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DUBLIN – (BUSINESS WIRE) – 5 December 2018 – The "Global Blockchain Market in Banking Industry until 2024" report was added to the ResearchAndMarkets.com offer.
During the 2017-2018 period, most banks adopted blockchain technology as part of their strategy, which also led banks to enter into partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be focused on improving efficiency and reducing costs, but banks see it as a strategic move primarily to overcome existing challenges related to compliance and regulation, fraud reduction and security, among others, which in turn offer greater transaction speeds of less than 10 seconds and also helps reduce operational costs.
Market analysis:
The blockchain in the banking sector is segmented by types of blockchain, applications, sub-verticals and regions. Blockchain types including public, private and hybrid blockchains and the private blockchain are expected to grow at a higher rate during the 2018-2024 forecast period. Currently, more than half of the banks focus significantly on creating their own private blockchains by collaborating with other banks and blockchain developers.
The partnership also aims to create a few numbers of global banking networks to enable seamless payment transactions.
In the banking sector, blockchain applications are currently focused on settlement and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, reporting and regulatory compliance; the segment of settlement and settlement systems is the biggest user of blockchain technology.
Blockchain partnerships aim to create applications around these mentioned use cases and companies such as Microsoft, IBM and JP Morgan are focusing on the development of fraud detection and compliance management applications.
The sub-verticals mentioned in the report are interbank transfers, cross-border transfers and remittances, retail payments and P2Ps and corporate payments. Among these, banks are implementing blockchain to support their inter-bank transactions followed by others.
Main topics covered:
1 Industry perspective
2 Report scheme
3 Market Snapshot
4 Market Outlook
5 Characteristics of the market
6 Types of Blockchain: size and analysis of the market
7 Applications: dimensions and market analysis
8 Secondary vertical: dimensions and market analysis
9 Regions: dimensions and market analysis
10 supplier profiles
Microsoft
IBM
JPMorgan Chase & Co.
Fujitsu
Ripple
11 companies to keep an eye on
R3
Clearmatics
Primechain Technologies
Signzy
Accubits Technologies
For more information on this report, visit https://www.researchandmarkets.com/research/dnrj4l/global_banking?w=4
View the source version on businesswire.com: https://www.businesswire.com/news/home/20181205005810/en/
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Related topics: Bitcoin
KEYWORD:
INDUSTRY KEYWORD: MANAGEMENT OF TECHNICAL DATA BANK OF PROFESSIONAL SERVICES
SOURCE: research and markets
Copyright Business Wire 2018.
PUB: 12/05/2018 03:40 PM / DISC: 12/05/2018 03:40 PM
http://www.businesswire.com/news/home/20181205005810/en
