Maturity of Blockchain in Financial Services
Delivered April 30, 2020. Contributor: Emmanuel A.
Goals
To find reports on the maturity of blockchain in financial services in order to determine the maturity of blockchain in various aspects of financial services such as capital markets, trade finance, payments, etc.
Early Findings
Accenture
An Accenture report identified five most common current use cases for blockchain in financial services. The current use cases are clearing and settlement, trade finance, cross-border payments, insurance, and AML (anti money laundering) and KYC (know your customer). Some examples of financial services organizations that are implementing blockchain in their clearing and settlement operations include SETL, Euroclear, and Citi and CME Clearing. We.Trade is a blockchain platform for trade finance that is supported by nine major banks in Europe. XCurrent is a blockchain-based messaging platform developed by Ripple for cross-border payments and over 100 banks have signed up for it. ICICI Bank and other banks in India are experimenting with the use of blockchain for KYC, while Singaporean banks are using blockchain for AML. Hydrogen
Another report by the Hydrogen Technology Corporation identified cross-border transactions, trade finance platforms, clearing and settlements, digital identity verification, and credit reporting as five common applications of blockchain in financial services. Statistics
According to a market research report by Allied Market Research, the market size for blockchain in BFSI was $277.1 million in 2018 and is expected to reach $22.46 billion in 2026, at a CAGR of 73.8% between 2019 and 2026. According to an IBM survey, "91% of banks are investing in blockchain solutions, and 66% of institutions are expecting to be running at scale with blockchain". A World Economic Forum report stated that 10% of global GDP (gross domestic product) is projected to be stored on blockchain technology
by 2027. Proposed next steps:
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