Global demand for Blockchain is expected to rise at a yearly growth rate of 34.1% Y-o-Y to US$ 155 Billion in 2032, supported by:
During the period ranging from 2020 to 2022, Blockchain demand prospects amplified during the prevalence of covid lockdown when physical transactions were limited. Increasing emphasis by BFSI and the retail sector has augmented the demand for blockchain. With the increasing penetration of smartphones and cheaper internet prices to boost sales over the coming years.
Another factor boosting market growth is the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised US$ 440 million in funding from strategic and institutional investors.
The company used this funding for organizational development and market expansion. The authorization of cryptocurrency in countries, such as Ukraine and El Salvador, is anticipated to create novel growth prospects for blockchain market growth. As per this report, demand for blockchain in the banking and finance sector is expected to surge at over 34.1% CAGR.
Data Points | Key Statistics |
---|---|
Estimated Value of Global Blockchain Market by 2032 | US$ 155 Billion |
Documented Market Value of the Blockchain Market in 2022 | US$ 8.3 Billion |
Estimated CAGR from 2022 to 2032 | 34.1% |
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The Asia Pacific is anticipated to yield immense growth opportunities, backed by favorable regulatory policies by several countries like China, Japan & India. By 2032-end, an annual growth rate of 32% has been projected for the region.
Within the Asia Pacific, China is likely to emerge as the strongest country owing to its robust financial infrastructure and the arrival of new entrants in the market. These aspects are likely to augment the acceptance rate of blockchain and help improve the challenges like online fraud, transactional security, etc.
Likewise, India is expected to experience stellar growth, attributed to the rising adoption of online payments and increasing awareness about its benefits, such as high transparency and increased efficiency, offered by this technology to multiple industries. Consequently, Blockchain manufacturers are seizing this opportunity to expand their clientele base in the regional market.
In terms of company size, the large enterprise segment is projected to grasp the highest growth over the forecast period. The segment accounted for nearly 55% share in 2022 and is estimated to maintain its governance in the coming years.
Large enterprises operating in segments, such as insurance, financial services, healthcare, and supply chain, are gradually making efforts to digitalize their offerings, which is generating the demand for blockchain technology among them.
Large enterprises, such as BBVA, Intesa Sanpaolo, Barclays, and HSBC, are adopting blockchain technology to streamline their KYC and fund processes. They have access to passable capital and different assets to implement novel technologies presented in the market.
A blockchain is a digital ledger of transactions that is replicated and distributed across the complete network of computer systems on the blockchain. With the increasing penetration of smartphones in countries like China, India, etc., there has been an amplified acceptance of digital transactions and digital identity detection. Key players Like IBM and Amazon Web Services are investing in the development of a more secure system for implementing their services
Startup culture and an increase in blockchain venture capital along with government initiatives all are contributing to the growth of the blockchain market.
Increased venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, widespread adoption of blockchain solutions for payment, smart contracts, and digital identities, and rising government initiatives are all contributing to the high growth rate of the blockchain market.
Following the launch of Bitcoin, blockchain technology blossomed, and it is currently being used to execute transactions by a range of financial institutions.
In the last two-three years, blockchain technology solutions have exploded in popularity for a variety of commercial applications, including payments, exchanges, smart contracts, documentation, and digital identification.
Many startups have entered the market and begun developing blockchain-based solutions, which results in the adoption of blockchain technology.
The enthusiasm and capital investments of venture capitalists were at an all-time high, resulting in the development of specialized blockchain ventures capital firms such as Boost VC and Node Capital.
Regulatory uncertainty is still a problem in the blockchain market. At the moment, one of the most significant impediments to blockchain adoption in most verticals is the lack of rules and the resulting ambiguity. Initial coin offerings have been forbidden by some governments (ICOs).
Regulatory acceptance is one of the most difficult components of modernizing transaction systems.
With the rapid advancement of technology, regulatory agencies must evaluate what gaps exist in current regulations and how they affect total technological applications. Financial institutions from all across the world are collaborating to develop blockchain technology standards.
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Blockchain technology offers enormous potential in a variety of fields, including banking, cybersecurity, and the Internet of Things. In numerous application areas, such as smart city projects, smart transportation, smart grids, vehicular networking, autonomous vehicles, and smart homes, IoT devices are widely used.
