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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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