As you well know !
- Application of blockchain technology in the military and defense sector helps simplify the collected data and tries to protect the identity of every individual person in the military department.
- Blockchain technology (BT) in the military and defense sector also helps improve the security and efficiency of defense departments across the world.
- It uses peer-to-peer network for establishing secure communications with each user, which is estimated to boost the demand for military blockchain during the forecast period.
- Blockchain technology also helps manage supply chain management of defense departments and also improves the traceability of defense materials such as military weapons.
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Global Military Blockchain Market: Dynamics
Global Military Blockchain Market: Key Drivers
- Rise in adoption of blockchain technology in the military and defense sector is expected to protect the system from cyber-attacks initiated by cyber terrorists. This factor is projected to drive the demand for the military blockchain during the forecast period.
- Rising penetration of artificial intelligence (AI) technology in the defense sector to operate various processes is estimated to boost the military blockchain market during the forecast period
- Increasing implementation of blockchain-based solutions in armed forces to develop military applications is anticipated to fuel the demand for military blockchain during the forecast period
- Increasing investment by governments in the defense sector to deliver secure military applications offer significant opportunities to the military blockchain market across the globe
- However, technological disruptions faced by military applications is expected to hamper the military blockchain market
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Impact of COVID-19 on Global Military Blockchain Market
- COVID-19 impacted the global economy, which resulted in economic slowdown. The pandemic created disruptions in supply chain management in every industry and caused financial and technological disruptions in the military blockchain market.
- Integration of blockchain technologies with military applications offers various features of the blockchain technology in the military and defense sector.
- Blockchain technology helped detect newly infected cases in military campaigns during the COVID-19 pandemic situation. Transparency and decentralization properties of blockchain technology help protect data privacy of military applications.
- Thus, COVID-19 has had a positive impact on the military blockchain market during the lockdown situation, and it is estimated to propel the market in the next few years
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North America to Hold Major Share of Global Military Blockchain Market
- In terms of region, the global military blockchain market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is anticipated to hold for a prominent share of the global military blockchain market due to the presence of several prominent players of military blockchain in the region.
- Increase in adoption of digital technologies in the military and defense sector in Asia Pacific is estimated to fuel the adoption of military blockchain in the region during the forecast period
- Increase in penetration of emerging players of the military blockchain market in Middle East & Africa is projected to propel their demand in the region
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Key Players Operating in the Global Military Blockchain Market Include:
- Accenture Plc
- Aeron Labs
- Anduril Industries, Inc.
- Brussels Airport Company
- Chainyard Supplier Management Inc.
- GuardTime AS
- International Business Machines Corporation
- Microsoft Corporation
- Primechain Technologies Pvt. Ltd.
- SIMBA Chain Inc.
- Winding Tree
- Loyyal Corporation
- Lockheed Martin Corporation
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