Rising cross-border trade, increasing need for advanced financial trade, and surge in concern for security system in the banking and financial services industry has given birth to blockchain in the BFSI industry. Globally, the blockchain technology in the BFSI industry is projected to gain a revenue of near to USD 32 billion by 2030. With such numerous opportunities available, business leaders are definitely in the need to have insights that could aid them to explore these given opportunities and take steps ahead for investments.
The introduction of Industry 4.0 has brought about a change in the way the world produces things, looking for faster, more efficient manufacturing and innovations with upcoming digital technologies. Blockchain is one of them. It has been gaining traction in the banking and financial services industry in recent years due to its potential to enhance security, reduce costs, and improve efficiency. Blockchain-based cross-border payments are gaining popularity. The value of cross-border payments using blockchain technology is expected to reach USD 5 trillion by 2030. Moreover, blockchain-based trade finance could reduce the global pay gap by USD 1.5 trillion. Smart contracts based on blockchain technology are being used to automate the process of contract execution and settlement and are estimated to save the banking industry up to USD 12 billion per year by 2025. The use of blockchain technology in identity verification and KYC (Know your customer) is getting hugely popular and is expected to grow at a CAGR of 71.1% in the current decade. Central banks are also exploring the use of blockchain technology for digital currencies, with a report by the Bank for International Settlements stating that more than 60% of central banks are engaged in some form of CBDC (Central Bank Digital Currency). All these statistics are indicating huge opportunities and open new scopes for present and future growth.
Blockchain technology is here to stay without a doubt. But without proper fact-finding, investing will be like shooting an arrow in the dark. There are currently many different blockchain platforms each having its own protocol and standard, and cannot be integrated with each other. Interoperability and scalability are crucial challenges facing the industry. Apart from that, funding, return on investment, and growing competition is again putting a strong restraint on the growth of the blockchain industry. Although the opportunities are highly lucrative, the uncertainty is putting a question mark on potential investments. Research Nester provides you with a thorough analysis of the blockchain industry with statistical data regarding the projected growth rate, leading segments, potential markets, competitive analysis, and the latest developments. The whole idea is to get the entire fieldwork done for your benefit and strategize your investment objectives. All the in-depth study goes a long way to remove uncertainty and risk from your plan of action and future growth.
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