Blockchain In Banking And Financial Services Global Market Report 2022

Major players in the blockchain in banking and financial services 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, March 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Blockchain In Banking And Financial Services Global Market Report 2022” – http://www.reportlinker.com/p06244972/?utm_source=GNW
, Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc. and AlphaPoint.

The global blockchain in the banking and financial services market is expected to grow from $1.17 billion in 2021 to $1.89 billion in 2022 at a compound annual growth rate (CAGR) of 61.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.

Blockchain in the banking and financial services market consists of sales of blockchain for banking and financial services by entities (organization, sole-trader, and partnership) that are engaged in providing blockchain technology for banking and financial services.Blockchain offers a form of digitalized, de-centralized public record of all transactions.

Blockchain was designed to record everything of value and not just transactions.

The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others.Public blockchain doesn’t require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger.

The different applications include fund transaction management, real-time loan funding, liquidity management, and others.

North America was the largest region in the blockchain in banking and financial services market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in the banking and financial services market during the forecast period.Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions.

Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records.For instance, 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.

Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in the banking and financial services market.

The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market.Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely.

Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets.For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave.

Conclave allows confidential computing, by which insurers can’t 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 providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management.

The countries covered in the Blockchain In Banking And Financial Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Read the full report: http://www.reportlinker.com/p06244972/?utm_source=GNW

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