BLOCKCHAIN IN BANKING: An inside look at four banks' early blockchain successes and failures
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Since its emergence at the start of the decade, blockchain has been heralded as one of the most transformative technologies for financial services. Blockchain hype has led financial institutions (FIs) to pour money into the space and into distributed ledger technology more broadly: about $1.7 billion annually as of 2018, per research from Greenwich Associates cited by Bloomberg.
Despite the hype, sentiment around the technology has grown increasingly skeptical as FIs struggle to realize the value of their investments. Incumbents have shuttered some early experiments, and FI execs are beginning to discuss blockchain's prospects in bearish terms.
Key difficulties include scaling the technology for commercial application, ongoing regulatory uncertainty, and the difficulty of bringing together competing participants.In The Blockchain in Banking Report, Business Insider Intelligence explores early blockchain successes and failures at four major banks, identifies the lessons these early wins - and losses - have for the rest of the financial services industry, and outlines actionable steps that industry players can take to ensure the success of their own blockchain projects.
The companies mentioned in this report are: Australia and New Zealand Banking Group (ANZ), Bank of America (BofA), Citi Bank, CME Group, Fidelity Investments, HSBC, IBM, JPMorgan, Marco Polo, Mastercard, Nasdaq, PayPal, Ripple, Royal Bank of Canada (RBC), Santander, SWIFT, and Visa.Here are some of the key takeaways from the report:
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of blockchain in banking.
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