Blockchain In Banking And Financial Services Global Market Report 2023
Major players in the blockchain in the banking and finance market are Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co.
New York, April 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Blockchain In Banking And Financial Services Global Market Report 2023” report –
Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc. and AlphaPoint.
The global blockchain in banking and financial services market grew from $1.89 billion in 2022 to $3.07 billion in 2023 at a compound annual growth rate (CAGR) of 62.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, an increase in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets worldwide. The blockchain in banking and finance market is expected to grow to $19.27 billion by 2027 at a CAGR of 58.3%.
The blockchain in the banking and financial market includes revenue earned by entities by providing public blockchain, private blockchain and other blockchain services for banking and financial services. Blockchain offers a form of digitized, decentralized public record of all transactions.
Blockchain was designed to record everything of value and not just transactions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the producers or creators of the goods, either to other entities (including downstream producers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Blockchain is an immutable shared ledger that records online transactions, tracks assets and builds trust in a business network.
North America was the largest region in the blockchain in banking and finance market in 2022. Asia-Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the blockchain in banking and finance market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of blockchain in banking and financial services are public blockchain, private blockchain and others. Public blockchain does not require permission and is a distributed ledger technology that allows anyone to join and make transactions. Each peer has a copy of the ledger.
The blockchain in banking and financial services is used by banking, insurance and non-banking financial companies (NBFCs). The various applications include management of fund transactions, real-time loan financing, liquidity management and others.
The growing use of blockchain in banking and the growing use of cryptocurrency will drive the growth of the blockchain in the banking and finance market during the forecast period. Blockchain in banking and financial services offers a wide range of benefits such as capital optimization, reduction in operating costs for banks, increased transparency, and helps to increase financial solutions.
Blockchain in cryptocurrency helps to record every transaction and acts as a distributed ledger removing the need for any central authority to maintain such records. For example, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world.
They also announced to launch new business unit Onyx, blockchain and digital currency for financial systems. Therefore, the increasing use of blockchain in banking and the increasing use of cryptocurrency will drive the growth of blockchain in the banking and finance market.
The reduction in fraud through blockchain is shaping the blockchain in the banking and financial market. Large companies operating in the banking and finance sector are adopting blockchain to reduce fraudulent transactions, such as the use of smart contracts that allow buyers and sellers to create if/then contracts where one step in the process is not fulfilled until it is fully verified.
Blockchain also helps verify the legitimacy of all parts of the supply chain process, and blockchain provides security through its non-repudiation and mediation of data storage, which helps prevent misuse of company assets. For example, in March 2021, IntellectEU, a US-based technology company focused on digital finance partnered with KPMG to develop the ClaimShare solution that uses the enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave.
Conclave allows confidential data processing, which means insurers cannot share detailed information about claims without the other insurer seeing them.
In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by offering a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that offers blockchain financial services in the field of crypto asset management.
The countries covered in the blockchain in banking and finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the income that enterprises receive from the sale of goods and/or services within a specified market and geography through sales, grants or donations in the form of currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are produced. It does not include income from resale along the supply chain, either further down the supply chain or as part of other products.
The Blockchain in Banking and Financial Services market research report is one of a series of new reports that provides Blockchain in Banking and Financial Services market statistics, including Blockchain in Banking and Financial Services global market size, regional shares, Blockchain in Banking and Banking competitors. and financial services market shares, detailed blockchain in banking and finance market segments, market trends and opportunities, and any additional data you need to thrive in the blockchain in banking and finance industry. This Blockchain in Banking and Financial Services market research report provides a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.
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