Rising Use Across Financial & Backing Organizations To Drive Global FinTech Blockchain Market Growth

Several alterations have been made in the market, players, and practices of the financial industry owing to technology and the Internet. Any technology related to financial services is usually referred to as FinTech. Customary financial services to revolutionize and align their business methods and disruptive technologies can simply be executed with the employment of FinTech. It has been employed across diverse financial & banking organizations and indulges new business models, comprising new currency forms like cryptocurrencies. In addition, blockchain is the fundamental technology within FinTech. For creating blockchain technology, Bitcoin was the prime area of focus. Owing to its particular features, several users and firms now find blockchain extremely handy for applications in numerous domains, not restricted to cyber currencies, comprising logistics, finance, medicine, insurance, and even music.

The growth of the fintech blockchain market is primarily driven by factors such as quicker transactions; rise in the cryptocurrency market cap; decreased total cost of ownership; the escalated need for distributed ledger technology; elevated concord with the financial industry ecosystem; and implementation of technologically innovative blockchain solutions within commercial banks, insurance companies, and investment banks. Furthermore, the new type of programmable blockchain platforms and escalated implementation of blockchain technology for smart contracts, digital identities, and payments provide considerable growth avenues for the players of the fintech blockchain market.

Further, the advent of innovative technology within the financial industry has improved its productivity greatly. The use of fintech blockchain is observed in payments, compliance management/KYC, and smart contracts, which are advancing banks, investment banks, and insurance firms. This assists in decreasing infrastructure budget and enhances their working adeptness. Also, the rising significance of FinTech blockchain uses within the non-banking financial services is projected to drive the market growth during the forecast period.

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In contrast, privacy, security, and control problems along with latency and scalability are the key issues faced by the fintech blockchain market. Also, the dearth of blockchain applications within emerging economies and undefined regulatory norms & structures are projected to hamper the expansion of the global fintech blockchain market. Nevertheless, the rising R&D activities for highly intelligent and transformative programmable blockchain platforms is a major aspect projected to generate high growth and revenue prospects for global market players. Further, this opening is also anticipated to generate noteworthy product portfolio improvement scopes for prominent starter-level players within the market during the forecast period.

To cite, Axis Bank (India), in 2017, had entered into a collaboration with Ripple (US) to start a blockchain-based service for payments for corporate and retail users. The introduction surfaced merely a few months following the partnership of Axis with another Indian banking organization, Kotak Mahindra Bank, to assess blockchain for firsthand client-facing services.