Increased security of documents using blockchain is the key market trend driving the electronic-invoicing market growth. E-billing allows the storage of all e-invoices, which can be assessed when required. Blockchain is a technology, which helps to keep the data intact, and only authorized personnel can access these data, thereby increasing the security of confidential data. Blockchain is also a cost-effective database management solution for e-invoices. Blockchain eliminates the need for intermediaries like payment service providers as it delivers secured and direct transactions between parties in the same network.
Blockchain technology is used to provide advanced and cost-effective solutions when compared with other technologies. Many financial institutions and technology-driven organizations are adopting this technology for their benefit. The blockchain technology market is estimated to grow significantly during the forecasted period.
This detailed trend analysis helps the new and established market players to access their current strategies and substitute them according to the new trends. For more information on the key market drivers, trends, and challenges click here.
