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

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, co-founder and director at education company Blockchain Partners and partner of token design and ICO architecture company Cryptoassets Design Group.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona. San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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