Blockchain is one of the technologies which disrupting the financial services industry in the era of digitalization. Various blockchain stocks technological advancements are happening across industries and disrupting the way they use to function in past centuries. Majority of the world’s population depend on online transactions which need to be secure, faster, and easily accessible. They use various middlemen such as banks to complete their transactions. This concept has removed the need for the third party to transact and allows every suppliers and consumer to complete their payments directly. According to an estimate by statista, and the Blockchain industry experts the global spending on Blockchain solutions is estimated to reach about USD15.9 Bn by 2023.
Are you looking forward to knowing what exactly is Blockchain and its market performance?
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Explaining Blockchain
Since 2008, it’s beyond the shadow of a doubt that it is a disruptive innovation by a group of people named as Santoshi Nakamoto. It is an innovative solution for secure transactions in the world of digitalization.
Blockchain is the distributed ledger which maintains a permanent and tampers proof records of transactions. Everyone have a question how to invest in blockchain and how it works. This technology allows every companies and individual to proceed with instant transactions on a network without any middlemen and verify the same. It enables the purchases to be completely secure and is used to cut costs and deliver quality services and products in the market. It operates with no central authority.
The primary benefit of using Blockchain technology is that it eradicates the chances of double-spending and provides access to the ledger and rule book to everyone in that Blockchain network. It carries the huge potential to speed up transactions while cutting the cost associated with the third party and lowers the chances of fraud.
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According to the survey conducted on the Blockchain by a management consulting firm Deloitte, they found that 53% of the respondents believe this to be a top-five strategic priority whereas 56% of the respondents believe this to disrupt their business.
According to the research and findings of The Blockchain Market is anticipated to reach a value of USD162.84 Bn by 2027 growing at a CAGR of 68.1% during the forecasted years 2019 to 2027 owing to its rising adoption in North American countries during the forecasted years.
In terms of adoption and end-users, the financial services industry holds the highest market share and continues to be the dominant end-use industry for this disruptive technology owing to its numerous benefits rapid adoption amongst the consumers.
Role in the Financial Services Industry
Blockchain technology is playing a crucial role in the enhancement of the financial services industry. This trending technology is used in both domestic and international fund transfers. The automation of transaction required for trade finance helps the financial services industry to have huge savings with the application of Blockchain in it. It helps the banks to overcome their problems of customer’s identification and prevent the chances of fraud and money laundering. It facilitates smart contracts for the storage of any digital information. It proves to be profoundly transformative in the payment procedures. This concept proves to be highly beneficial for banks by reducing their transaction cost and the amount of paper they process.
Blockchain Experts say that the entire process of fraudulent claims, manual processes, legacy underwriting in the insurance sector have been so more straightforward now. It has even resulted in quicker KYC procedures which are very mandate for the financial industry and is also allowing automated account opening, reduced resources, and data privacy.
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Are you wondering how Blockchain is proving to be beneficial for the financial services industry?
69% of banks are currently experimenting with Blockchain technology, and 33% of bankers are expecting commercial adoption of this technology in the upcoming years. Banks have reported that they have able to save USD8-12 Bn by utilizing this technology.
Banks have been able to reduce 30% of their infrastructure cost with Blockchain. Financial services companies can save up to USD12 Bn in a year.
According to Gartner findings, in 2017 reported use cases of Blockchain in the financial services industry was 82%.
This unique innovation is disrupting the BFSI industry in terms of global payments, insurance claims processing, trade finance, fraud management, compliance management, and processing of loans.
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