Blockchain in Fintech Market Global Trends, Market Share, Industry Size, Growth, Opportunities and Forecast
According to Market Research Future (MRFR), the global blockchain in financial technology (fintech) market is estimated to reach USD 6700.63 million at a CAGR of 75.2% from 2017 to 2023 (forecast period). The report summarizes the market opportunities and market ramifications that arose as a result of the COVID-19 pandemic.
Blockchain is a technology that uses a shared ledger to record transactions across a decentralized computer network. Blockchain in fintech monitors and regulates information on digital transactions in fintech and prevents duplication. The incorporation of this technology offers real-time payments against assets with immutable state and digital identity, resulting in substantial cost savings in terms of reconciliation and settlement for a variety of financial institutions and banks. Leading financial institutions and banks, including J.P. Morgan, Citibank, Goldman Sachs, and Barclays, have taken measures to implement this technology.
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The prominent participants in the blockchain in fintech market are Ripple (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Chain Inc (US), BTL Group (Canada), Earthport PLC. (UK), Bitfury Group Limited (US), Oracle Corporation (US), and Digital Asset Holdings (US).
Ripple is one of the leading players in this market that connects banks, payment providers, digital asset exchanges, and companies via its platform RippleNet to provide a seamless experience in sending money globally. RippleNet is developed with advanced blockchain technology that is scalable, stable, and interoperates across different networks.
Other players in the global blockchain in fintech market are Circle Internet Financial Limited (Ireland), Guardtime (Estonia), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Symbiont.io (US), Auxesis Group (India), BitPay (US), Tradle (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), Cambridge Blockchain, LLC. (US), Blockchain Advisory Mauritius Foundation (Mauritius), and RecordesKeeper (Spain), among others.
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