openPR Logo
Press release

Why the Blockchain in BFSI Market is set to explode? Top Companies: JP Morgan Chase, Deloitte, IBM, Accenture, Google, Microsoft, R3, SAP, Aelf, Amazon AWS, Goldman Sachs

Why the Blockchain in BFSI Market is set to explode? Top

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 2026" 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.

Request a Sample Copy of the Global Market Research Report https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/blockchain-in-bfsi-market-100608

Key Market Driver -
o Fraud reduction capabilities as it operates on a distributed database system
o 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 -
o Blockchain technology and its applications lack national and international regulations
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.

Segmentation

1. By Type
o Private Blockchain
o Public Blockchain
o Consortium Blockchain
2. By Application
o Smart Contracts
o Security
o Trade Finance
o Digital Currency
o Record Keeping
o GRC Management
o Identity Management and Fraud Detection
3. By Geography
o North America (USA and Canada)
o Europe (UK, Germany, France, Scandinavia and Rest of Europe)
o Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/blockchain-in-bfsi-market-100608

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.

Implementation of blockchain technology allows participation of more than one party to simultaneously get access to a constantly updated digital ledger for recording transactions. This transaction can be accessed from various locations across all geography irrespective of the distance but cannot be altered or tampered. Such features provided by blockchain technology is likely to bode well for the global market.

Other factors boosting the blockchain in BFSI market are its rising popularity in retail and supply chain management, simplification in terms of blockchain technology for immutability and transparency, and increasing funds for blockchain technology implementation.

However, uncertainty in terms of regulatory measures for the usage of blockchain for BFSI and compliance environment may not turn in favor of the market and restrict its growth in the long run. Additionally, the limited availability of skilled professionals for installing and implementing blockchain technology for BFSI may also hamper the market during the forecast period. Nevertheless, increasing support and the initiatives taken by governments for installing blockchain in BFSI may bring lucrative growth opportunities to the global market in the near future.

Key Industry Developments

o 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.
o May 2020: 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.

Request for customization https://www.fortunebusinessinsights.com/enquiry/customization/blockchain-in-bfsi-market-100608

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.

Top Players

o JP Morgan Chase
o Deloitte
o IBM
o Accenture
o Google
o Microsoft
o R3
o SAP
o Aelf
o Amazon AWS
o Goldman Sachs

Key Market Driver -
o Fraud reduction capabilities as it operates on a distributed database system
o Implementation of this technology in the BFSI sector results in improved transparency for regulatory reporting minimizes counterparty risk and improved contractual term performance
Key Market Restraint -
o Blockchain technology and its applications lacks a national and international regulations

Have any Query? Speak to Analyst at: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/blockchain-in-bfsi-market-100608

Contact Us:
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com

About us:

Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM) we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights(TM) Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

Phone:

US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com
Fortune Business Insights(TM)
LinkedIn | Twitter | Blogs

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Why the Blockchain in BFSI Market is set to explode? Top Companies: JP Morgan Chase, Deloitte, IBM, Accenture, Google, Microsoft, R3, SAP, Aelf, Amazon AWS, Goldman Sachs here

News-ID: 2054613 • Views: 102

More Releases from Fortune Business Insights Pvt. Ltd.

Key Companies Covered in the Connected Drug Delivery Devices Market Research Rep …
The global “connected drug delivery devices market size” is projected to reach USD 4,062.7 million by 2026, exhibiting a CAGR of 35.4% during the forecast period. However, the market size was USD 361.1 million in 2018. This information is published in a recent report by Fortune Business Insights™, titled, “Connected Drug Delivery Devices Market Size, Share & Industry Analysis, By Type (Injectable Devices and Inhalation Devices & Others) By Technology
Key Companies Covered in the Hip Replacement Market Research Report are Raw mate …
The global hip replacement market size will increase with the advent of robot-assisted surgical procedures worldwide. Fortune Business Insights™ in their recent report titled, “Hip Replacement Market Size, Share & Industry Analysis, By Procedure (Total Hip Replacement, Partial Hip Replacement, and Revision & Hip Resurfacing), By End User (Hospitals & Ambulatory Surgery Centers, Orthopedic Clinics, and Others) and Regional Forecast, 2019-2026”, provides a comprehensive analysis of the market and their
Key Companies Covered in the Gene Therapy Market Research Report are Novartis AG …
The global gene therapy market is set to gain momentum from the rising incidence of different types of cancer. The field of this therapy is undergoing several technological advancements that would help in treating cancer in those patients who are at high risks of getting affected by this disease through genetic mutations. Fortune Business Insights™ provided this information in a new report, titled, “Gene Therapy Market Size, Share & COVID-19
Medical Transcription Software Market Size and Detailed Analysis Focusing On Key …
The global medical transcription software market size will benefit from the growing penetration of technology and automation in several applications across the healthcare industry. According to a report published by Fortune Business Insights, titled “Medical Transcription Software Market Size, Share & Industry Analysis, By Deployment (Cloud/Web-based and Installed/On-Premises), By End User Facility (Hospitals, Diagnostic Centers, Clinics, and Others), By Type (Voice Capture and Voice Recognition), By End User (Radiologists, Surgeons,

All 5 Releases


More Releases for BFSI

Global BFSI A2P SMS Market - Size, Share, Trends & Growth Opportunities
A2P is an acronym which stands for Application-to-Person SMS. It is a term used to describe an SMS message sent from a software application Scope of the Report: This report studies the BFSI A2P SMS market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the BFSI A2P SMS market by product type
BFSI Security Market Prevalent Opportunities upto 2024
In past one decade, electronic banking platforms have been implemented as an ever more efficient channel through which banking transactions can be executed without having to leave house or office. These home banking transactions are done from web based applications that are exposed over internet, making users a very appealing target of hackers. Apart from this, the banking and financial industry is continuously witnessing global terrorism, physical risk, cyber-crimes, and
Blockchain Technology in BFSI Market Size & Analysis – Forecasts To 2025
The global blockchain technology in the banking, financial services, and insurance (BFSI) industry is expected to grow at a tremendous rate over the coming years. Major factors positively influencing the growth of this market include increased operational efficiency; reduced cost and time of the transaction and transparency are expected to positively influence the growth of the blockchain market in the BFSI sector. Blockchain Technology in BFSI Market: Type Insights The blockchain technology
A Comprehensive Study exploring BFSI Security Market
A new research document with title 'BFSI Security Market – Global Drivers, Opportunities, Trends, and Forecasts to 2023' covering detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis and important players/vendors such as IBM, Cisco, Symantec Corp., McAfee LLC The report will help user gain market insights, future trends and growth prospects for forecast 2023. Get the inside scoop of the Sample report @ https://www.htfmarketreport.com/sample-report/517945-bfsi-security-market The BFSI
BFSI Security Market to Register Steady Growth During 2016-2026
In past one decade, electronic banking platforms have been implemented as an efficient channel to process banking transactions remotely. These banking transactions are executed from web based applications over the internet network, thus creating security risk by exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism, cyber-crimes, and espionage which are leveraging the loopholes in the critical infrastructure.
BFSI Security Market to Record an Exponential CAGR by 2024
In past one decade, electronic banking platforms have been implemented as an ever more efficient channel through which banking transactions can be executed without having to leave house or office. These home banking transactions are done from web based applications that are exposed over internet, making users a very appealing target of hackers. Apart from this, the banking and financial industry is continuously witnessing global terrorism, physical risk, cyber-crimes, and