DUBLIN, July 21, 2017 /PRNewswire/ —
The “Blockchain Technology in Financial Services Market – Analysis and Forecast: 2017 to 2026 (Focus on Opportunity and Use Case Analysis)” report has been added to Research and Markets’ offering.
More than 40 use cases of blockchain in financial services are being explored including optimizing KYC process, trade finance solutions, asset servicing, claim management in insurance, and post trade solutions in capital markets. Leading financial institutions and banks including Citibank, J.P. Morgan, Goldman Sachs and Barclays among others have all the efforts and investments to drive the futuristic technology. The growing demand for the technology has led to the emergence of a multitude of start-ups in this space, offering enterprise solutions spanning across processes.
Some companies have invested heavily and are proactively pushing the exploration of the technology through either isolated internal experiments or in partnerships with technology providers or in groups relying on industry consortiums. However, despite the build-up regarding the transformative potential of blockchain, more than 40% financials remain skeptical about the practical implementation and viability of the technology and have adopted a wait and see’ approach for the near future. As and when it happens, the uptake of the technology could save the BFSI industry billions in infrastructure costs, IT costs, operations costs, support function costs and personnel costs. One of the biggest beneficiaries of the technology will be the trade finance segment which could yield savings by eliminating middlemen and automating process ranging from tracking products through the supply chain to exchange of documents and final payments releases.
Movement to blockchain based solutions will require large investments and efforts including annihilation of current infrastructure, which might make institutions hesitate from changing from legacy systems and processes. Moreover, the information placed on ledgers is being stove piped due to development of multiple blockchain, all with different standards within industries. This is leading to failure to harness network efficiencies and defeating the purpose of distributed ledgers.
- Accenture PLC
- Alt-Options LLC
- Bank of America
- Circle Internet Financial Inc.
- Digital Asset Holdings, LLC
- Digital Currency Group
- IBM Corporation
- Infosys Limited
- Kraken Digital Asset Exchange
- Microsoft Corporation
Key Topics Covered:
1 Research Scope and Methodology
2 Industry Analysis
3 Market Dynamics
4 Competitive Insights
5 Blockchain Application in Financial Services
6 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/nmqt2b/blockchain
Laura Wood, Senior Manager
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