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Blockchain: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2030

  • Report

  • 128 Pages
  • November 2021
  • Region: Global
  • Juniper Research
  • ID: 5703148
Description Jump to:

Blockchain to Facilitate Savings of $10 Billion Globally in Cross-border Payments

The publisher’s latest Blockchain in Financial Services research offers a comprehensive and independent assessment of the use cases for blockchain technology within the financial services sphere; covering its capabilities, benefits, and barriers to further use. The report includes an extensive analysis of the current blockchain landscape, market drivers and future market stakeholders, as well as examining the key vendors operating in the space through the Competitor Leaderboard.

The report also provides a detailed overview of the key regions and markets globally; examining ongoing blockchain research and activity within them. The research focuses on 3 key use cases: digital identity verification, cross-border payments and insurance, and also discusses the potential for blockchain use in other areas of financial services, such as CBDC (Central Bank Digital Currency), trade finance, lending/credit scoring and domestic payments.

The research suite includes industry benchmark forecasts for blockchain use in key areas including:

  • Digital Identity Verification
  • Banking
  • eGovernment
  • eCommerce payments
  • Cross-border remittances
  • B2B
  • Consumer
  • Insurance
  • Motor Insurance
  • Home Insurance
  • Life Insurance
  • Health Insurance

This research suite comprises:

  • Strategy & Trends (PDF)
  • Competitive Landscape (PDF)
  • Data & Forecasts (PDF & Excel)
  • 12 months' access to harvest online data platform

