Global Blockchain in Financial Services Market 2019-2025 Enhancing Growth Worldwide with Top …

How Blockchain In Financial Services Market Flourishing Its Growth & Demand Worldwide During The Forecast Period 2019-2025 By Top Companies.

How Blockchain In Financial Services Market Flourishing Its Growth & Demand Worldwide During The Forecast Period 2019-2025 By Top Companies

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Houston, TX — (SBWIRE) — 02/16/2019 — With “Blockchain In Financial Services”, financial institutions can create a direct link between each other, avoiding inter-bank links. Blockchain is a digital ledger technology (DLT), which focuses on storage transactions of any kind in a shared platform. Trade finance is considered one of the greatest useful applications of “Blockchain Technology In Financial Services” sector. Blockchain provides a very high level of safety and security when exchanging data, information and costs.

“Global Blockchain In Financial Services Market Research Report” has been explored on the basis of type of product, application, and geography. This report studies Blockchain Technology for players, countries, product types and angles of the final industry, and financial market conditions and forecasts for global and major regions. Report also analyzes key emerging trends and their impact on current and future development. The structure of the business sector, synopses and challenges affecting the market across the world are also a part of this wide-ranging analysis.

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Top Key Players operating in the Global Blockchain In Financial Services Market such as IBM, Accenture, Microsoft, Deloitte, AlphaPoint, Digital Asset, ConsenSys, EquiChain, Infosys, R3CEV

Global demand for Blockchain In Financial Services is growing and the market is anticipated to increase in the near future. Key factors driving the growth of the market such as Blockchain could significantly improve payment transparency, efficiency, trust and security as well as reduce costs. Blockchain’s ability to provide a new form of distributed database or ledger can be applied to a wide range of applications in the financial services sector. Blockchain Technology can be used to register and trade in unregistered growth businesses.

By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025. The regional delivery of the Blockchain In Financial Services Market, which allows readers to plan an expansion of their business. Changes in the US might affect the growth trend of Blockchain Technology in finance. Report helps in providing people more proactive controller over their data. The regional deviation of market comprises data with regard to sales, market share, revenue, growth rate.

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The Blockchain In Financial Services Market report analyzes the worldwide market status, competition landscape, market share, evolution rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porter’s Five Forces Analysis. Analytical the market data also includes a complete overview of the modest scenario and regulatory framework of the global market.

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Ordinary Stablecoin or XRP Killer? What We Know About JPMorgan Chase’s New Cryptocurrency

The 46-year-old Belgium-based interbank messaging service has already been confronted by Ripple (XRP), whose CEO, Brad Garlinghouse, had …

On Feb. 14, United Statesbanking behemoth JPMorgan Chase announced its own cryptocurrency. Significantly, it is the first time a major U.S. bank has tapped into digital assets for direct use in business operations.

It is fair to say that move comes unexpectedly for JPMorgan Chase, whose CEO, Jamie Dimon, is famous within the crypto community for his anti-Bitcoin (BTC) remarks. Here are the main outtakes from reports and comments about the new virtual currency, dubbed “JPM Coin.”

JPM Coin aims to increase settlement efficiency, initially within three of its operations

There are three early applications for the JPM Coin, as Umar Farooq, head of the lender’s blockchain projects, told CNBC.

The first one is cross-border payments for large corporate clients, which currently rely on wire transfers provided by networks like SWIFT, meaning that they might take up to several working days to settle. According to Farooq, payments using JPM Coin will be instantly performed at any time of day.

As a result, SWIFT, which currently handles more than half of all high-value, cross-border payments, might be additionally challenged to update its remittance system. The 46-year-old Belgium-based interbank messaging service has already been confronted by Ripple (XRP), whose CEO, Brad Garlinghouse, had recently declared that “what we are doing on a day-to-day basis is in fact taking over SWIFT.” Ripple has reported various advancements on the field of international payments, allegedly saving transaction costs by 40-70 percent with its xRapid platform and adding several major banking institutions to its RippleNet network.

SWIFT, in turn, has already started researching blockchain as one of the options to achieve quicker payments. Additionally, it has been boosting its Global Payments Innovation (GPI) payments platform — just recently, the banking network launched a proof-of-concept (PoC) of a gateway that would allow blockchain software firm R3 to connect to the GPI.

Secondly, JPM Coin will reportedly be used for securities transactions. In April, the bank tested its Quorum Blockchain platform, along with with the National Bank of Canada and other lending sector participants. The intent was to streamline origination, settlement and interest rate payments, among other financial processes.

Specifically, as Reuters wrote, the trial “mirrored the Canadian bank’s $150 million offering on the same day of a one-year floating-rate Yankee certificate of deposit.” Thus, institutional investors can use the JPM Coin for instant settlements, as opposed to waiting for a wire transfer to come through.

JPMorgan Chase created Quorum in 2016 as part of the Ethereum Enterprise Alliance (EEA), of which it is one of the founding partners. The platforms runs on the Ethereum (ETH) blockchain and is modeled after the Ethereum Go client. It is currently used by pharmaceutical companies Pfizer and Genentech as well as Microsoft Azure, among others. In March, JPMorgan Chase declared that they were considering making Quorum an independent entity as way to attract more partners that could be scared off if they are competitors of the bank.

Finally, the new cryptocurrency might be employed by large corporations including Honeywell International and Facebook, which will reportedly use JPMorgan Chase’s treasury services business to replace the funds they hold in various subsidiaries across the world. According to CNBC, that businesses brought the lender $9 billion in revenue in 2018. Farooq explained in a comment:

“Money sloshes back and forth all over the world in a large enterprise. Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”

The trials for the token are set to start “in a few months.” However, only a small amount of the total funds involved in the three aforementioned areas would involve JPM Coin at first. In total, JPMorgan Chase moves more than $6 trillion across the world on a daily basis, according to CNBC. It is the largest bank in the country. As Farooq told:

“Pretty much every big corporation is our client, and most of the major banks in the world are too. Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”

He also added that, in the future, the lender’s token could be used for payments on internet-connected devices if they are migrates to blockchain. Overall, the JPM representative seemed enthusiastic about the technology’s perspectives at the bank.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction.The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

JPM Coin resembles a stablecoin — which falls in line with a general trend

According to the CNBC report, JPM Coins are pegged to U.S. dollars so that its value stays stable — technically, that makes the new token a stablecoin, at least in its initial form.

Clients will reportedly be issued the coins after depositing dollars at JPMorgan Chase. After the tokens are used for a payment or security purchase on the blockchain, the lender will allegedly destroy them and give clients an equivalent amount of fiat in return.

Overall, stablecoins had a great year in 2018, becoming a growing trend among the market’s most compliance-oriented players. For instance, Goldman Sachs-backed startup Circlelaunched its USD Coin (USDC) in collaboration with major U.S. crypto exchange Coinbase, and the Winklevoss twinspresented their own stablecoin dubbed the Gemini dollar after receiving the regulatory green light from the New York Department of Financial Services (NYDFS).

JPM Coin will run on Quorum, the bank’s private ETH blockchain

According to an FAQ released by JPM on the same day CNBC broke the news, its token will initially be powered by the aforementioned Quorum blockchain (which is permissioned, or, in other words, private), but will also become applicable to “all standard blockchain networks” in the future.

“The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks,” the guide says.

Based on that, Jerry Brito, executive director at Coin Center, a nonprofit research and advocacy center focused on cryptocurrencies and blockchain, told MarketWatch that JPM merely launched an in-house payments system rather than an actual cryptocurrency:

“There’s a lot of confusion. […] I see folks referring to it as a cryptocurrency. It’s not a cryptocurrency. A cryptocurrency is one that is open and permissionless. If you want to download it, you don’t need permission, you just need some software.”

Further, JPM Coin will eventually expand its role beyond being a stablecoin, as per the FAQ:

“Over time, JPM Coin will be extended to other major currencies. The product and technology capabilities are currency agnostic.”

As for now, the token is designed to be used by JPM’s institutional clients only.

The bank’s CEO, Jamie Dimon, might be anti-Bitcoin, but he is also pro-blockchain

JPMorgan Chase became notorious among cryptocurrency participants in 2017, when its CEO, Jamie Dimon, openly called Bitcoin a “fraud.” In 2018, Dimon reterierted his position by saying that he doesn’t “really give a s—” about Bitcoin.

However, at the 2019 World Economic Forum in Davos, when the JPMorgan Chase CEO was asked if he took any satisfaction when the cryptocurrency plunged last year, he replied negatively and followed with positive comments about the technology that backs it.

Specifically, Dimon noted that he is pro-blockchain, despite the excessive hype around the technology. In his view, blockchain is a better replacement for certain online databases:

“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”

Indeed, the banking giant has been researching blockchain since 2016, when Quorum’s white paper was first published.

The announcement has received mixed reaction from the community

Changpeng Zhao, the CEO of Binance, greeted the first U.S. banking cryptocurrency, referencing Mahatma Ghandi’s “first they ignore you, then they laugh at you, then they fight you, then you win” alleged quote:

First they …, then they …, then they…, then you win!

Welcome to the real world, JPM! https://t.co/RH7LwWPCSi

— CZ Binance (@cz_binance) February 14, 2019

Cointelegraph has reached out to Ripple for an additional comment on the matter. In response, the Ripple team sent the link to the tweet of their CEO Brad Garlinghouse, who, in turn, criticized the concept of bank-issued digital coins (which he calls “bank coins”) and JPM Coin specifically, citing its centralized structure:

As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAzhttps://t.co/e7t7iz7h21

— Brad Garlinghouse (@bgarlinghouse) February 14, 2019

Notably, two years ago, Garlinghouse wrote an article in which he argued that such projects — where bank remittances are performed using unique digital tokens — are misguided and would inevitably result in “an even more fragmented currency landscape than what we have today”:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

However, some community members seem more confident about JPM Coin, suggesting that the new token is capable of achieving widespread use, and hence might overtake Ripple in the future. Multicoin Capital partner Tushar Jain wrote:

Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead!

Kudos to JPM for being first. They are going to wipe the floor with Ripple. https://t.co/Jkfkvr7BnE

— Tushar Jain (@TusharJain_) February 14, 2019

Bloomberg business editor Joe Weisenthal expressed a somewhat similar viewpoint:

If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple

— Joe Weisenthal (@TheStalwart) February 14, 2019

While it might be too early to tell whether JPM Coin will be transferred to public blockchains and gain wider recognition among crypto market participants, some seem perplexed by its current capabilities. Thus, Nathaniel Popper, author of the book “Digital Gold, a History of Bitcoin,” tweeted:

The JPM Coin makes it possible to move dollars between JPMorgan bank accounts instantly. That raises the question: Why was it not already possible to move dollars between two JPMorgan bank accounts instantly?

— Nathaniel Popper (@nathanielpopper) February 14, 2019

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Blockchain Market in Asia Pacific to grow at 87% CAGR by 2024| By Top Leading Players: IBM …

… R3, Alphapoint, Bitfury, Bacoor, Blocko, BitSE, Bloq, Blockstream, BTL Group, Coinbase, Chain, Digital Asset Holdings, Digiledge, and Earthport.

North America held more than 50% stake in the blockchain market in 2017. The supportive government initiative & policy for driving the adoption of the blockchain technology among the public-sector companies is the major force supporting the market. Moreover, the presence of the major market players in the region also fosters the market growth. Whereas, Asia Pacific is predicted to grow at a CAGR of over 87% during the forecast period. The increasing investment in the blockchain market space from countries including China, India, and Switzerland, is driving the market growth.

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Blockchain Market is anticipated to exceed USD 16 billion mark by 2024 due to the growing investments in the blockchain market space. The venture capitalist and angel investors are investing in the blockchain based start-ups via private equity financing and ICOs. In 2017, an increase of over 50% in the venture capital investment was witnessed. This is encouraging the new players to work on the cutting-edge technology and explore new applications and business models.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

• Abra

• Alphapoint

• Amazon Web Services

• Asta Solutions

• Bacoor

• Bitfury

• BitSE

• Blocko

• Blockstream

• Bloq

• BTL Group

• Chain, Inc.

• Coinbase

• Digiledg

• Digital Asset Holding

• Earthport

• Emurgo

• Exioms

• Factom

• Huobi

• IBM Corporation

• Infinity Blockchain Labs

• Microsoft Corporation

• Paystand

• Ripple

• R3

• SimplyFI Softech

• SmartMesh

The growing adoption among the financial institutions is also one of the major factors augmenting the demand for the product market. The ability of the technology to increase the efficiency and reduce the cost of operations is also impacting the market. Moreover, the technology is also developing myriad growth opportunities and spurring further competition from the FinTech companies in the existing BFSI sector.

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The market is categorized into infrastructure providers, application providers, and operators. The infrastructure providers dominated the market space with more than 65% revenue in 2017. The growth of the market is credited to the growing demand for the core blockchain protocol to develop customized application and software. On the other hand, the application providers are anticipated to grow at a CAGR of more than 85% during the forecast timeline. The market is driven by the growing demand for the blockchain-based payment and documentation solutions.

Payments and wallets are leading the application landscape with more than 50% stake in the blockchain market. The numerous benefits offered by the blockchain-based payment solutions such as transparency, speed, and cost-effectiveness are the major factors that foster the market growth. Moreover, there is an ability of the distributed ledger technology to eliminate the middlemen or requirement of the central authority for making the cross-border payments.

Digital identity market is predicted to grow substantially during the forecast interval at a CAGR of more than 95%. The requirement for the reliable and secure international identification system and the growing risk of cyberattacks are the major forces driving the market. Smart contract market is also estimated to grow significantly at the growth rate of over 80% during the forecast timeline.

BFSI sector accounted for over 60% share in the blockchain market in 2017. The increasing use of the blockchain technology among the financial institutes in a variety of applications, ranging from cross-border payment and wallets to digital identity identification, is the primary factor augmenting the market growth. Furthermore, the technology also facilitates an omnichannel system for the customer and minimizes the time per transaction.

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The government sector is predicted to grow at a CAGR of over 85% during the forecast period. The ability of the blockchain to streamline the documentation process among the public-sector organization is the major factor augmenting the market growth. The growing adoption of the technology among the real-estate registration companies for creating smart contracts also drives the market demand.

The market is characterized as highly competitive owing to the presence of both, multinational players and start-ups. The key vendors of the blockchain market are IBM, Microsoft, SAP, AWS, Ripple, R3, Alphapoint, Bitfury, Bacoor, Blocko, BitSE, Bloq, Blockstream, BTL Group, Coinbase, Chain, Digital Asset Holdings, Digiledge, and Earthport.

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Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco’s, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, Australia, China, India, Japan, Singapore, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018– 2024

www.gminsights.com/industry-analysis/mobile-wallet-market

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Hyundai Commercial Partners With IBM to Accelerate Blockchain Development

The partnership with IBM will focus on using open source Hyperledger Fabric blockchain technology to create a new supply chain financing …

Hyundai Commercial — a financial services subsidiary of leading South Korean automobile manufacturer Hyundai — has announced a partnership with American tech giant IBM to modernize its business model using blockchain. The news was announced on Feb. 13 at IBM’s annual tech and business conference “IBM Think 2019” in San Francisco, California.

Hyundai Commercial is reportedly “a corporate finance company that provides leasing and financial services for commercial vehicles and construction equipment.” The partnership with IBM will focus on using open source Hyperledger Fabric blockchain technology to create a new supply chain financing ecosystem for the Hyundai Commercial network.

Network participants — which include automobile dealers, distributors and manufacturers — will have access to a real-time, shared view of all transactions on the blockchain, allowing for this data to be securely managed and efficiently distributed. The technology will also offer efficiency gains by automating hitherto manual processes.

The announcement also reveals that a separate Hyundai financial services subsidiary, Hyundai Card, will be partnering with IBM to implement its machine learning technology to create an artificial intelligence-based chatbot for customer services.

As previously reported, IBM is fast developing its blockchain-based offerings — across financial services, supply chain, government, retail, digital rights management, healthcare and insurance.

Recent projects include the use of blockchain and Internet of Things (IoT) to combat drought in the state of California, as well as a $700 million deal with one of Europe’s largest banks, Banco Santander, to accelerate the Spanish bank’s use of blockchain technology.

As reported, Chung Dae-sun — the nephew of the CEOs of Hyundai Group and Hyundai Motors — founded HDAC, a Korean blockchain-based IoT platform and issuer of the Hyundai-DAC token (DAC), alongside a fintech and blockchain subsidiary HyundaiPay.

Earlier this week, HyundaiPay signed a Memorandum of Understanding (MoU) to promote the growth of fintech startups in Busan, South Korea’s second most populous city.

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BMW Opens Its Doors For Mobility Open Blockchain Initiative’s First European Colloquium

BMW’s Group IT Centre in Munich will today, February 15, host the first European colloquium of the Mobility Open Blockchain Initiative (MOBI) as the …

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BMW’s Group IT Centre in Munich will today, February 15, host the first European colloquium of the Mobility Open Blockchain Initiative (MOBI) as the car manufacturer delves deeper into the use of blockchain in automotive enterprise.

The MOBI was launched less than a year ago by major car manufacturers BMW, General Motors, Ford and Renault, among others, in order explore the potential of the blockchain in the automotive and mobility space.

The 30 founding members of MOBI also include companies not directly related to automotive manufacturing, with some of them dealing directly with blockchain. The likes of Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA are some of the other contributors.

The aim of the colloquium

In Munich, members of MOBI will meet at BMW’s IT centre for two days in what is being described as a platform for sharing knowledge and experience and to promote and develop common standards for applying blockchain and distributed ledger technologies in the mobility industry.

“The hype surrounding blockchain has died down, and it is even met with occasional skepticism now. We are convinced, however, that blockchains represent a real opportunity and will eventually break up the established, centralized market by making it possible to create more decentralized platforms and so give consumers more control over their data,” explained Andre Luckow, who heads the department responsible for blockchain and distributed ledger technologies at the BMW Group.

In terms of enterprise blockchain usage, the mobile industry has been quietly going about its businesses exploring this new technology to see how it can aid the automotive industry across the board.

BMW has already made news by looking into blockchain technology to aid it in sourcing ethical cobalt. Meanwhile Toyota is independently looking at the technology to aid it in an important new wave for automobiles, the autonomous driving vehicle.

Additionally, BMW are piloting a blockchain platform to track mileage in leased vehicles through its startup innovation program via the VerifyCar app.

With regards to other automobile companies, The RCI Bank, created and wholly owned by groupe Renault has also joined the the R3 Consortium as far back as 2016.

Open discussion

The first European colloquium of MOBI being held by BMW indicates just where the automotive industry is in terms of utilizing blockchain technology for its industry, as well as for its enterprise. There is a huge scope where blockchain can be effective in the vast automotive industry, beginning at sourcing of materials, all the way to ride-share reward programs.

However, in order to be successful in the implementation of this technology across the industry, it is important for companies of this magnitude to rub shoulders with smaller businesses, and even start ups to share expectations and experiences.

Fierce competition

The automotive industry is one that is always on the cutting edge, driven by competition and consumer demands. It thus makes sense that the likes of BMW, GM, Ford and these giants of the space are not afraid to open themselves up to the potential of blockchain to boost their enterprise.

Cars have shifted from being purely industrial to highly technical and for that reason it would be absurd for them to close their eyes to technologies in the vein of blockchain, AI, and IoT.

What is also important to note, even in this space of fierce competition, the manufacturers are happy to sit down, open their doors, and welcome direct competition into a space where discussion can take place with the drivers of the technology.

This hands-on, cautious yet progressive, approach is both beneficial for the major manufacturers in their enterprise, but it also aids the smaller startups who can build up the technology and its use-cases within a well-structured framework.

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