Several pioneers are constructing a decentralized network of IoT devices utilizing blockchain solutions, removing the need for a central site to oversee device connectivity.
Blockchain technology has the potential to disrupt and revolutionize transactions but to reap the benefits, businesses must overcome key security, privacy, and control challenges.
Hackers can profit from a bigger attack surface to obtain access to crucial and sensitive information since blockchain transactions are recorded in a distributed public ledger.
If a blockchain solution is used to hold sensitive contract or payment data, copying the file could provide hackers more access. In both a hub-and-spoke and a distributed database, if a key is compromised, it can be used to access the database.
The blockchain market can be segmented into components, providers, type, organizational sizes, application areas, and regions. On the basis of components, the platform segment holds the largest market share with an expected CAGR of 33.4%.
On the basis of type, the Private segment is anticipated to have significant growth in the forecast period, with an expected CAGR of 30.4%.
Regions | CAGR (2022 to 2032) |
---|---|
USA | 33.9% |
United Kingdom | 33% |
China | 33.4% |
Japan | 32.9% |
South Korea | 32.2% |
With a projected CAGR of 33.9%, the North American regional market topped the global market in 2032, accounting for US$ 55 Billion in revenue. The regional market is growing due to the increased usage of blockchain technology by businesses in the region.
Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating the use of blockchain technologies. Furthermore, one of the primary factors boosting regional market growth is the increased use of cryptocurrency among consumers in North America.
With a projected CAGR of 33.9%, the North American regional market topped the global market in 2032, accounting for US$ 55 Billion in revenue. The regional market is growing due to the increased usage of blockchain technology by businesses in the region.
Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating the use of blockchain technologies. Furthermore, one of the primary factors boosting regional market growth is the increased use of cryptocurrency among consumers in North America.
Research shows how the competitors are taking advantage of the opportunities present in the blockchain market. Some of the recent developments in the blockchain market are:
The blockchain market is projected to have a CAGR of 34.1% by 2032.
North America is the leading region with an anticipated CAGR of 33.9% by 2032.
Private blockchains lead the market with a projected CAGR of 30.4% by 2032.
The blockchain market is predicted to grow to US$ 155 Billion by 2032.
The platform segment leads the market with a projected CAGR of 33.4% by 2032.
1. Executive Summary | Blockchain Market 1.1. Global Market Outlook 1.2. Summary of Statistics 1.3. Key Market Characteristics & Attributes 1.4. FMI Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Risks and Trends Assessment 3.1. Risk Assessment 3.1.1. COVID-19 Crisis and Impact on Demand 3.1.2. COVID-19 Impact Benchmark with Previous Crisis 3.1.3. Impact on Market Value (US$ Million) 3.1.4. Assessment by Key Countries 3.1.5. Assessment by Key Market Segments 3.1.6. Action Points and Recommendation for Suppliers 3.2. Key Trends Impacting the Market 3.3. Formulation and Product Development Trends 4. Market Background 4.1. Market, by Key Countries 4.2. Market Opportunity Assessment (US$ Million) 4.2.1. Total Available Market 4.2.2. Serviceable Addressable Market 4.2.3. Serviceable Obtainable Market 4.3. Market Scenario Forecast 4.3.1. Demand in Optimistic Scenario 4.3.2. Demand in Likely Scenario 4.3.3. Demand in Conservative Scenario 4.4. Investment Feasibility Analysis 4.4.1. Investment in Established Markets 4.4.1.1. In Short Term 4.4.1.2. In Long Term 4.4.2. Investment in Emerging Markets 4.4.2.1. In Short Term 4.4.2.2. In Long Term 4.5. Forecast Factors - Relevance & Impact 4.5.1. Top