Blockchain technology is a decentralised ledger across a peer-to-peer network of all transactions. Participants or users are therefore able to confirm transactions without a central clearing authority. Most applications could include transfer of funds, settlement transactions, voting and many more problems. Customized digital experiences and digital goods are changing the landscape of financial services by increasing the digital transformation of the financial industry. Digital banking technologies like digital banks, billboards, blockchain technology, and customer service automated chatbots are some examples of rising demand as they improve overall operational efficiency, provide reliability in time, reduce processing times and achieve the same level of confidence in traditional processes. Digital banking technologies are more important than others. The market research study on fintech blockchain gives a thorough overview of the sector including market segmentation by service provider, organisational size, vertical application and geography. Global market analysis with a focus on high growth applications in every vertical and rapidly developing sector of the industry. This comprises a complete competitive landscape in which major competitors are identified with regard to every form of market, a comprehensive market share analysis of each type of revenue, market shares and top players.
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Key Driving Factors: Reduced Cost
For most of the company niche, reducing costs is the top concern. You don't need any third parties or intermediaries to authorise or verify Blockchain or to provide guarantees. In addition, the participant has fixed permission or authority on transactions, so you must not waste much time with documentation.
Driving factors: The growth of this market is driven by increased KYC systems need on blockchain platforms
Due to factors such as the increasing demand for distributed user data collection, increasing need for policy/operations automation and standardisation, centrality of checks and risking, governance and quality of data, need to be made available for communication and transparency and notable features such as suspect active behaviour, automated KYC verification by blockchain technology The solution develops a complete audit trail that enables the Bank to comply with its regulatory requirements as well as reducing data validation costs over the whole financial network by taking blockchain to KYC compliance activities.
This report offers the major market player’s profiles, such as AWS (US), IBM (US), Microsoft (US), Ripple (US), Chain (US), Earthport (UK), Bitfury (US), BTL Group (Canada), Oracle (US), Digital Asset Holdings (US), Circle (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Abra (US), Auxesis Group (India), BitPay (US), BlockCypher (US), Applied Blockchain (UK), RecordesKeeper (Spain), Symbiont (US), Guardtime (Estonia), Cambridge Blockchain (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius)
Based on Application: The cross-border payments, clearing, and settlement segment is expected to make up the majority of the FinTech blockchain market. Increasing need for enhanced payment experience, clarity in payment systems and increasing transaction cost reduction are key factors in growth in this sector.
The FinTech Blockchain Market report has been categorized as below
Payments, clearing, and settlement
Exchanges and remittance
Compliance management/Know Your Customer (KYC)
Others (cyber liability and content storage management)
Application and solution providers
Infrastructure and protocols providers
By Organization Size
Small and Medium-Sized Enterprises (SMEs)
Non-banking financial services
Rest of World
Published Date : July-2021