Enterprise Blockchain Use Cases - Banking and Financial Services Industry

Banking and Financial Services sector was the first to realize the potential of blockchain technology and continues to lead the way when it comes to blockchain adoption. Currently, banks, financial regulators, investors, fin-tech solutions providers, and payment processors are testing more than 40 unique blockchain use cases.

There are more than 250 enterprise blockchain projects in the banking and financial services industry, that are underway across the globe. The adoption is also well-spread among different categories – banks, capital market companies and institutions, and fin-tech solutions providers.

The adoption of this technology within the banking and financial services industry is well-spread across various geographic regions. The concentration of projects is high in developed markets of EU and the US, financial institutions from across the globe are getting drawn into this technology.

These projects are being executed by a mix of large system integrators, specialist blockchain vendors, consulting companies and in-house research teams. There is no clear template for engaging blockchain vendors yet, and different enterprises are using different combinations of Blockchain-as-a-Service (BaaS) providers, customized application developers, distributed application platforms (dApps), and in-house IT teams.

More than 340 organizations that include, banks, financial regulators, private equity firms, forex services providers, payment technology providers, stock exchanges, among others; are currently testing this new technology.

These enterprise blockchain projects are helmed by senior executives that include a combination of business and technology decision-makers from enterprises as well as technology and consulting solution providers. Some of these executives include CEOs and Deputy CEOs, EVPs, CFOs, CIOs, Chief Digital Officers,  Managing Directors, Presidents, and Consulting Partners, among others.

The urgency for blockchain adoption, within the banking and financial services industry can also be underlined by the fact that more than 30 industry consortia have already been formed by industry participants, which also includes regulators. The formation of consortia will lead to faster and wider implementation of the use cases.