Companies Historical Growth 4.5.2. Growth in Automation, By Country 4.5.3. Adoption Rate, By Country 4.6. Market Dynamics 4.6.1. Market Driving Factors and Impact Assessment 4.6.2. Prominent Market Challenges and Impact Assessment 4.6.3. Market Opportunities 4.6.4. Prominent Trends in the Global Market & Their Impact Assessment 5. Key Success Factors 5.1. Manufacturers’ Focus on Low Penetration High Growth Markets 5.2. Banking on with Segments High Incremental Opportunity 5.3. Peer Benchmarking 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 6.1. Historical Market Analysis, 2015 to 2021 6.2. Current and Future Market Projections, 2022 to 2032 6.3. Y-o-Y Growth Trend Analysis 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 7.1. Historical Market Value (US$ Million) Analysis, 2015 to 2021 7.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2032 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Component 8.1. Introduction / Key Findings 8.2. Historical Market Value (US$ Million) and Analysis By Component, 2015 to 2021 8.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Component, 2022 to 2032 8.3.1. Platform 8.3.2. Services 8.3.2.1. Technology Advisory and Consulting Services 8.3.2.2. Development and Integration Services 8.3.2.3. Support and Maintenance Services 8.4. Market Attractiveness Analysis By Component 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Organization Size 9.1. Introduction / Key Findings 9.2. Historical Market Value (US$ Million) and Analysis By Organization Size, 2015 to 2021 9.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Organization Size, 2022 to 2032 9.3.1. Large Enterprises 9.3.2. Small and Medium-Sized Enterprises 9.4. Market Attractiveness Analysis By Organization Size 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Provider 10.1. Introduction / Key Findings 10.2. Historical Market Value (US$ Million) and AnalysisBy Provider, 2015 to 2021 10.3. Current and Future Market Value (US$ Million) and Analysis and ForecastBy Provider, 2022 to 2032 10.3.1. Application 10.3.2. Middleware 10.3.3. Infrastructure 10.4. Market Attractiveness AnalysisBy Provider 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Type 11.1. Introduction / Key Findings 11.2. Historical Market Value (US$ Million) and Analysis By Type, 2015 to 2021 11.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Type, 2022 to 2032 11.3.1. Public 11.3.2. Private 11.3.3. Hybrid 11.4. Market Attractiveness Analysis By Type 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application Area 12.1. Introduction / Key Findings 12.2. Historical Market Value (US$ Million) and Analysis By Application Area, 2015 to 2021 12.3. Current and Future Market Value (US$ Million) and Analysis and Forecast By Application Area, 2022 to 2032 12.3.1. Transportation and Logistics 12.3.2. Agriculture and Food 12.3.3. Manufacturing 12.3.4. Energy and Utilities 12.3.5. Healthcare and Life Science 12.3.6. Media, Advertising, and Entertainment 12.3.7. Banking and Financial Services 12.3.8. Insurance 12.3.9. IT and Telecom 12.3.10. Retail and E-commerce 12.3.11. Government 12.3.12. Others 12.4. Market Attractiveness Analysis By Application Area 13. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 13.1. Introduction 13.2. Historical Market Value (US$ Million) and Analysis By Region, 2015 to 2021 13.3. Current Market Size (US$ Million) & Analysis and Forecast By Region, 2022 to 2032 13.3.1. North America 13.3.2. Latin America 13.3.3. Europe 13.3.4. Asia Pacific 13.3.5. Middle East and Africa (MEA) 13.4. Market Attractiveness Analysis By Region 14. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 14.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 14.4.1. By Country 14.4.1.1. USA 14.4.1.2. Canada 14.4.1.3. Rest of North America 14.4.2. By Provider 14.4.3. By Component 14.4.4. By Organization Size 14.4.5. By Type 14.4.6. By Application Area 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Provider 14.5.3. By Component 14.5.4. By Organization Size 14.5.5. By Type 14.5.6. By Application Area 15. