DUBLIN--(BUSINESS WIRE)--Dec 5, 2018--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
Microsoft IBM JPMorgan Chase & Co. Fujitsu Ripple
11 Companies to Watch for
R3 Clearmatics Primechain Technologies Signzy Accubits Technologies
For more information about this report visit https://www.researchandmarkets.com/research/dnrj4l/global_banking?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181205005810/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES BANKING
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 12/05/2018 03:40 PM/DISC: 12/05/2018 03:40 PM
During 2017-2018, most banks have adopted blockchain technology as […]
We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More
Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More
Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More
A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More
Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More