As of 2018, the market size of block chain technology across BFSI market was valued at $277.1 million and is expected to reach $22.4 billion by 2026 with a CAGR of 73.8% during (2019-2026) period.
- Definition / Scope
- Market Overview
- Market Risks
- Market Trends
- Industry Challenges
- Technology Trends
- Regulatory Trends
- Market Size and Forecast
- Market Outlook
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Blockchain is a technology that is operated via distributed ledger transactions in blockchain network that makes matching copies of transactions across multiple computer systems.
Thus, all the parties involved in the network can review the transaction. In addition, once the transaction is recorded it cannot be removed; it can only be changed with the consent of multiple parties involved in the network.
Until present, in payment systems there are several issues that persist such as high transaction cost for processing, multiple intermediaries, and longer duration for completion.
All these drawbacks of traditional payment systems are mitigated by blockchain as it doesn’t require any intermediaries, levies less transactional cost and is the most transparent payment system in the world today.
Some of the top impacting factors of blockchain technology across BFSI sector are as follows:
- Huge adoption in area of cross-border payments
- Transparency & accountability of transactions
- Increased scalability
- Enhanced security
The Global Blockchain technology in BFSI can be segmented according to following aspects:
- By component: The technology can further be segmented into platform and services.
- By application: Some of the common applications of blockchain technology in BFSI sector include, digital currency, record-keeping, payment & settlement, smart contracts, compliance management among others.
- By End User: Basically the end users of the blockchain technology are banks, insurance companies and non-banking financial institutions.
- By region: The segment primarily comprises several regions across which blockchain is growing around the world which include, North America, APAC, Europe & LMEA.