London-based global information provider IHS Markit have estimated that the finance industry blockchain market is set to reach USD 462 billion by 2030.
The value of blockchain in the financial sector reached USD 1.9 billion in 2017, according to IHS Markit’s figures but this total is set to swell significantly given the expected launch of numerous projects over the next few years. The London info provider’s chief analyst Don Tait sees his 2030 projections as entirely feasible, adding, that a positive international regulatory stance will impact the industry over time:
“The Securities and Exchange Commission in the United States, the Financial Conduct Authority in the UK, the Hong Kong Monetary Authority and other regulatory bodies are reacting positively towards blockchain technology within the financial sector.”
IHS Markit indicated many ways in which the blockchain industry will be called upon in the years ahead, including cross-border payments, share trading, and syndicated lending. Tait sees the global financial market as becoming the technology’s most prominent user, including insurance and fintech. He cites the derivatives market, currently worth around USD 544 trillion a year, as having huge blockchain potential, commenting:
“By applying blockchain to the clearing and settlement of cash securities – specifically, equities – investment companies could save up to USD 12 billion in fees.”
The possible applications for blockchain technology have not gone unnoticed by stock exchanges either, with recent with Switzerland’s SIX exchange and Germany’s Deutsche Börse either actively, or at the stage of, integrating blockchain technology into current systems.
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