Fortune Business Insights foresees the global blockchain in the BFSI market to grow at a promising rate in the coming years. The report, titled “Blockchain in BFSI Market Size, Share and Global Trend by Type (Private Blockchain, Public Blockchain, Consortium Blockchain), By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management, and Fraud Detection), And Geography Forecast till 2028” provides a detailed analysis of the blockchain in BFSI market. The adoption of blockchain technology in the banking and finance sector has eased the job of data management.
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- JP Morgan Chase
- Amazon AWS
- Goldman Sachs
Key Market Driver –
- Fraud reduction capabilities as it operates on a distributed database system
- Implementation of this technology in BFSI sector results in improved transparency for regulatory reporting, minimizes counterparty risk, and improved contractual term performance
Key Market Restraint –
- Blockchain technology and its applications lack national and international regulations
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Surge in Demand for Real-time Data Analysis to Boost Global Market
According to the report, the rise in investment for venture capital in blockchain technology is a major driver for the global blockchain in the BFSI market. The surge in demand for real-time analysis of data, its proactive maintenance, and enhanced visibility is anticipated to boost the global blockchain in the BFSI market.
The blockchain technology used for insurance, financial services, and banking permits insurance companies and banks to build and manage a well-maintained data. This data is decentralized and helps to prevent hacking by cybercriminals.
Goldman Sachs Making Huge Investments in Blockchain Technology
Major vendors of the global blockchain in BFSI market are making huge investments for the adoption of blockchain technology. Companies namely Goldman Sachs, JP Morgan Chase, Amazon AWS, Deloitte, Aelf, IBM, SAP, Accenture, R3, Google, and Microsoft have made the huge investments that is supporting blockchain technology for their business ventures.
Recently, Goldman Sachs invested in research and development for the implementation of blockchain technology. This is considered one of the most well-funded start-ups in the blockchain space. The blockchain project this company is investing in aims to solve the major issue of volatility in digital currency space. This, in turn, will make the finance sector transparent with the availability of crypto options. The Goldman Sachs branch in New York City has recently started a new cell namely Quorum division. This cell is made only for research purposes and for implementing blockchain technology in its core service. Such type of investment is likely to bode well for the global market.
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1. By Type
- Private Blockchain
- Public Blockchain
- Consortium Blockchain
2. By Application
- Smart Contracts
- Trade Finance
- Digital Currency
- Record Keeping
- GRC Management
- Identity Management and Fraud Detection
3. By Geography
- 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)
- a 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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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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