As per MRFR analysis, the South America Blockchain Service Market Size was estimated at 319.49 (USD Million) in 2023.The South America Blockchain Service Market is expected to grow from 413(USD Million) in 2024 to 6,966.63 (USD Million) by 2035. The South America Blockchain Service Market CAGR (growth rate) is expected to be around 29.286% during the forecast period (2025 - 2035).
Key South America Blockchain Service Market Trends Highlighted
The market for blockchain services is expanding significantly in South America due to the growing need for traceability and transparency across a number of industries, including logistics, finance, and agriculture. Blockchain technology is being actively investigated by governments in nations like Argentina and Brazil in an effort to improve public services and increase regulatory compliance.
The focus on enhancing accountability and decreasing corruption is driving the public and private sectors' use of blockchain technology. Additionally, the growth of fintech businesses in South America emphasizes the demand for safe and effective payment methods, which encourages spending on blockchain services.
There are many of opportunities in the blockchain services sector in South America, especially in supply chain management. Blockchain's real-time tracking and product origin verification capabilities can significantly benefit the region's agriculture industry by enhancing consumer confidence and product quality.
The use of blockchain technology to protect transactions and personal information will open up enormous commercial opportunities as e-commerce keeps growing. Additionally, by utilizing local resources and knowledge, public-private partnerships might hasten the implementation of blockchain technology.
Decentralized finance (DeFi) applications have been more popular in South America recently, and numerous local entrepreneurs are providing creative ways to improve financial inclusion. South American artists and innovators' increasing interest in NFTs is a sign of the region's ability to access international digital markets.
Furthermore, blockchain-focused educational programs are becoming more popular, giving workers the skills they need to promote innovation in the blockchain industry. All things considered, the blockchain services market in South America is developing quickly and has a solid basis for future expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South America Blockchain Service Market Drivers
Increasing Adoption of Digital Payment Solutions
The South America Blockchain Service Market is significantly driven by the increasing adoption of digital payment solutions across various sectors. Countries such as Brazil and Argentina are experiencing a rapid shift towards digital transactions, propelled by government initiatives to enhance financial inclusion.
For instance, Brazil's Central Bank launched the 'Pix' instant payment platform, resulting in over 120 million active users in less than a year.
This emphasizes a growing consumer base for blockchain-enabled financial services, illustrating a scalable opportunity for blockchain technology to facilitate secure, efficient, and low-cost transactions. As more businesses and consumers pivot to digital transactions, the demand for blockchain services will likely surge, positioning the South America Blockchain Service Market for substantial growth.
Government Support and Regulatory Frameworks
Governments in South America are increasingly supporting blockchain technology through favorable regulatory frameworks. In 2021, the Argentine government adopted a strategic plan for the promotion of blockchain technology, which aims to improve transparency in public spending and enhance trust in government operations.
Such initiatives not only pave the way for broader market adoption but also encourage public and private sector partnerships, driving investments in blockchain services. The development of legislation supporting blockchain technology fosters an environment conducive to innovation, thus propelling the South America Blockchain Service Market forward.
Growth in Supply Chain Management Solutions
The South America Blockchain Service Market is witnessing tremendous growth propelled by the increasing necessity for transparent and efficient supply chain management systems. The region's difficulties in supply chain integrity, especially concerning agricultural exports, highlight the need for blockchain solutions that ensure traceability and authenticity.
In 2020, the Colombian government implemented a blockchain-based system for tracking the supply chain of coffee, a significant export product, aimed at enhancing quality control. Such initiatives not only improve operational efficiencies but also build consumer trust, compelling more businesses to invest in blockchain services.
Blockchain Service Market Platform Insights
The Platform segment of the South America Blockchain Service Market is experiencing significant traction as businesses across diverse sectors recognize the advantages of blockchain technology for enhancing efficiency and transparency.
Ripple, with its focus on enabling real-time cross-border payments, is a critical player in the financial services landscape, providing solutions that facilitate quicker and more secure transactions. Ethereum stands out due to its capacity for enabling smart contracts and decentralized applications, which empower developers and businesses to create innovative solutions tailored to their specific needs.
R3 brings strategic advantages with its enterprise-focused solutions, catering primarily to banks and financial institutions by offering blockchain infrastructure that prioritizes privacy and regulatory compliance. Hyperledger emerges as a versatile platform used for collaborative blockchain development, fostering innovation through its open-source framework for developing enterprise-grade applications.
