The growing use of cryptocurrency is expected to drive blockchain in the banking and finance market
Business Research Company’s Blockchain in Banking and Financial Services market research report expands on the key drivers, trends and growth opportunities in the market.
LONDON , 9 August 2022 /PRNewswire/ — The growing use of cryptocurrency will drive the growth of the market. Cryptocurrency is a peer-to-peer digital payment system that does not rely on banks to confirm transactions. Cryptocurrencies run on a distributed public ledger called a blockchain, a record of all transactions that is updated and kept by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computing power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, and then store and use them using cryptographic wallets. For example, according to Pew Research, a nonpartisan think tank, i November 2021, the vast majority of American adults have heard at least a little about the blockchain technology industry and cryptocurrencies like Bitcoin or Ether, and 16% say they have personally invested in, traded or otherwise used one, according to a new Pew Research Center- examination. Men aged 18 to 29 are particularly likely to say they have used cryptocurrencies.
The global blockchain in banking and finance market size is expected to grow from 1.17 billion dollars in 2021 to 1.89 billion dollars in 2022 with a compound annual growth rate (CAGR) of 61.9%. Blockchain in the banking and finance market is expected to reach 12.39 billion dollars in 2026 with a CAGR of 60%.
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Reinsurance companies are rapidly adopting blockchain technology
Blockchain technology is increasingly being adopted by reinsurance companies for faster, more efficient and more accurate claims settlement and compliance checks such as penalties. Blockchain technology enables secure data handling across various interfaces and stakeholders while maintaining data integrity. The system reduces operating expenses across the board, from identity management and warranty to claims processing, fraud management and reliable data availability. For example, Ryskex, an insurance business, uses its blockchain-based platform to make it easier for insurance companies to analyze and manage risk effectively.
In 2021, SAP SE had the largest share in Market
SAP SE was the largest blockchain company in the financial market with a market share of 13.43% in 2021. SAP SE’s growth strategy focuses on expanding its product portfolio with new and advanced technology through new product launches. For example in May 2020SAP SE announced the launch of its plan to add its blockchain technology to its supply chain traceability platform to help its stakeholders.
Blockchain scalability poses a limitation to the market’s growth
Blockchain scalability is a major limitation that is negatively impacting the growth of the market. Scalability refers to how well a system can handle increasing amounts of data. Blockchain scalability is how well it can handle an increasing number of transactions. A large part of the problem comes from the fact that blockchain requires all participants to agree on the validity of transactions.
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