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Blockchain technology adoption in the banking, financial services and insurance (BFSI) industry offers a systematic client identification system, based on the distributed ledger technology. Blockchain allows banks and insurance companies to have a well-maintained decentralized data, which helps prevent hacking by cyber-criminals.
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Further, it provides a platform to the BFSI sector which allows participation of multiple parties with simultaneous access to a constantly updated digital ledger (recorded transactions) that cannot be altered but can be accessed from different geographical locations. Through APIs and torrent sites, these ledgers can be accessed. In order to prevent tampering with current and also past transactions, the database is cryptographically secured.
Blockchain disruption could be highly transformative in the payments process by allowing banks to have higher security with lower costs to process payment during the second half of the forecast period, 2023-2026. Blockchain has a significant effect on the techniques for closing and affirming financial exchanges, overseeing money, and streamlining resources. A similar scenario is witnessed in the case of different business firms which record for a huge sum in yearly costs for banks today. With ongoing developments in this field, blockchain implementation is expected to enable banks to process payments in less time and more accurately while reducing transaction processing costs. This is projected to provide new growth opportunities for blockchain in BFSI market during the forecast period.
Key players such as JP Morgan Chase, Deloitte, IBM, Accenture, Google, Microsoft, R3, SAP, Aelf, Amazon AWS, Goldman Sachs havemade good investments for supporting the adoption of blockchain technology. For instance, the huge investment by Goldman Sach in blockchain project is considered as one of the most well-funded start-ups in the blockchain space; the company is actively involved in research and development in the field of blockchain technology. This project is aimed towards solving the main problem of volatility in the digital currency space, thus, making the finance transparent with crypto options. Goldman Sach in New York City has also started a new cell called the Quorum division only for research and implementation of blockchain technology in its core services. R3 a blockchain start-up is working on more than 100 banks, financed institutions, regulators and trade associations.
· Private Blockchain
· Public Blockchain
· Consortium Blockchain
· Smart Contracts
· Trade Finance
· Digital Currency
· Record Keeping
· GRC Management
· Identity Management and Fraud Detection
· North America (USA and Canada)
· Europe (UK, Germany, France, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Based on various studies conducted by organizations specializing in strategic planning in financial services, majority of top managers have analyzed that blockchain is likely to be an essential part in the success of companies in the financial sector in the coming future. The dominance of blockchain adoption is expected to be more in the US and European countries such as UK, Germany and France, as they in partnership with startups and innovation labs are looking for a good and potential applications of blockchain. Asia Pacific exhibits possible opportunities to be a global leader for venture capital investment since it encompasses regulatory engagement, a vibrant fintech ecosystem, and supportive governments, especially in China and India. China has one the largest banking system in the world and is a dominant bitcoin trader across the globe; thus, displays a huge potential in the blockchain technology market.
Key Industry Developments
· July 2018: IBM has launched in collaboration with CLS a blockchain platform, LedgerConnect aimed at the financial services industry and till now, nine budgetary administrations organizations, including banks Barclays and Citi, have associated themselves with this platform.
· May 2019: Deloitte Tests Data Management on Ethereum Blockchain With Three Irish Banks, named Institute of Banking (IoB), Bank of Ireland, AIB and Ulster Bank, for verification of staff credential.
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