Blockchain
2020 Study: How Blockchain is Transforming the Financial Services Industry – Current Use Cases Propelling Growth Opportunities in Trade Finance, KYC/AML, and Cross-Border Payments
Dublin, Feb. 05, 2020 (GLOBE NEWSWIRE) — The “How Blockchain is Transforming the Financial Services Industry” report has been added to ResearchAndMarkets.com’s offering.
Blockchain has begun to come into its own in 2019.
In this study, we provide use cases and growth opportunities in 3 sectors: global payments, trade finance, and KYC/AML. These are 3 of the areas where Blockchain has been tested and leveraged with key use cases emerging in financial services; in particular, cross-border payments, and digital identification and verification. There have been use cases in smart contracts across multiple sectors; smart contracts have been especially effective in real estate, supply chain logistics, and law.
The number of mergers and acquisitions (M&A) in blockchain and cryptocurrency had a peak year in 2018. Year-over-year to date, the 2019 M&A count is only at 48% of 2018. In terms of value, 2019 is at 64% of the amount at the same time in 2018. The study also includes key findings and growth opportunities going forward. The interest in blockchain solutions as a means of reducing cost, improving efficiency, and increasing collaboration among private and public players is still growing in financial services. Establishing consortia and utilizing the services of large players like Hyperledger and Ethereum confirms this interest, even as smaller blockchain start-ups continue to emerge globally and make an impact.
Regulating blockchain is in development. There has been a significant advancement in the United States though; leading banks and blockchain fintechs are collaborating with regulators and experts to potentially influence future regulations. Currently, a majority of the states in the country have taken action to legislate cryptocurrency and/or blockchain. This lack of industry standards for the technology is one of the biggest concerns across industries in using blockchain.
Fintechs have been partnering with banks for several years. This cooperation will continue but there will also be consolidation; as start-ups develop and test new technologies, and grow their businesses, the larger companies will acquire them to utilize that technology.
The enthusiasm for blockchain and its promise is demonstrated in the annual global survey that the publisher conducts on the state of digital transformation in different industries. We found in that survey that the top 3 reasons banks, financial services companies, and insurance companies are investing in blockchain are: to improve the security of certain classes of data, enable systems with blockchain-specific capabilities, and to gain efficiencies in their external operating ecosystem. Financial companies identified the advantages they are already seeing from blockchain – it improves cost efficiency, enhances customer care, and facilitates further innovation.
Some of the strategic imperatives for financial services companies that are interested in transforming their operations with blockchain include education – internally and externally in their ecosystem; focus on customer expectations when developing technology; recognizing its advantages and what it enables, since it is only likely to continue to grow.
Companies Mentioned
- Axoni
- Cambridge Blockchain
- Circle
- Ethereum
- Hyperledger
- Ripple
- SWIFT
- Templum
- TradeIX
- Veem
Key Topics Covered
1. Executive Summary
- Key Findings
2. Market Overview
- Research Scope
- About Blockchain
- Blockchain Market Segmentation and Ecosystem
3. Current State of Blockchain in Financial Services
- Blockchain in Financial Services – Market Size, Global
- Blockchain in Financial Services – Market Size, US
- Overview of Blockchain in Financial Services
- Largest Financial Institutions are Among the Top Players in the Blockchain 50
- First Consortia, then Universal Trade Network
- Blockchain Consortia are Redefining the Blockchain Space
- M&A Overview
- Landscape Overview
- Overview of Distributed Ledger Technology (DLT)
- Smart Contracts
- Role of Regulations – Outlook and Impact
- Recent Initiatives in US Blockchain Regulation
- Market Drivers
- Drivers Explained
- Market Restraints
- Restraints Explained
4. Trade Finance
- Trade Finance is an Obvious Application for Blockchain
- Using Blockchain in Trade Finance
- DLT Emerging as a Critical Technology in Trade Finance
- Example Market Initiatives
- Key Disruptor Profile – TradeIX
- Key Disruptor Profile – Axoni
5. Global Payments
- Overview of Cross-Border Payments
- The Status Quo Payment System and the Opportunity for Blockchain
- Benefits of Blockchain in Global Payments
- Example Market Initiatives
- Key Disruptor Profile – Veem
- Key Disruptor Profile – Circle
- Ripple and SWIFT – Competition Fueling Innovation
6. KYC/AML Compliance
- The Cost of KYC/AML
- Preventing Money Laundering Through Collaboration
- Blockchain – Uniquely Positioned to Improve KYC/AML
- Example Market Initiatives
- Potential DLT or Blockchain-enabled KYC Solution
- Example Market Initiatives
- Key Disruptor Profile – Templum
- Key Disruptor Profile – Cambridge Blockchain
7. Growth Opportunities
- Growth Opportunity in Financial Services – Blockchain
- Strategic Imperatives for Blockchain Companies
8. Current State of Digital Transformation
- Global Survey Results – Digital Solutions: All Industries, 2019
- US Survey Results – Digital Solutions and Blockchain/Distributed Ledger: All Industries, 2019
- US Survey Results – Blockchain/Distributed Ledger: All Industries, 2019
- Global Survey Results – Blockchain/Distributed Ledger: Banking/Finance/Insurance, 2019
- US Survey Results – Blockchain/Distributed Ledger: All Industries, 2019
- Global Survey Results – Blockchain/Distributed Ledger: Banking/Finance/Insurance, 2019
- Global Survey Results – Blockchain/Distributed Ledger: All Industries and Banking/Finance/Insurance, 2019
- The Last Word – Predictions for Blockchain in Banking
9. Appendix
- Additional Sources of Information on Fintech, Blockchain, and Financial Services
- List of Exhibits
For more information about this report visit https://www.researchandmarkets.com/r/euwf2c
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Blockchain
Revolutionizing Fintech: 6G Digital & Rune Nilsson’s FlexM Global in a Bold $12.5M Deal Shaking the Banking Industry
Blockchain
Teletubbies Digital Companions to Launch on the Tezos Blockchain
MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.
The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.
Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.
Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”
Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”
The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.
Blockchain
Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board
-
Blockchain Press Releases7 days ago
Bitcoin Halving Frenzy: Join Bybit’s Miner’s Point Plaza for a Shot at $1 Million and Witness History!
-
Blockchain7 days ago
New to The Street Announces Episode 564, Five Corporate Interviews, Airing on The Fox Business Network, Monday, March 25, 2024, at 10:30 PM PT
-
Blockchain7 days ago
Moondance Labs Announces $6 Million Funding to Boost Development of Tanssi Protocol
-
Blockchain Press Releases7 days ago
Bitget Unveils Proof of Reserves (POR) in March 2024: BTC & ETH Assets Surge by 20%
-
Blockchain Press Releases4 days ago
Bitget Wallet Partners with Over 40 Projects Including Avalanche, Taiko to Launch the BWB Ecosystem Partner Program
-
Blockchain Press Releases2 days ago
KuCoin’s Head of Key Account Discusses the Fusion of Decentralized Finance and Traditional Banking at WOW Summit 2024
-
Blockchain Press Releases4 days ago
Trade Volatility Smartly: Bybit Introduces Smart Leverage, Offering Users Unprecedented Control with No Liquidation
-
Blockchain Press Releases7 days ago
Fostering Trust in Crypto: Bybit CEO Advocates Integrity & Collaboration at DACOM Singapore