DUBLIN--(BUSINESS WIRE)--The "Global Blockchain Market in Banking Industry Forecast up to 2024" report has been added to ResearchAndMarkets.com's offering.
During 2017-2018, most banks have adopted blockchain technology as part of their strategy, which has also resulted in banks entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be all about improving efficiency and cost reduction, however, banks are taking it as a strategic move mainly to overcome their existing challenges related to compliance and regulatory, fraud reduction, and security among others, which in return offers higher transaction speeds of below 10 seconds and also helps in reducing operational costs.
Blockchain in banking industry is segmented by blockchain types, applications, sub-verticals, and regions. Blockchain types including public, private, and hybrid blockchains and the private blockchain is poised to grow at a higher rate during the forecast period 2018-2024. Currently, more than half of the banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers.
The partnership is also aiming in creating a few numbers of global bank networks to enable seamless payment transactions.
In the banking industry, blockchain applications are currently focused on clearance and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, and regulatory reporting & compliance; the clearance and settlement systems segment is the largest adopter of blockchain technology.
Blockchain partnerships are aiming at building applications around these mentioned use cases and companies including Microsoft, IBM, and JP Morgan are focusing on developing applications around fraud detection and compliance management.
The sub-verticals mentioned in the report are Inter-bank transfers, Cross-border transfers & remittances, Retail and P2P payments and Corporate payments. Among these, banks are deploying blockchain to support their inter-bank transactions followed by others.
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Blockchain Types: Market Size & Analysis
7 Applications: Market Size & Analysis
8 Sub Verticals: Market Size & Analysis
9 Regions: Market Size and Analysis
10 Vendor Profiles
11 Companies to Watch for
For more information about this report visit https://www.researchandmarkets.com/research/dnrj4l/global_banking?w=4
Laura Wood, Senior Press Manager
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