Global Blockchain in Banking and Financial Services Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
Global Business Research Company Blockchain in Banking and Financial Services Market Report 2022 – Global Market Size, Trends and Forecast 2022 – 2026
LONDON, GREATER LONDON, United Kingdom, March 2, 2022 /EINPresswire.com/ — Rising adoption of blockchain in banking and growing use of cryptocurrency will propel the growth of global blockchain in the market banking and financial services over the forecast period. Blockchain in banking and financial services offers a wide range of benefits such as capital optimization, reduced operational costs for banks, increased transparency and helps increase financial solutions. Blockchain in cryptocurrency helps record every transaction and serves as a distributed ledger and avoids 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 Onyx, blockchain and digital currency business unit for financial systems. Hence, the increasing adoption of blockchain in the banking sector and the growing use of cryptocurrency will drive the growth of blockchain in the banking and financial services market.
The global blockchain market size in banking and financial services is expected to grow from USD 1.17 billion in 2021 to USD 1.89 billion in 2022 at a compound annual growth rate (CAGR) of 61.9%. The market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. Blockchain in banking and financial services market is expected to reach USD 12.39 billion in 2026 with a CAGR of 60%.
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Reducing fraud through blockchain is shaping blockchain in the banking and financial services market. According to the Blockchain in Banking and Financial Services Market Snapshot, large enterprises are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts that allow the buyer and seller to create if/then contracts in which a step in the process will not be completed until the one before it has been completely verified. Blockchain also helps to 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 from 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 software technology Conclave of R3. Conclave enables confidential computing, whereby insurers cannot share detailed claim information without the other insurer seeing it.
Major players covered by global blockchain in banking and financial services industry 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.
The Global Blockchain in Banking and Financial Services market report by TBRC is segmented by Type into Public Blockchain, Private Blockchain, Others, by Application in Funds Transaction Management, Real-Time Loan Funding, Management cash, etc.
Blockchain in Global Banking & Financial Services Market Report 2022 – By Type (Public Blockchain, Private Blockchain), By Application (Funds Transaction Management, Real-time Loan Funding, Cash Management) – Market Size, Global Trends and Forecasts 2022-2026 is one of a series of new reports from The Business Research Company that provides an overview of the blockchain in banking and financial services market, Blockchain in banking and financial services market forecast , Blockchain in Banking and Financial Services market size and growth for overall market, Blockchain in Banking and Financial Services market segments, geographies, Blockchain in Banking and Financial Services market trends and Financial, Blockchain in Banking and Financial Services Market Drivers, Constraints, Revenue, Profiles and Market Share of the main competitors.
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