This diverse platform landscape enhances the South America Blockchain Service Market segmentation, driving growth and adoption across industries such as finance, supply chain, and healthcare, while addressing the region's unique challenges and opportunities in digital transformation.Overall, the emphasis on interconnectedness, speed, and security underscores the criticality of these platforms in shaping the future of blockchain services within South America.
As the region continues to explore innovative technologies, the growing sophistication of these platforms positions them as foundational elements in the ongoing digital evolution, reflecting broader market trends towards decentralized solutions.The demand for advanced blockchain capabilities in South America is also facilitated by government initiatives that encourage technology adoption, promoting environments that foster technological advancements which in turn validate the importance of these leading platforms in driving industry-wide digital transformations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Blockchain Service Market Cloud Insights
The Cloud segment of the South America Blockchain Service Market is experiencing significant growth, driven by increasing demand for secure and scalable solutions across various industries. As businesses in South America recognize the value of blockchain technology for enhancing operational efficiency and transparency, there is a notable shift towards adopting Cloud-based services.
The market comprises several types, including Private, Public, and Hybrid Cloud services, each serving unique needs. Private Cloud offerings are pivotal for organizations requiring strict data control and security, appealing to sectors like finance and healthcare.
Public Cloud solutions, on the other hand, are gaining traction for their cost-effectiveness and ease of access, catering to startups and smaller enterprises looking to leverage blockchain without heavy upfront investments. Hybrid Cloud models are becoming increasingly popular as they allow businesses to enjoy the benefits of both private and public infrastructures, offering greater flexibility and scalability.
As per recent statistics, the emergence of innovative blockchain applications and increasing investments in digital infrastructures further enhance the potential of the Cloud segment within the South America Blockchain Service Market, establishing it as a key driver of market growth and an essential component of the evolving digital landscape.
Blockchain Service Market Regional Insights
The South America Blockchain Service Market exhibits robust growth driven by increasing adoption across various industries such as finance, supply chain, and healthcare. In Brazil, innovations in digital finance and government initiatives support blockchain integration, making it a dominant player in the region.
Mexico is also embracing blockchain technology with significant interest from startups and enterprises aiming to enhance transparency and security in transactions. Argentina’s focus on fintech allows for substantial growth opportunities, particularly in leveraging blockchain for remittances and currency solutions.
The Rest of South America, which includes several emerging markets, is gradually recognizing the potential of blockchain, fostering a conducive environment for investment and technological advancement.
This regional segmentation highlights the varied landscape of blockchain services, with each area contributing to the overall market dynamics and offering unique opportunities tailored to local needs and conditions, further enhancing the South America Blockchain Service Market revenue and industry growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South America Blockchain Service Market Key Players and Competitive Insights
The South America Blockchain Service Market has been witnessing significant growth recently, driven by a combination of increased demand for secure digital transactions, the need for transparency in supply chains, and the overall rise of cryptocurrencies and decentralized finance.With various industries recognizing the potential of blockchain technology, the competitive landscape consists of both regional and international players who are strategically positioning themselves to capture market share.
This landscape is characterized by innovation, partnerships, and a focus on creating robust solutions that cater to specific local needs, thus allowing companies to leverage blockchain's inherent advantages such as immutability, decentralization, and efficiency.Moreover, the market is becoming increasingly collaborative, with firms seeking alliances to enhance their service offerings and expand their geographical reach within the distinct economic frameworks of South American countries.
Bitso has established a strong presence in the South America Blockchain Service Market, particularly in the cryptocurrency exchange sector. With a commitment to enhancing financial inclusion in the region, Bitso leverages its platform to provide easy access to digital assets, allowing users to trade, deposit, and withdraw cryptocurrencies seamlessly.
The company’s strength lies in its user-friendly interface and robust security measures, which build trust among its customer base. Furthermore, Bitso's strategic partnerships with local financial institutions have broadened its reach while fostering the adoption of blockchain technology across various sectors, thus positioning itself as a key player in the market.
By effectively addressing the challenges faced by users in South America, such as remittance and cross-border transactions, Bitso is enhancing its competitive advantage while significantly contributing to the regional blockchain ecosystem.In the South America Blockchain Service Market, Hyperledger emerges as a vital entity, focusing on providing open-source blockchain frameworks and tools that enable organizations to build enterprise-grade applications.
