Greenwich Associates: One Billion Dollars to be Invested in Blockchain Technology in 2016

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According to a new survey from Greenwich Associates, Financial and technology firms are expected to invest more than $US1 billion to bring Blockchain technology to capital markets in 2016.

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In March and April 2016  Greenwich Associates assessed the current state of Blockchain adoption across banks, brokers, asset managers, exchanges and technology companies and interviewed 134 market participants working on Blockchain technology. The results of are presented in its new Greenwich Report, Blockchain Adoption in Capital Markets.

“The financial sector will continue to put its weight behind Blockchain this year,” Richard Johnson, vice president for Greenwich’s Market Structure and Technology group, said in the report. “Blockchain is beginning to prove itself fit for purpose in capital markets.”

“A majority of the financial service firms and technology providers we interviewed are convinced blockchain will enable meaningful change across capital markets within five years,” said Richard Johnson, vice president in Greenwich Associates Market Structure and Technology group, and author of the report.

“The study results reveal that significant resources are being spent on the development and adoption of the technology. Banks, brokers, exchanges, and central counterparties (CCPs) are taking the lead, while many asset managers take a more wait-and-see approach.

Among firms stating their organizations have some blockchain initiatives underway, 32 percent have an annual budget in excess of $5 million per year, and a further 15 percent have budgets in excess of $2 million. Projected across the entire financial services industry, that level of spending will likely top $1 billion in 2016.”

In the survey, the institutions do not believe unanswered questions about regulatory treatment are holding back innovation.

“Additionally, study participants say a move to DLT in capital markets could add unquantifiable benefits, such as providing a catalyst for industry transformation, creating new value chains and new markets, and improving regulatory compliance, transparency, and information sharing,” said Johnson.

 

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

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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