This is a preview of the Blockchain in Banking research report from Business Insider Intelligence. 14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports. 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.
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See Also:
- UK Parliament is concerned about potential effects of the pandemic on the UK's cash infrastructure
- Banks are assessing their policies as loan deferral periods are nearing their deadlines
- The Central Bank of Brazil will roll out open banking implementation
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