Blockchain in the banking sector is estimated to be USD 4…
Blockchain In Banking Sector Market -PMI
The report “Global Blockchain in Banking Market, by Type, by Payment Verticals, by Application – Trends, Analysis and Forecast to 2029”
COVINA, CALIFORNIA, US
Blockchain technology has the potential to revolutionize the banking industry by offering faster, cheaper, safer and more inclusive transactions. It is a new approach to database architecture that creates an immutable record of transactions available to all participants in a network. Blockchain-based ledger systems can automate transactions, enabling near real-time settlement while maintaining strong controls against fraud. The potential applications for blockchain in the banking industry include blockchain-based currency, lending, and clearing and settlement systems. Blockchain technology offers a secure and inexpensive way to send payments, reducing the need for third-party verification and beating the processing time of traditional bank transfers.
Key highlights:
.In March 2020, Alphapoint has successfully raised $5.6 million in an additional funding round, taking its total capital to $23.9 million. The latest investment will go towards developing new trading features, including improved margin trading and liquidity solutions and advanced brokerage capabilities.
.In February 2020, Microsoft integrated the Lition blockchain into Azure so that Microsoft Azure’s worldwide enterprise customers can easily develop, test and deploy Lition sidechains and applications on the platform.
Analyst view:
Blockchain is usually known for its enhanced security as it provides cryptographic security to the databases and transactions, which is also the key factor that provides transparency and helps in reducing fraud, and hence is expected to boost the market growth. The architectural boundaries of the global payment system and a variety of combinations of policies and processes act as important drivers for blockchain in the banking sector. The increased need for transparency and accountability for transactions through GRC Management Solutions, increased use of cross-border payments, digital ledger and consortium blockchain and increased investment by banks in blockchain-based solutions are driving the growth of the industry. In addition, increased demand from developing economies and increased demand for increased scalability, transaction speed, smart contracts and reduced processing costs are expected in the near future to create a range of opportunities in the future.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth tables of contents on “Global Blockchain in Banking Sector Market”, by Type (Public Blockchain, Private Blockchain, Hybrid Blockchain), by Payment Verticals (Interbank Transfers, Cross-Border Transfers & Remittances, Retail and P2P payments, corporate payments), by application (clearance and settlement systems, trade finance platforms, E-KYC, smart contracts, regulatory reporting and compliance), and by region (North America, Europe, Asia Pacific, Latin America and the Middle East and Africa) – Trends, analyzes and forecasts to 2029
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Growth factors for blockchain in the banking sector:
The growth of blockchain in the banking sector is driven by several factors:
Increasing use of blockchain technology in the banking industry, particularly in payments, clearance and settlement systems, fundraising, securities, loans and credit, trade finance and customer KYC and fraud prevention.
.The growing use of cryptocurrencies and blockchain technology to reduce fraudulent transactions.
The potential for blockchain technology to deliver cost savings and operational efficiencies, including real-time transactions and reduced back-end costs.
.The growing cooperation between financial companies and regulators to develop standardized solutions that can eliminate friction in transactions and reduce working hours, transaction speed and security
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Scope of the report:
1. Global Banking Blockchain Market, By Type, 2019 – 2029, (US$ Mn)
oOverview
-Market value and forecast (US$ Mn), and share analysis (%), 2019-2029
-YoY growth analysis (%), 2019 – 2029
-Segment trends
oPublic blockchain
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
oPrivate blockchain
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
oHybrid blockchain
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
2.Global Blockchain Market in Banking Industry, By Payment Verticals, 2019 – 2029, (US$ Mn)
oOverview
-Market value and forecast (US$ Mn), and share analysis (%), 2019-2029
-YoY growth analysis (%), 2019 – 2029
-Segment trends
oInterbank transfers
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
o Cross-border transfers and remittances
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
o Retail and P2P payments
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
o Business payments
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
3.Global Blockchain Market in Banking Industry, by Application, 2019 – 2029, (US$ Mn)
oOverview
-Market value and forecast (US$ Mn), and share analysis (%), 2019-2029
-YoY growth analysis (%), 2019 – 2029
-Segment trends
o Clarification and settlement systems
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
o Trading Finance Platforms
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
oFraud detection platforms
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
oE-KYC
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
oSmart contracts
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
o Regulatory reporting and compliance
-Overview
– Market size and forecast (US$ Mn), and annual growth (%), 2019 – 2029
Challenging landscape:
The prominent players operating in the global blockchain in the banking sector include:
. Microsoft Corporation
. International Business Machines Corporation (IBM)
. Fujitsu
. JP Morgan
. Ripple
Currently, more than half of banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers. The partnership also aims to create a few number of global banking networks to enable seamless payment transactions.
The market provides detailed information on industrial base, productivity, strengths, manufacturers and recent trends that will help companies expand their businesses and promote economic growth. Furthermore, the report presents dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across various regions that influence the market trajectory. Recent technological advancements and innovations affecting the global market are included in the report.
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Key questions asked in the report:
1. What are the main limitations of blockchain in the banking sector?
2. What potential applications does blockchain technology have in the banking industry?
3. What advantages does the US have in developing blockchain solutions?
4. How can standardization through public and private blockchains reduce friction in transactions and increase transaction speed and security?
5.How is blockchain technology disrupting traditional banking services?
6. What advantages does blockchain technology provide for sending payments?
About Prophecy Market Insights:
Prophecy Market Insights is specialized market research, analysis, marketing/business strategy and solutions offering strategic and tactical support to clients to make well-informed business decisions and to identify and pursue high value opportunities in the target business area. We also help our clients tackle business challenges and provide the best possible solutions to overcome them and transform their business.
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Shweta Raskar
Prophecy Market Insights
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