The banking industry spends 1.7 billion dollars on the introduction of the blockchain

The banking industry spends 1.7 billion dollars on the introduction of the blockchain

Adoption of the blockchain in the financial services industry is in full swing, according to the findings of consulting company Greenwich Associates. Analysts have found that traditional financial organizations annually spend about $ 1.7 billion for the introduction and development of a blockchain-based solutions.

While the banking industry continues to provide the cryptocurrency market with strong resistance for a number of reasons, banks and other institutions in the financial ecosystem in the last several years studying the technology of the blockchain. The R3 consortium, launched in 2014, is the most popular organized blockchain-project for banks. Currently, the industry is at the stage of evidence-based concept and begin to commercialize the blockchain products.

The company Greenwich Associates, a provider of marketing and consulting services in Connecticut, USA, published a study stating that last year the budgets for blockchain projects increased by 67%. In addition, each tenth financial institution allocates more than $ 10 million a year.

The report says that every major Bank in the average of 18 staff members working on bloccano:

“The biggest driver of investment in the blockchain is cost reduction,” — said Vice-President of Greenwich Associates, Richard Johnson. “Over half of executives we spoke to, admitted that the implementation of the DLT was harder than they expected. However, it is expected that more than three quarters of projects in the development stage, will live for two years.”

The international payment business is not reluctant banking institutions, which took control of 40% of the market for consumer-to-consumer (C2C). Banks lost 30% of the market for consumer-to-business (C2B) and 5% of the market business-to-business (B2B).

  • Consumer-to-consumer (C2C) “Consumer to Consumer” — the term referring to scheme e-Commerce the end user (consumer) with the end user, in which the buyer and the seller are not entrepreneurs in the legal sense of the word.
  • Consumer-to-business (C2B) — “Consumer to Business”, namely the least developed kind of interaction, wherein the user affects the organization, for example, independently setting the value of the goods and services that you offer. For example, the C2B website, which acts as a intermediary-broker in an attempt to find the seller for the price generated by the bid.
  • Business-to-Business (B2B) “business to Business” means the company or a subsidiary of the company sell their products/services to corporate clients, i.e. other companies. The result sold something using what other companies are doing their business in the B2C market.
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