Blockchain in Banking and Financial Services Market is Growing with More Companies Adopting the Technology to Reduce Fraud According to Business Research Firm Blockchain in Banking and Financial Services Global Market Report 2022

TBRC’s market research report covers blockchain in banking and financial services market size, blockchain in banking and financial services market forecast, blockchain in banking and financial services major companies and their share market, key strategies to undertake, and more.

LONDON, 24 Feb. 28, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report Blockchain in the Banking and Financial Services Market, fraud reduction through blockchain is shaping the market. Large enterprises operating in the banking and financial services sectors are embracing the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts, which allow the buyer and seller to create contracts if /then in which a step in the process won’t be fulfilled until the one before it has been completely checked. Blockchain also helps verify the legitimacy of each part of the supply chain process, and blockchain provides security through its non-repudiation and disintermediation of data storage, which helps prevent misappropriation of assets. of the company. For example, in March 2021, IntellectEU, a US-based technology company specializing in digital finance, collaborated with KPMG to develop the ClaimShare solution, which uses the enterprise blockchain, R3 Corda, in combination with new technology R3 software, Conclave. Conclave enables confidential computing, whereby insurers cannot share detailed claim information without the other insurer seeing it.

Demand for a sample of the market report

The Global Blockchain in Banking and Financial Services Market Size 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 of the blockchain in banking and financial services market is primarily driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational difficulties. The market should reach $12.39 billion in 2026 at 60% CAGR.

The growing adoption of blockchain in the banking sector and the growing use of cryptocurrency will propel the growth of blockchain in the banking and financial services market over the forecast period. The benefits, such as capital optimization, reduced operational costs for banks, increased transparency, and an increase in financial solutions, have led to an increase in blockchain in banking and financial services market trends. Blockchain in cryptocurrency makes it easy to record every transaction and works like a distributed ledger, eliminating the need for any central authority to maintain such records. For example, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, was being used commercially for the first time to send payments around the world. Additionally, they announced the launch of a new business unit, Onyx, blockchain and digital currency for financial systems.

Major blockchain players in the 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., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc. and AlphaPoint.

Global Blockchain in Banking & Financial Services market overview is segmented by Type into Public Blockchain, Private Blockchain, Others; by application in fund transaction management, real-time loan funding, cash management, etc.

In 2021, North America was the greater region in the market according to the blockchain of TBRC in the analysis of the market of banking and financial services. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the Blockchain in Financial and Banking Services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.

Global Blockchain in Banking and Financial Services Market Report – Global Market Size, Trends and Forecast 2022-2026 is part of a series of new reports from The Business Research Society which provides insights into the Blockchain in Banking and Financial Services market, Blockchain in Banking and Financial Services market analyze and forecast market size and growth for the overall market, Blockchain in Banking and Financial Services segments and Geographies of Banking & Financial Services Market, Blockchain in Banking & Financial Services Market Trends, Blockchain in Banking & Financial Services Market Drivers, Blockchain in Banking & Financial Services Market Constraints, Blockchain in Financial Services revenues, profiles and market shares of key competitors in the banking and financial services market in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

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