With its collaborative approach, Hyperledger brings together a diverse community of members and contributors, facilitating the development of customizable solutions tailored to the unique requirements of South American businesses.Key products and services from Hyperledger, such as Hyperledger Fabric and Hyperledger Sawtooth, have gained traction among companies seeking to implement scalable, secure, and highly efficient solutions within their operations.
The organization’s commitment to supporting the advancement of blockchain technology in South America is evident through its numerous workshops, educational initiatives, and collaborations with local enterprises.Hyperledger's strengths lie in its flexibility, modular architecture, and robust governance model that cater to a variety of industries, such as finance, supply chain, and healthcare, thereby enhancing its market presence while significantly contributing to the growth of the blockchain ecosystem in the region.
Key Companies in the South America Blockchain Service Market Include:
South America Blockchain Service Market Developments
Bitso Business and XDC Network teamed together in March 2025 to implement blockchain-enabled, ISO 20022-compliant remittance rails between the United States and Mexico, allowing SMEs and institutional users to make inexpensive, almost instantaneous USD–MXN payments. Parfin and Banco Bradesco partnered in January 2025 to test stablecoin-based cross-border payments.
By using Parfin's infrastructure, US dollar transactions can be settled instantaneously using tokenized rails, with significantly cheaper fees than SWIFT. In the meantime, the Central Bank of Brazil announced the second phase of its Drex CBDC pilot in September 2024.
This phase involves 16 consortiums, including Microsoft, R3, Banco Bradesco, and BanColombia, testing programmable smart-contract use cases on the Hyperledger Besu-based platform that span trade finance, agribusiness asset transfers, and auto transactions.
In order to improve transparency for its COPW stablecoin and guarantee 1:1 backed issuance through real-time reserve checks, BanColombia stated back in July 2024 that its subsidiary, Wenia, had implemented Chainlink's Proof of Reserve mechanism.
From Drex's programmable pilot rollout and BanColombia's reserve transparency to Bitso's cross-border rails and Bradesco's stablecoin trials, these developments collectively highlight South America's growing blockchain and digital asset innovation between late 2024 and early 2025.
South America Blockchain Service Market Segmentation Insights
Blockchain Service Market Platform Outlook
Blockchain Service Market Cloud Outlook
Blockchain Service Market Regional Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 319.49(USD Million) |
| MARKET SIZE 2024 | 413.0(USD Million) |
| MARKET SIZE 2035 | 6966.63(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 29.286% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Bitso, Hyperledger, Kraken, R3, Accenture, Blockchain.com, BanColombia, Coinbase, Dapper Labs, Banco Bradesco, Uphold, IBM, Microsoft, Ripple, Sierra Ventures |
| SEGMENTS COVERED | Platform, Cloud, Regional |
| KEY MARKET OPPORTUNITIES | Decentralized finance solutions growth, Supply chain transparency enhancement, Government digital identity initiatives, Cryptocurrency adoption expansion, Smart contracts for legal automation |
| KEY MARKET DYNAMICS | Regulatory compliance challenges, Increasing investment in blockchain, Growing demand for transparency, Rising cybersecurity concerns, Adoption by various industries |
| COUNTRIES COVERED | Brazil, Mexico, Argentina, Rest of South America |
Frequently Asked Questions (FAQ):
The South America Blockchain Service Market is expected to be valued at 413.0 USD Million in 2024.
By 2035, the South America Blockchain Service Market is forecasted to reach a value of 6966.63 USD Million.
The expected CAGR for the South America Blockchain Service Market from 2025 to 2035 is 29.286%.
Brazil is projected to have the largest market size in 2035, valued at 2000.0 USD Million.
The estimated market size for the Ethereum platform in 2024 is 150.0 USD Million.
Key players in the market include Bitso, Hyperledger, Kraken, R3, Accenture, and IBM among others.
The expected market size for the R3 platform in 2035 is 900.0 USD Million.
The Rest of South America Blockchain Service Market is projected to grow to 3266.63 USD Million by 2035.
The Hyperledger platform is projected to achieve a market value of 2316.63 USD Million in 2035.
Key growth drivers include increasing adoption of blockchain technology across various sectors and demand for enhanced security measures.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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