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 15.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 15.4.1. By Country 15.4.1.1. Brazil 15.4.1.2. Mexico 15.4.1.3. Rest of Latin America 15.4.2. By Provider 15.4.3. By Component 15.4.4. By Organization Size 15.4.5. By Type 15.4.6. By Application Area 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Provider 15.5.3. By Component 15.5.4. By Organization Size 15.5.5. By Type 15.5.6. By Application Area 16. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 16.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 16.4.1. By Country 16.4.1.1. Germany 16.4.1.2. France 16.4.1.3. United Kingdom 16.4.1.4. Italy 16.4.1.5. Russia 16.4.1.6. Rest of Europe 16.4.2. By Provider 16.4.3. By Component 16.4.4. By Organization Size 16.4.5. By Type 16.4.6. By Application Area 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Provider 16.5.3. By Component 16.5.4. By Organization Size 16.5.5. By Type 16.5.6. By Application Area 17. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 17.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 17.4.1. By Country 17.4.1.1. China 17.4.1.2. Japan 17.4.1.3. South Korea 17.4.1.4. Rest of Asia Pacific 17.4.2. By Provider 17.4.3. By Component 17.4.4. By Organization Size 17.4.5. By Type 17.4.6. By Application Area 17.5. Market Attractiveness Analysis 17.5.1. By Country 17.5.2. By Provider 17.5.3. By Component 17.5.4. By Organization Size 17.5.5. By Type 17.5.6. By Application Area 18. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Value (US$ Million) and Trend Analysis By Market Taxonomy, 2015 to 2021 18.4. Market Value (US$ Million) & Forecast By Market Taxonomy, 2022 to 2032 18.4.1. By Country 18.4.1.1. GCC Countries 18.4.1.2. South Africa 18.4.1.3. Turkey 18.4.1.4. Rest of Middle East and Africa 18.4.2. By Provider 18.4.3. By Component 18.4.4. By Organization Size 18.4.5. By Type 18.4.6. By Application Area 18.5. Market Attractiveness Analysis 18.5.1. By Country 18.5.2. By Provider 18.5.3. By Component 18.5.4. By Organization Size 18.5.5. By Type 18.5.6. By Application Area 19. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 19.1. Introduction 19.1.1. Market Value Proportion Analysis, By Key Countries 19.1.2. Global Vs. Country Growth Comparison 19.2. USA Market Analysis 19.2.1. Value Proportion Analysis by Market Taxonomy 19.2.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.2.2.1. By Provider 19.2.2.2. By Component 19.2.2.3. By Organization Size 19.2.2.4. By Type 19.2.2.5. By Application Area 19.3. Canada Market Analysis 19.3.1. Value Proportion Analysis by Market Taxonomy 19.3.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.3.2.1. By Provider 19.3.2.2. By Component 19.3.2.3. By Organization Size 19.3.2.4. By Type 19.3.2.5. By Application Area 19.4. Mexico Market Analysis 19.4.1. Value Proportion Analysis by Market Taxonomy 19.4.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.4.2.1. By Provider 19.4.2.2. By Component 19.4.2.3. By Organization Size 19.4.2.4. By Type 19.4.2.5. By Application Area 19.5. Brazil Market Analysis 19.5.1. Value Proportion Analysis by Market Taxonomy 19.5.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.5.2.1. By Provider 19.5.2.2. By Component 19.5.2.3. By Organization Size 19.5.2.4. By Type 19.5.2.5. By Application Area 19.6. Germany Market Analysis 19.6.1. Value Proportion Analysis by Market Taxonomy 19.6.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.6.2.1. By Provider 19.6.2.2. By Component 19.6.2.3. By Organization Size 19.6.2.4. By Type 19.6.2.5. By Application Area 19.7. France Market Analysis 19.7.1. Value Proportion Analysis by Market Taxonomy 19.7.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.7.2.1. By Provider 19.7.2.2. By Component 19.7.2.3. By Organization Size 19.7.2.4. By Type 19.7.2.5. By Application Area 19.8. Italy Market Analysis 19.8.1. Value Proportion Analysis by Market Taxonomy 19.8.