Latin America Blockchain Technology Market Report and Forecast 2024-2032

Latin America Blockchain Technology Market Size

The Latin America blockchain technology market reached a value of approximately USD 0.80 billion in 2023. The market is projected to grow at a CAGR of 54.30 % between 2024 and 2032, reaching a value of around USD 39.78  billion by 2032.

Latin America Blockchain Technology Market Outlook

• GAO reports substantial growth in blockchain-related financial products and services over recent years, indicating increasing adoption and market interest.

• The market capitalisation of crypto assets surged to nearly $3 trillion in November 2021, reaching a peak.

• In December 2022, the Chilean government announced a 64% budget increase for the State's digitalisation efforts in 2023, per ITA.

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Latin America Blockchain Technology Market Growth

Blockchain technology is divided into components including application and solution, infrastructure and protocols, middleware, and others. Remittances are a significant source of income for many families in Latin America.

Blockchain technology facilitates faster, cheaper, and more transparent cross-border payments, reducing the reliance on expensive traditional remittance services.

The Brazilian Digital Transformation Strategy pointed out that the digital economy accounted for approximately 22% of the Brazilian GDP in 2016 and reached 25.1% of GDP in 2021.

Key Trends and Developments

Supply chain transparency, government support and regulatory clarity, startup growth, and digital identity solutions are the major trends impacting the Latin America blockchain technology market growth.

June 2024

Nodle and Vivendi forged a pioneering partnership, elevating business communication security. Combining blockchain expertise with Vivendi's global influence, they advanced press release reliability, shaping a new era of trust in media.

January 2024

Telefónica employed blockchain technology to cut infrastructure expenses and enhance mobile coverage in Mexico. Collaborating with Nova Labs, creator of the Helium Network, Telefónica integrated Helium Mobile Hotspots to expand coverage in Mexico City and Oaxaca.

September 2024

Brazil introduced a new national identity card, enhancing security with a blockchain network linking the Federal Revenue Service and civil identification bodies. Serpro developed the platform, supporting the shared registry b-Cadastros for ID and tax registration management.

October 2023

Brazil launched its newest national digital ID program, utilising blockchain technology. The government's groundbreaking announcement disclosed plans to implement blockchain for a digital ID system covering over 214 million citizens.

Supply Chain Transparency

Blockchain enables transparency and traceability in supply chains, which is crucial for agriculture and manufacturing in Latin America. By tracking the movement of goods on a blockchain, companies can ensure the authenticity and integrity of their products.

Government Support and Regulatory Clarity

Many Latin American countries have shown openness to blockchain technology and cryptocurrencies, providing regulatory frameworks to support their development. Clear regulations create a conducive environment for blockchain startups and enterprises to operate and innovate.

Startup Growth

Latin America has seen a rise in blockchain startups across various sectors, including finance, healthcare, and agriculture. These startups are developing innovative solutions to local challenges, attracting investment, and driving growth in the blockchain market.

Digital Identity Solutions

Blockchain-based digital identity solutions offer secure and verifiable identity management, addressing fraud and identity theft issues. These solutions have applications in healthcare, government services and voting systems.

Latin America Blockchain Technology Market Trends

The usage of blockchain technology in the form of courses is increasing by the universities and educational institutions in Latin America which contributes to the development of a skilled workforce and fosters innovation in the blockchain ecosystem.

With growing awareness of environmental issues, there is a demand for sustainable blockchain solutions in Latin America. Projects focusing on energy-efficient consensus mechanisms and carbon offsetting through blockchain are gaining traction.

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Latin America Blockchain Technology Industry Segmentation

“Latin America Blockchain Technology Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Public

• Private

• Hybrid

Market Breakup by Component

• Application and Solution

• Infrastructure and Protocols

• Middleware

• Others

Market Breakup by Application

• Digital Identity

• Exchanges

• Payments

• Smart Contracts

• Supply Chain Management

• Others

Market Breakup by Enterprise Size

• Large Enterprises

• Small and Medium Enterprises

Market Breakup by End User

• Financial Services

• Government

• Healthcare

• Media and Entertainment

• Retail

• Transportation and Logistics

• Others

Market Breakup by Country

• Brazil

• Argentina

• Mexico

• Chile

• Colombia

• Others

Latin America Blockchain Technology Market Share

Hybrid blockchains contribute to the Latin America blockchain technology market growth as they promote interoperability between public and private networks, facilitating seamless data exchange and collaboration between different stakeholders.

Hybrid blockchains offer enhanced security and privacy features by combining the transparency of public blockchains with the controlled access of private blockchains. Moreover, hybrid blockchains provide customisation options that allow businesses in Latin America to tailor blockchain solutions to their specific needs and requirements.

Public blockchains operate in a decentralized manner, meaning no single entity has control over the network. By leveraging public blockchains, businesses and governments can create more resilient and tamper-resistant systems.

Large enterprises drive growth in the Latin America blockchain technology market share by collaborating with blockchain startups, technology providers, and industry consortia to develop and implement blockchain solutions.

Some large enterprises are investing in the development of blockchain infrastructure, such as blockchain networks, protocols, and platforms. Large financial institutions in Latin America are exploring blockchain solutions for improving payment systems, cross-border transactions, trade finance, and other financial services.

Small and medium enterprises can benefit from the cost-effectiveness of blockchain technology, which allows for streamlined processes, reduced intermediary fees, and improved operational efficiency. By investing in employee training and skill development, small and medium enterprises in Latin America can build internal expertise in blockchain technology.

Leading Manufacturers in the Latin America Blockchain Technology Market

The corporation offers software systems for personal computers, specializes in technology solutions, and manufactures hybrid tablet computers, smart devices, and others.

Microsoft Corporation: Founded in 1975, Washington-based, the company excels in personal computer software. It extends its portfolio with computer peripherals, hybrid tablets, electronic gaming systems, and more, marking its multifaceted technological prowess.

Amazon Web Services, Inc.: An Amazon subsidiary, AWS offers on-demand cloud computing platforms and APIs worldwide with 200+ services. Founded in 2006, and headquartered in Washington, it ensures uninterrupted service through global data centres.

IBM Corporation: IBM, or International Business Machines Corporation, headquartered in New York, USA, since 1911, specializes in technology solutions, including AI, analytics, automation, storage, networks, and DevOps.

Huawei Technologies Co. Ltd.: Founded in 1987 and is headquartered in Shenzhen, Guangdong. The company is the global provider of smart devices and information and communications technology (ICT) infrastructure.

Other Latin America blockchain technology market key players are SAP SE, Bitso, Buda.com SpA, Koibanx Ltd., Tradewind Markets, Inc., and KuCoin, among others.

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Latin America Blockchain Technology Market Analysis by Region

Argentina and Brazil are leading the adoption of blockchain technology in Latin America due to economic instability, a large unbanked population, high crypto adoption, government support through regulatory frameworks and tech-savvy populations. These factors drive innovation and growth in the region's blockchain market.

According to ITA, by 2022, 86% of public services have been digitised, aiming for 95% by 2025 and complete digitisation by 2035.

Key Highlights of the Report

Latin America Blockchain Technology Market Report Snapshots

Latin America Blockchain Technology Market Size

Latin America Blockchain Technology Market Growth

Latin America Blockchain Technology Market Trends

Latin America Blockchain Technology Market Share

Latin America Blockchain Technology Manufacturers

Latin America Blockchain Technology Market Regional Analysis