travel and hospitality; retail; transportation and logistics; and banking, financial services, and insurance (BFSI), to enhance security and strengthen their daily operations. Amongst these, BFSI institutions use the maximum number of blockchain devices to curtail transfer errors and frauds, due to the safety and security provided by these devices for the data, money, and information. Because of increasing demand, the blockchain devices market is projected to increase from $0.3 billion in 2019 to $23.5 billion by 2030, advancing at a CAGR of 48.7% during 2020–2030.

Additionally, the retail sector is expected to increase the application of these devices to provide a guarantee for authentic products, increase consumer confidence and transparency, fasten the delivery process, reduce the number of counterfeit goods, ease logistics, and accept payments in the form of cryptocurrencies. To increase the practice of accepting crypto payments, retail stores are expected to deploy large quantities of point-of-sales (POS) terminals in foreseeable future.

In addition to POS terminals, other types of blockchain devices include crypto automated teller machines (ATMs), blockchain smartphones, and crypto hardware wallets. Of these, the application of crypto hardware wallets has increased tremendously in recent years, due to the growing cryptocurrency market. These wallets are increasingly employed to keep the cryptocurrency safe, owing to the rising number of transactions and cryptocurrency users. Additionally, these wallets are available in two forms — hardware-based and software-based wallets. Of these, hardware-based wallets are more secure than the software-based wallets, as the former are immune to system errors and hacking and can be operated offline.

To increase their reach, players in the blockchain devices market are launching new product. To expand its customer base, Ledger SAS introduced Ledger Nano X, a crypto hardware wallet, in January 2019. It is a wireless wallet that can be controlled through mobile application and function via Bluetooth connectivity. In the same vein, Samsung Electronics Co. Ltd. launched a blockchain smartphone version of its Note10 5G and Note10+ 5G — KlatynPhone, in September 2019, to cater to the South Korean market. KlatynPhone comes with 2,000 Klay tokens, a cryptocurrency backed by Kakao, an internet company.

According to P&S Intelligence, Europe and North America are expected to adopt maximum number of blockchain devices in coming years. This can be attributed to the entrance of new players in the regional markets, due to the conducive environment provided by the governments, in terms of policies regarding blockchain and emerging technologies. Besides, the growing awareness about blockchain devices will also add to the demand for these devices in future. Moreover, increasing adoption of cryptocurrencies in European nations, such as Germany, the U.K., the Netherlands, Switzerland, and France, is expected to rise the usage of blockchain devices in the region.

Furthermore, Asia-Pacific (APAC) countries, such as Singapore, Japan, and South Korea, are employing blockchain solutions in large numbers, owing to the favorable government policies. However, countries such as India and China create low demand for blockchain devices, due to stringent government regulations citing restrictions or ban on the trading of cryptocurrencies. For instance, the Government of India has already banned the trading of cryptocurrency within the country. Besides, the Indian government also announced that no bank would support selling or buying of cryptocurrencies.

Despite the ban imposed by certain countries, the trading of cryptocurrencies is increasing significantly, worldwide. The surging adoption of cryptocurrencies will, in turn, increase the demand for blockchain devices.


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