Market Overview –
As during time covered by this estimate, it is anticipated that the global fintech blockchain market would expand at a compound annual growth rate of 26.89 percent. The increasing market capitalization of cryptocurrencies as well as the Initial Currency Offering (ICO), the growing demand for distributed ledger technology, and the adoption of technologically advanced blockchain solutions in various financial institutions such as investment banks, commercial banks, and insurance companies are some of the major factors driving the growth of the fintech blockchain market.
The landscape of financial services is being reshaped as a result of the ongoing digital transformation of the financial industry, which aims to provide individualised digital experiences as well as digital products. Digital banking technologies such as digital banks, wallets, blockchain technology, and automated chatbots for customer service are some of the examples that are experiencing rising demand. This is due to the fact that these technologies improve overall operational efficiency, offer a real-time settlement, reduce processing times, and the number of steps and intermediaries that are required to achieve the same levels of confidence in traditional processes.
In addition, an increase in the use of cryptocurrencies, which are digital tokens that are constructed on a distributed ledger architecture and are also referred to as a blockchain, for the purpose of processing payments is anticipated to propel market growth. According to the statistical data collected by Crypterium, a Fintech company, shows that the volume of crypto payments and the average amount increased in 2019, reaching a seven-month high in April to approximately USD 1.6 billion.
COVID 19 Analysis –
As a result of the Pandemic, many industries have implemented digitalization as a way to demonstrate their resilience. Neither the users nor the trustworthiness of the data that enters the supply chain can be guaranteed. As a result, businesses are increasingly turning to blockchain technology for their most critical financial operations. The organisations have been able to attain high data quality and integrity as a result of this.
get a sample report@- https://www.zionmarketresearch.com/news/fintech-blockchain-market
In many affluent countries, the epidemic has prompted the adoption of digital transactions and digital payments. Previously, it has taken a long time to transfer the value of assets, but now that Blockchain technology has emerged, the procedure is much faster because there is no need for traditional banking solutions to intervene. People are more likely to use online banking services because of constraints on movement. Digital transactions have made it easier for criminals to commit crimes, while Blockchain technology has eliminated phoney identities and ensured safe transactions.
Market dynamics –
Because the data are not stored in a single location, the possibility of hacking has been eliminated. A single point of failure or other computer crackers are ruled out thanks to the distributed storage provided by the peer-to-peer network. The digital identity given by the blockchain allows individuals to choose their own identity and share it with anyone they want. The data can be further protected by using these methods.
also read more articles – The Ultimate Guide for Floor and Surface Cleaning with High Pressure Washers
During the validations, there is no interruption from a third party. Traditional transactions necessitate multiple third-party validations, which add time and cost to the processing process. This third-party validation was eliminated, which decreased both costs and time. The rise of Blockchain in the Fintech Market has been boosted by these factors.
Industry Development –
February 2019 Under University Blockchain Research Initiative (UBRI) Ripple has partnered with the leading universities such as Carnegie Mellon University, Cornell University, Duke University, Georgetown University etc. to support the industry to grow the blockchain ecosystem. This global initiative that was launched in 2018 and is now expanding to China and Singapore. This initiative will accelerate technical development, innovation and academic research in blockchain, digital payments and crypto currency.
Competitive Landscape –
Amazon Web Services Inc., AlphaPoint Corporation, Bitfury Group Limited, Oracle Corporation, and Digital Asset Holdings are just a handful of the prominent companies in the fintech blockchain business. These main industry participants are working hard to broaden their client base outside of their home nations. Increased market share and profitability can be achieved through strategic collaboration between these companies. However, small and medium-sized businesses are expanding their market share by gaining new contracts and entering new industries as a result of technical improvements and product breakthroughs.
Key Players –
Amazon Web Services, Inc.
Bitfury Group Limited
Digital Asset Holdings, LLC
Huawei Technologies Co. Ltd.
Ripple Labs Inc.
Tata Consultancy Services Limited
By Type –
By Applications –
By Region –
Rest of Europe