The Blockchain technology is measured as a type of payment rail in which the rising list of records is generated and connected with the usage of cryptography. As it is continuously raising a list of records, each block comprises a cryptographic hash of the earlier block, transaction data and a timestamp. Whereas, in the banking industry the technology of blockchain is recently at the nascent stage. The technology of Blockchain is said to be all about developing the competence and cost reduction, however, banks are taking it as a planned move majorly to overwhelmed their existing challenges connected to amenableness and regulatory, fraud depletion, and security among others, which in return offers advanced transaction promptness of below 10 seconds and also supports in decreasing the operational costs. Additionally, the key players of this market are playing an important role by doing efficient and profitable developments in the technology for increasing the demand and leading the fastest market growth during the forecasted period with the highest amount of market share.
According to the report analysis, ‘Blockchain Market in Banking Industry’ it states that there are several key players which are presently functioning in this market more significantly for leading the highest market share around the globe by doing effective developments in the techniques of doing of work and strategies and policies after analyzing the related aspects of the market includes Microsoft, IBM, Fujitsu, JP Morgan, Ripple, R3, Clearmatics, Primechain technologies, Signzy, and Accubits technologies. Not only has this, with the significant working of the key players, the technology of blockchain in the banking industry is becoming more competitive which further influenced the other existing key players and investors for making the huge amount of investment. This will also result in leading the fastest market growth during the forecasted period more efficiently.
During 2017-2018, most of the financial institutions such as bank have implemented blockchain technology as part of their approach, which has also concluded in banks entering in partnerships with technology companies and fintech vendors to generate and test blockchain applications in their functioning. Although, the technology of Blockchain in the banking industry is sectored by blockchain types, applications, sub-verticals, and regions. For instance, the Blockchain types involving public, private, and hybrid blockchains and the private blockchain is dignified to rise at a higher rate during the forecast period of 2018-2024.
Although, on the basis of geography, with the effective applications of the blockchain technology in the banking industry the market is spread across the globe which majorly includes highly innovated regions. Whereas, Europe and the Asia Pacific are the prominent adopters of the technology followed by the Americas and MEA. Additionally, the countries involving the US, Japan, China, India, and Western European countries are aiming at deploying blockchain solutions in their banking systems. Nevertheless, in the present time, more than half of the banks are efficiently aiming at building their own private blockchains by associating with other banks and blockchain developers. Therefore, in the near future, it is anticipated that the technology of blockchain in the banking industry will increase across the globe more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications