Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight

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Corporate Insight today released a study examining the current state of Blockchain in financial services and the potential impact of this technology on the industry. The report, titled Blockchain Solutions and the Future of Finance, identifies major trends affecting Blockchain implementation, profiles organizations that are creating Blockchain solutions for financial services, and illustrates potential use cases for the technology including loyalty programs, capital markets, real estate transactions, Know Your Customer, digital identity management, cross-border payments and the commodity market.

“In the past two years, financial services firms and technology providers have made significant strides in turning the hype around Blockchain into reality,” said Jennifer Butler, Analyst at Corporate Insight. “Financial services firms are investing in Blockchain to assess its potential for reducing operational inefficiencies and increasing market transparency. While the near-term industry impact of Blockchain will be evolutionary rather than revolutionary, we expect these investments to continue and for Blockchain-driven change to occur incrementally over the next few years.”

For the study, Corporate Insight interviewed representatives from 14 key organizations and leaders in the Blockchain space to gather insights on their products and solutions, current or future partnerships, industry challenges and thoughts on the future of Blockchain.

Key findings from the study include:

  • Nine out of 14 Blockchain vendors profiled in this study are set to bring Blockchain solutions into production between now and early 2018.
  • Some elements of Blockchain technology present unique challenges for financial institutions. For example, if a person mistakenly purchases a large quantity of securities, the immutability of a Blockchain would make it challenging to fix the error. To account for this, Blockchain providers are focused on developing solutions to resolve these and other industry-specific challenges.
  • Companies are also finding innovative solutions for non-financial use cases. For example, BlockCypher has partnered with ShoCard, a Blockchain startup developing digital identity solutions, and the Department of Homeland Security to help solve identity management challenges and enhance cybersecurity. The development of this use case is complementary to financial services, as it could help to alleviate aspects of the onerous Know Your Customer compliance process.

For more information, to receive a copy of the report or to schedule an interview, please contact:

Joshua Grandy
646-876-7524
JGrandy@corporateinsight.com

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

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

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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