NOIDA, India, October 10, 2018 /PRNewswire/ --
According to a market research report by BIS Research titled "Blockchain Technology in Financial Services Market (2017 - 2026),"blockchain technology is expected to witness traction in India especially, in the insurance, banking, and other areas related to financial services market. The adoption of blockchain technology will enable companies in the financial market to reduce their operating costs and increase the overall efficiency. Moreover, adopting of the technology will further, bring in more transparency in the system. The key players in the market have formed a consortium in order to reap the maximum benefits with the use of blockchain technology.
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Browse 13 market data Tables and 72 Figures spread through 174 Pages and in-depth TOC on "Blockchain Technology in Financial Services Market ," authored by Gaurav Gaggar and Tushar Agarwal.
According to author, Gaurav Gaggar, "The use of blockchain technology is expected to impact certain segments of the financial market in a phased manner, impacting trade finance, digital identity management, KYC digital identity, private market trading, P2P payments and P2P loans from 2017 - 2020."
Major companies are expected to invest heavily and contribute to the advancement of the technology through isolated internal experiments, partnerships with technology providers and industrial consortiums. However, despite the transformative potential of blockchain technology, more than 40% financial institutions remain skeptical about the practical implementation and viability of the technology and have adopted a 'wait and see' approach for the near future.
BIS Research Report: https://bisresearch.com/industry-report/blockchain-technology-market-2026.html
According to author Tushar Agarwal, "Trade finance is likely to be the biggest beneficiary of the blockchain technology as its potential use can help in reducing the paper-intensive, manual processes, and document sharing cost. Implementation of the technology will also reduce the trade finance gap, free-up the capital tied-up in the trade finance process, and result in savings of over $30 - $40 billion per year."
The adoption of technology is expected to save financial institutions over $40 billion per year in infrastructure, IT, operational, third-party fee, and administrative personnel costs. Many Indian players have tested the usage of blockchain in the trade finance, cross-border payments, bill discounting, supply chain financing, loyalty and digital identity areas. A few Indian banks, business conglomerates, and stock exchange are among the pioneers for exploring blockchain in India.
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The report is an exhaustive compilation of different peripherals of the applications and use cases of blockchain in the financial services industry. The report presents an in-depth analysis of the various factors governing the growth of the market, in addition to the Porter's five forces analysis, gauging the competitive attractiveness of the industry. The key strategies and developments segment of the report has been added to provide the readers with the recent strategic activities by the leading industry players in the market.
The global market has been analyzed for the key applications viz. KYC/AML processes, Syndicated Loans, Capital Market, Asset Management and Insurance. Detailed company profiles for players such as Digital Asset Holdings, Clearmatics, SynapsLoans, Shocard, Everledger, Microsoft, IBM and Bitbond among others, also form a critical part of the report.
The report addresses the following questions about the blockchain technology in financial markets
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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