Blockchain technologies use a shared ledger of sorts to record transactions over a decentralized network of computational devices. Blockchain technologies enable operations in real time, thus taking away the need for a central clearing authority. This saves time as well as the operational recurring costs for financial service providers such as banks or insurance companies. Services in global fintech blockchain market control and manage vital information, massive in size, regarding online and digitized financial transactions in order to maintain privacy and avoid duplicity.
Technologies and solutions offered in global fintech blockchain market enable real-time payments against the declared assets with a stable digital identity and immutable state. This offers huge opportunities for cost saving and ensures safe and secure transactions in real time. Various leading banks and financial institutions, such as J. P. Morgan, Barclays, Citibank, and Goldman Sachs have already started deploying technologies in global fintech blockchain market.
Emergence of various new types of cryptocurrencies and their rising adoption among general public are favorable factors for the growing global fintech blockchain market. Certain companies and digital wallets have also recently started allowing their users to transact in these cryptocurrencies. This trend can motivate the market further as using cryptocurrencies in everyday transactions require higher level of security and advanced blockchain technologies.
Higher Compatibility with Existing Industry Ecosystems Fuels Growth in Fintech Blockchain Market
Rising market cap size of crypto currencies and initial currency offerings (ICOs) is one of the key drivers for the growth of global fintech blockchain market in coming years. Other drivers for the market include reduction in the cost of transactions, reduced total cost of ownership, and higher compatibility with current and existing ecosystem of financial services industry. Segments in global fintech blockchain market by application include payments, settlements, exchanges, clearing, remittance, smart contracts, compliance management, know your customer (KYC) services, identity management, content storage management, and cyber liability. Services and products in global fintech blockchain market are used by banks, insurance companies, and non-banking financial service providers. Both small and medium sized enterprises and large enterprises can benefit from the services and products in global fintech blockchain market.
Asia Pacific Fintech Blockchain Market Offers Promising Opportunities for Players
North America region is expected to dominate the global fintech blockchain market in coming years, owing to the presence of established industry players in the region. Financial institutions in North America region are constantly adopting newer and more reliable technologies, including blockchain technology, to speed up their daily tasks. This trend is also expected to propel growth of North America fintech blockchain market in near future.
Another region expected to perform well in coming years in global fintech blockchain market is Asia Pacific. With countries such as Hong Kong and Singapore offering sizable opportunities for adoption of blockchain technology, Asia Pacific fintech blockchain market is anticipated to grow over next few years. Other factors responsible for the growth in the region include rising investments aimed at furthering the application and competence of blockchain technology and rapid growth of digital and online financial service providers.
Some of the major players in global fintech blockchain market include Microsoft Corporation, Earthport, Digital Holdings, Circle, AlphaPoint, Symbiont, BitPay, Chain, Bitfury, AWS, Ripple, Oracle, BTL Group, Tradle, IBM, Coinbase, Guardtime, Applied Blockchain, and Cambridge Blockchain. Players in global fintech blockchain market are focused on advancing their technologies and developing new products to gain significant share in the global market. Services in global fintech blockchain market require highly reliable and secure technologies to facilitate real-time operations of sensitive nature.
One of the leading market players, Ripple, connects banks, digital asset exchanges, and payment providers through its platform ‘RippleNet’ for a seamless global transaction experience. RippleNet uses advanced blockchain technology that interoperates with various networks at a time and is thought to be extremely secure as well as scalable.
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