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.8.2.1. By Provider 19.8.2.2. By Component 19.8.2.3. By Organization Size 19.8.2.4. By Type 19.8.2.5. By Application Area 19.9. Russia Market Analysis 19.9.1. Value Proportion Analysis by Market Taxonomy 19.9.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.9.2.1. By Provider 19.9.2.2. By Component 19.9.2.3. By Organization Size 19.9.2.4. By Type 19.9.2.5. By Application Area 19.10. United Kingdom Market Analysis 19.10.1. Value Proportion Analysis by Market Taxonomy 19.10.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.10.2.1. By Provider 19.10.2.2. By Component 19.10.2.3. By Organization Size 19.10.2.4. By Type 19.10.2.5. By Application Area 19.11. China Market Analysis 19.11.1. Value Proportion Analysis by Market Taxonomy 19.11.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.11.2.1. By Provider 19.11.2.2. By Component 19.11.2.3. By Organization Size 19.11.2.4. By Type 19.11.2.5. By Application Area 19.12. Japan Market Analysis 19.12.1. Value Proportion Analysis by Market Taxonomy 19.12.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.12.2.1. By Provider 19.12.2.2. By Component 19.12.2.3. By Organization Size 19.12.2.4. By Type 19.12.2.5. By Application Area 19.13. South Korea Market Analysis 19.13.1. Value Proportion Analysis by Market Taxonomy 19.13.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.13.2.1. By Provider 19.13.2.2. By Component 19.13.2.3. By Organization Size 19.13.2.4. By Type 19.13.2.5. By Application Area 19.14. GCC Countries Market Analysis 19.14.1. Value Proportion Analysis by Market Taxonomy 19.14.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.14.2.1. By Provider 19.14.2.2. By Component 19.14.2.3. By Organization Size 19.14.2.4. By Type 19.14.2.5. By Application Area 19.15. South Africa Market Analysis 19.15.1. Value Proportion Analysis by Market Taxonomy 19.15.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.15.2.1. By Provider 19.15.2.2. By Component 19.15.2.3. By Organization Size 19.15.2.4. By Type 19.15.2.5. By Application Area 19.16. Turkey Market Analysis 19.16.1. Value Proportion Analysis by Market Taxonomy 19.16.2. Value & Analysis and Forecast by Market Taxonomy, 2015 to 2032 19.16.2.1. By Provider 19.16.2.2. By Component 19.16.2.3. By Organization Size 19.16.2.4. By Type 19.16.2.5. By Application Area 19.16.3. Competition Landscape and Player Concentration in the Country 20. Market Structure Analysis 20.1. Market Analysis by Tier of Companies 20.2. Market Concentration 20.3. Market Share Analysis of Top Players 20.4. Market Presence Analysis 20.4.1. By Regional Footprint of Players 20.4.2. Product Footprint by Players 21. Competition Analysis 21.1. Competition Dashboard 21.2. Competition Benchmarking 21.3. Competition Deep Dive 21.3.1. IBM 21.3.1.1. Overview 21.3.1.2. Product Portfolio 21.3.1.3. Sales Footprint 21.3.1.4. Strategy Overview 21.3.2. AMAZON WEB SERVICES 21.3.2.1. Overview 21.3.2.2. Product Portfolio 21.3.2.3. Sales Footprint 21.3.2.4. Strategy Overview 21.3.3. SAP 21.3.3.1. Overview 21.3.3.2. Product Portfolio 21.3.3.3. Sales Footprint 21.3.3.4. Strategy Overview 21.3.4. INTEL 21.3.4.1. Overview 21.3.4.2. Product Portfolio 21.3.4.3. Sales Footprint 21.3.4.4. Strategy Overview 21.3.5. ORACLE 21.3.5.1. Overview 21.3.5.2. Product Portfolio 21.3.5.3. Sales Footprint 21.3.5.4. Strategy Overview 21.3.6. HUAWEI 21.3.6.1. Overview 21.3.6.2. Product Portfolio 21.3.6.3. Sales Footprint 21.3.6.4. Strategy Overview 21.3.7. ACCENTURE 21.3.7.1. Overview 21.3.7.2. Product Portfolio 21.3.7.3. Sales Footprint 21.3.7.4. Strategy Overview 21.3.8. WIPRO 21.3.8.1. Overview 21.3.8.2. Product Portfolio 21.3.8.3. Sales Footprint 21.3.8.4. Strategy Overview 21.3.9. BITFURY 21.3.9.1. Overview 21.3.9.2. Product Portfolio 21.3.9.3. Sales Footprint 21.3.9.4. Strategy Overview 21.3.10. BLOCKCYPHER 21.3.10.1. Overview 21.3.10.2. Product Portfolio 21.3.10.3. Sales Footprint 21.3.10.4. Strategy Overview 22. Assumptions and Acronyms Used 23. Research Methodology
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