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The global blockchain in the banking sector was $ 759.5 million in 2019 and is estimated at $ 4,112.5 million by 2029. The CAGR is expected to be 18.4%.
The report “Global blockchain in the banking sector, by type (public blockchain, private blockchain, hybrid blockchain), by payment type (interbank transfers, cross-border transfers and transfers, retail and P2P payments, corporate payments), by application (clearance & settlements systems, Trade finance platforms, E-KYC, smart contracts, reporting and regulatory compliance), and by region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa) – trends, analyzes and forecasts up to 2029 “.
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- In March 2020, Alphapoint successfully raised USD 5.6 million in an additional financing round and increased total capital to USD 23.9 million. The latest investment will go into the development of new trading functions, including improved margin trading and liquidity solutions, as well as expanded broker functions.
- In February 2020, Microsoft integrated the Lition blockchain into Azure so that Microsoft Azure’s global enterprise customers can easily develop, test, and deploy Lition side chains and applications on their platform.
Increasing need for transactional transparency and accountability
Blockchain is typically known for its enhanced security as it provides cryptographic security for its databases and transactions. This is also the key factor for greater transparency and helps reduce fraud. Hence, it is expected to boost market growth. Architectural boundaries of the global payment system and numerous combinations of policies and processes are the main drivers for the blockchain in the banking sector. The increased need for transparency and accountability in transactions by GRC Management Solutions, the increasing acceptance of cross-border payments, blockchain for digital ledgers and consortia, and increased investments by banks in blockchain-based solutions are driving the growth of the industry. Additionally, the increased demand from developing countries and the increased demand for greater scalability, transaction speed, smart contracts and lower processing costs in the near future will create a number of opportunities for the future.
Search 60 market data tables * and 35 figures * through 140 slides and detailed tables of contents on “Global Blockchain in the Banking Sector”, by type (public blockchain, private blockchain, hybrid blockchain), by payment verticals (interbank transfers, cross-border transfers and transfers, retail and P2P -Payments, Corporate Payments), by Application (Clearance & Settlements Systems, Trade Finance Platforms, E-KYC, Smart Contracts, Reporting and Regulatory Compliance), and by Regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) – Trends, analyzes and forecasts up to 2029
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Key market insights from the report:
The global blockchain in the banking sector was $ 759.5 million in 2019 and is estimated at $ 4,112.5 million by 2029. The CAGR is expected to be 18.4%. The market report has been segmented by type, payment branches, application, and region.
- Depending on the type, the public blockchain is expected to experience a significant rate of growth in the coming years as it offers decentralization and is a great benefit for situations where a network needs to be decentralized and allows full ledger transparency. Public blockchain is faster, more secure, and less expensive than the accounting systems and methods used in the financial industry today, creating more opportunities that are always beneficial.
- In terms of payment areas, wire transfer between banks is expected to be the largest market. as it enables the distributed ledger transactions on a blockchain network that maintains identical copies of transactions on multiple computer systems. One advantage is that anyone who is involved in this network can review the transaction. In addition, once the transaction has been recorded, it cannot be deleted. However, blockchain can be updated with the consent of the majority of participants.
- As a result of its application, it is expected that the trade finance platforms segment will remain dominant in the forecast period. The growth of this segment is mainly due to the increasing acceptance of blockchain software and cloud computing in companies.
- By region, North America dominated the entire blockchain market in 2019 and is expected to remain dominant in this region in the coming years due to the presence of key market players and ongoing developments in blockchain technology.
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Leading players in the global blockchain in the banking sector include Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu, JP Morgan and Ripple. Currently, more than half of the banks are mainly focusing on building their own private blockchains through partnerships with other banks and blockchain developers. The partnership also aims to create some global banking networks to enable seamless payments.
The market provides in-depth information on the industry base, productivity, strengths, manufacturers, and the recent trends that are helping companies grow business and fuel financial growth. Additionally, the report has dynamic factors including segments, sub-segments, regional marketplaces, competition, major dominant players, and market forecast. In addition, the market includes recent collaborations, mergers, acquisitions and partnerships, as well as regulatory frameworks in various regions that affect market development. The report includes current technological advances and innovations affecting the global market.
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