Fortune Business Insights foresees the global blockchain in the BFSI market to grow at a promising rate in the coming years. The report, titled “Blockchain in BFSI Market Size, Share and Global Trend by Type (Private Blockchain, Public Blockchain, Consortium Blockchain), By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management, and Fraud Detection), And Geography Forecast till 2026” provides a detailed analysis of the blockchain in BFSI market. The adoption of blockchain technology in the banking and finance sector has eased the job of data management.
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- JP Morgan Chase
- Amazon AWS
- Goldman Sachs
Key Market Driver –
- Fraud reduction capabilities as it operates on a distributed database system
- Implementation of this technology in BFSI sector results in improved transparency for regulatory reporting, minimizes counterparty risk, and improved contractual term performance
Key Market Restraint –
- Blockchain technology and its applications lack national and international regulations
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Surge in Demand for Real-time Data Analysis to Boost Global Market
According to the report, the rise in investment for venture capital in blockchain technology is a major driver for the global blockchain in the BFSI market. The surge in demand for real-time analysis of data, its proactive maintenance, and enhanced visibility is anticipated to boost the global blockchain in the BFSI market.
Implementation of blockchain technology allows participation of more than one party to simultaneously get access to a constantly updated digital ledger for recording transactions. This transaction can be accessed from various locations across all geography irrespective of the distance but cannot be altered or tampered. Such features provided by blockchain technology is likely to bode well for the global market.
Other factors boosting the blockchain in BFSI market are its rising popularity in retail and supply chain management, simplification in terms of blockchain technology for immutability and transparency, and increasing funds for blockchain technology implementation.
However, uncertainty in terms of regulatory measures for the usage of blockchain for BFSI and compliance environment may not turn in favor of the market and restrict its growth in the long run. Additionally, the limited availability of skilled professionals for installing and implementing blockchain technology for BFSI may also hamper the market during the forecast period. Nevertheless, increasing support and the initiatives taken by governments for installing blockchain in BFSI may bring lucrative growth opportunities to the global market in the near future
The blockchain technology used for insurance, financial services, and banking permits insurance companies and banks to build and manage a well-maintained data. This data is decentralized and helps to prevent hacking by cybercriminals.
Goldman Sachs Making Huge Investments in Blockchain Technology
Major vendors of the global blockchain in BFSI market are making huge investments for the adoption of blockchain technology. Companies namely Goldman Sachs, JP Morgan Chase, Amazon AWS, Deloitte, Aelf, IBM, SAP, Accenture, R3, Google, and Microsoft have made the huge investments that is supporting blockchain technology for their business ventures.
Recently, Goldman Sachs invested in research and development for the implementation of blockchain technology. This is considered one of the most well-funded start-ups in the blockchain space. The blockchain project this company is investing in aims to solve the major issue of volatility in digital currency space. This, in turn, will make the finance sector transparent with the availability of crypto options. The Goldman Sachs branch in New York City has recently started a new cell namely Quorum division. This cell is made only for research purposes and for implementing blockchain technology in its core service. Such type of investment is likely to bode well for the global market.
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1. By Type
- Private Blockchain
- Public Blockchain
- Consortium Blockchain
2. By Application
- Smart Contracts
- Trade Finance
- Digital Currency
- Record Keeping
- GRC Management
- Identity Management and Fraud Detection
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Key Industry Developments
- July 2018: IBM has launched in collaboration with CLS a blockchain platform, LedgerConnect aimed at the financial services industry and till now, nine budgetary administrations organizations, including banks Barclays and Citi, have associated themselves with this platform.
- May 2019: Deloitte Tests Data Management on Ethereum Blockchain With Three Irish Banks, named Institute of Banking (IoB), Bank of Ireland, AIB and Ulster Bank, for verification of staff credential.
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