Fintech Blockchain Market Is Anticipated To Grow Owing To Rising Implementation Of Blockchain Technology

Habits of people and activities of firms have changed owing to digital and technological transformation. In the digital world, financial, social, and economic entities rely on technological integration. The financial establishments have always been the early implementers of advanced technologies. Fintech is acknowledged as a technologically enabled improvement that leads to applications, advanced business models, products with an influence on financial organizations. It portrays the relevance of digital technology to economic services. Owing to the expansion of digital payments in the past few years, the Fintech firms have begun to take on blockchain technology to increase their insurance products’ portfolio to cross-border payments, and in turn, this has paved way for FinTech blockchain market growth.

Blockchain assists to trade money over the Internet and has the capability to change several industrial fields and make the methods transparent, efficient, and secure. The key advantage of the blockchain technology is its capability to share data, which is safe and offers data integrity through distributed infrastructure. At this point, technology functions as a significant tool in building belief among businesses and customers, where both can give and access precise information regarding the transactions. In all, these can create numerous opportunities within the FinTech blockchain market.

Global FinTech blockchain market anticipated to attain about USD 8,311 Million by 2024, developing at a CAGR of about 69.72% between 2018 and 2024. FinTech is deemed as a potential solution that provides precise solutions to the monetary organizations in terms of crowdfunding, mobile payments, and distributed ledger, like blockchain.

The reasons that are expected to propel the FinTech blockchain market in the forthcoming years is the implementation of technologically advanced blockchain solutions in insurance companies, investment banks, and commercial banks; the increase in the initial coin offerings, the rise in the cryptocurrency market cap; and the elevated stipulation for distributed ledger technology. Additionally, owing to the sophisticated blockchain technology solutions, the deals have turned out to be rapid and safe further driving the FinTech blockchain market worldwide.

It also abolishes the requirement for intermediaries and decreases the time for providers & payers and administration charges. Nevertheless, the vague regulatory frameworks & standards and the dearth of blockchain use cases and applications might restrict the growth of the FinTech blockchain market. Nonetheless, the implementation of blockchain technology for payments, digital identities, and smart contracts are expected to generate business avenues in the FinTech blockchain market.

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By provider, the FinTech blockchain market is bifurcated into application & solution providers, infrastructure & protocol providers, and middleware providers. By application, the FinTech blockchain market is divided into clearing, settlement, payments, identity management, exchanges & remittance, compliance management/KYC, smart contract, and others. By organization size, the FinTech blockchain market is bifurcated into large, medium, and small enterprises. By vertical, the FinTech blockchain market is divided into insurance, non-banking, and banking financial services.

Geographically, the FinTech blockchain market is bifurcated into Europe, North America, Latin America, the Middle East & Africa, and Asia Pacific. North America accounts for the biggest share in the FinTech blockchain market, as it is one of the most developed regions in terms of infrastructure and technology adoption. The Asia Pacific is anticipated to observe the highest rate of growth in the years to come owing to the increase in the expenditure s in the blockchain technology solutions to bring a transformation in the financial sector.

Few of the major players in the global FinTech blockchain market include Microsoft, AWS, Ripple, IBM, Chain, Earthport, Oracle, Bitfury, RecordsKeeper, BTL Group, Symboint, Applied Blockchain, Alphapoint, Factom, Coinbase, Auxesis Group, and Abra.

According to a press release issued in early December 2018, new guidelines were released by the Swiss Financial Market Supervisory Authority for their new “FinTech” license. The Swiss financial watchdog divulged that license pursuant, which can be crypto-associated and blockchain-associated companies, will be capable of applying for the fintech license beginning from 2019 with the state authority. This, ultimately, will spur the inclination of major players toward the FinTech blockchain market.

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