Magister Advisors – Banks to Spend $1 Billion on Blockchain Tech by 2017

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Spending by financial institutions on blockchain projects will exceed $1 Billion US Dollars in 2017, making it one of the fastest developing enterprise software markets of all time, says Investment Bankers Magister Advisors. The Magister market forecast, which follows interviews with major banks, VCs and technology vendors, says that the world’s largest financial institutions have typically already identified portfolios of approximately 10-20 projects for Blockchain evaluation.

“The market is largely at the POC (proof of concept) phase, proving that blockchain-based implementations can replicate or complement existing infrastructure,” says the firm. “2016 marks a ‘race to production’ as innovators seek to push beyond the prototype stage.”

Collaborative initiatives by banks to assess the market potential for blockchain technology are starting to take off, with over 30 signed up for the R3-led standard-setting coalition, and 20 financial institutions joining a London-based working group looking at how blockchain technology can transform the way securities are traded, cleared, settled and reported.

This activity is likely to lead to significant investments in blockchain platform and application providers throughout 2016, says Magister Advisors, which anticipates multiple $100m+ funding rounds in 2016, as those with strong momentum seek to claim market leadership.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.