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Research Outline
Prepared for Xin W. | Delivered April 30, 2020
Maturity of Blockchain in Financial Services
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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.
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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.
T
r
a
d
e
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.
Insurers firms are already using blockchain for natural catastrophe contracts and
marine cargo certificates
.
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.
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