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.

Browse detailed report – Blockchain Devices Market Analysis and Demand Forecast Report

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.

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