Table of Contents

1. Key Takeaways & Strategic Recommendations
1.1 Key Takeaways & Strategic Recommendations
1.1.1 Key Takeaways
1.1.2 Strategic Recommendations
2. Blockchain in Financial Services: Market Landscape
2.1 Introduction
Figure 2.1: Sectors Using Blockchain
2.1.1 Background
Figure 2.2: Venture Capital Funding in Blockchain Start-up Companies Worldwide, 2016-2021 ($bn)
2.1.2 Key Elements of Blockchain
i. Types of Blockchain Network
2.1.3 Blockchain in Financial Services
Table 2.3: A Selection of Patents Filed for Blockchain-related Technology, 202010
i. Summary
2.1.4 Regional Analysis
i. India
ii. China
iii. Singapore
iv. US
v. EU
vi. Estonia
vii. Germany
viii. Spain
ix. UK
x. Switzerland
xi. France
3. Blockchain in Digital Identity Verification 3.1 Introduction
3.1.1 Blockchain in Digital Identity Verification
i. Self-sovereign Identity
3.1.2 Blockchain Use in Digital Identity Verification
3.1.3 eGovernment
Figure 3.1 OECD Digital Government Index 2019
3.1.4 eCommerce
Figure 3.2: Increase in CNP Fraud, 2020 to 2025
3.1.5 Barriers to Blockchain Use in Digital Identity Verification
3.1.6 Future Outlook for Blockchain in Digital Identity Verification
4. Blockchain in Cross-border Remittances
4.1 Introduction
Figure 4.1: Online and Mobile Money Transfer and Remittances ($m), 2016-2025
i. The Rise of Digital Payments
4.1.2 Cross-border Remittances: Current Status
i. Instant Payments
4.1.3 Blockchain Use in Cross-border Payments
Figure 4.2: Blockchain-enabled Cross-border Payment Process
i. CBDC and Cross-border Payments
4.1.4 Barriers to Blockchain Use in Cross-border Payments
4.1.5 Future Outlook for Blockchain in Cross-border Remittances
5. Blockchain in Insurance
5.1 Introduction
5.1.1 Blockchain Use in Insurance
i. Blockchain Potential in Specific Areas of Insurance
5.1.2 Barriers to Blockchain Use in Insurance
5.1.3 Future Outlook for Blockchain in Insurance
6. Blockchain: Other Use Cases in Financial Services
6.1 Other Use Cases for Blockchain in Financial Services
6.1.1 Stablecoins
i. Advantages to Stablecoin Use
ii. Barriers to Stablecoin Use
6.1.2 CBDC
i. The View
6.1.3 Trade Finance
Figure 6.2: Trade Finance Market Infrastructures & Participants Overview
6.1.4 Lending/Credit Scoring
6.1.5 Domestic Payments
6.2 Challenges to Blockchain Use in Financial Services
i. Interoperability
ii. Uncertainties About Scalability
iii. Implementation Costs
iv. Technical Challenges
v. Lack of a Sizeable Blockchain Talent Pool
vi. Concerns About Security
vii. Stakeholders Need to Be Convinced of the Benefits
viii. Lack of Regulation and Anticipated Legal Risks
ix. Data Quality Is Not Guaranteed
6.2.2 Summary and Recommendations
i. Aim for Interoperability
ii. Effective Planning Is Crucial
iii. Scalability is a Key Consideration
iv. Consider Implementation Costs
v. Ensure Integration with Existing Systems
vi. Address Technical Challenges
vii. Address the Blockchain Expertise Gap
viii. Build in Security/Privacy
ix. Persuade Stakeholders of Benefits
x. Addressing Regulatory Requirements
6.2.3 The View
1. Competitor Leaderboard
1.1 Why Read This Report?
Table 1.1: Competitor Leaderboard: Blockchain Vendors Included & Product Portfolio
Figure 1.2: Competitor Leaderboard: Blockchain Vendors
Table 1.3: Competitor Leaderboard: Blockchain Vendors & Positioning
Table 1.4: Competitor Leaderboard Heatmap: Blockchain Vendors
2. Company Profiles
2.1.1 Accenture
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
Figure 2.1: Accenture’s Interoperability Node Solution
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.2 Algorythmix
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.3 Applicature
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.4 Applied Blockchain
i. Corporate
ii. Geographic Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
Figure 2.2: Applied Blockchain’s Mantle Layers
v. The Publisher’s View: Applied Blockchain Key Strengths & Strategic Development Opportunities
2.1.5 Auxesis Group
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.6 Blockchains
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.7 ConsenSys
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.8 Galileo Platforms
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.9 IBM
i. Corporate
Table 2.3: IBM Financial Snapshot ($m), 2015-2020
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.10 Infosys
i. Corporate
ii. Geographic Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Infosys Finacle Key Strengths & Strategic Development Opportunities
2.1.11 Oracle
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
Figure 2.4: Oracle Cloud Blockchain Platform
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.12 R3
i. Corporate
ii. Geographic Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Development Opportunities
2.1.13 Ripple
i. Corporate
ii. Geographic Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths and Strategic Development Opportunities
2.1.14 Spring Labs
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.1.15 Velo Labs
i. Corporate
ii. Geographical Spread
iii. Key Clients & Strategic Partnerships
iv. High-level View of Offerings
v. The Publisher’s View: Key Strengths & Strategic Opportunities
2.2 Competitor Leaderboard Assessment Methodology
2.2.1 Limitations & Interpretations
Table 2.5: Competitor Leaderboard Scoring Criteria
2.3 Related Research
1. Blockchain: Introduction
1.1 Introduction
Figure 1.1: Sectors Using Blockchain
1.1.1 Background
Figure 1.2: Venture Capital Funding in Blockchain Start-up Companies Worldwide, 2016-2021 ($bn)
1.1.2 Key Elements of Blockchain
i. Types of Blockchain Network
2. Blockchain in Digital Identity Verification
2.1 Introduction
2.1.1 Blockchain in Digital Identity Verification
2.2 Methodology & Assumptions
Figure 2.1: Blockchain Deployment in Digital Identity Verification - Banking: Forecast Methodology
Figure 2.2: Blockchain Deployment in Digital Identity Verification - eGovernment: Forecast Methodology
Figure 2.3: Blockchain Deployment in Digital Identity Verification - eCommerce Payments: Forecast Methodology
Figure 2.4: Blockchain Deployment in Digital Identity Verification - Other Verification Services: Forecast Methodology
2.2.1 Blockchain in Digital Identity Verification Forecasts
i. Volume of Digital Identity Verification Checks via the Blockchain
Figure & Table 2.5: Total Number of Digital Identity Verification Checks via the Blockchain (m), 2021-2030
ii. Cost Savings on Digital Identity Verification Checks Using Blockchain
Figure & Table 2.6: Total Cost Saving on All Digital Identity Verification Checks Using Blockchain ($m), 2021-2030
iii. Total Cost Savings on Digital Identity Verification Checks Using Blockchain - by Element
Figure & Table 2.7: Digital Identity Verification Cost Savings by Element (%)
3. Blockchain in Cross-border Remittances
3.1 Introduction
3.2 Methodology
Figure 3.1: Blockchain Deployment in B2B Cross-border Settlement: Forecast Methodology
Figure 3.2: Blockchain Deployment in Consumer Cross-Border Settlement: Forecast Methodology
3.2.1 Blockchain in Cross-border Settlement Forecasts
i. Volume of Cross-border B2B and Consumer Transactions via the Blockchain
Figure & Table 3.3: Total Number of Cross-border B2B and Consumer Transactions Recorded on the Blockchain (m), 2021-2030
ii. Total Value of Cross-border B2B and Consumer Transactions via the Blockchain
Figure & Table 3.4: Total Value of Cross-border B2B & Consumer Transactions Recorded on the Blockchain ($bn), 2021-2030
iii. Total Savings from Blockchain Implementation in B2B and Consumer Cross-border Settlement
Figure & Table 3.5: Total Savings from Blockchain Implementation in B2B and Consumer Cross-border Settlement ($m), 2021-2030
iv. Total Savings from Cross-border B2B and Consumer Transactions via the Blockchain - by Element
Figure & Table 3.6: B2B & Consumer Cross-border Settlement Savings by Element (%), 2030
4. Blockchain in Insurance 4.1 Introduction
4.1.1 Blockchain Use in Insurance
4.1.2 Methodology & Assumptions
Figure 4.1: Blockchain Deployment in Insurance: Forecast Methodology
4.1.3 Blockchain in Insurance Forecasts
Figure & Table 4.2: Number of Insurance Policies Issued/Managed via the Blockchain (m), 2021-2030
i. Total Cost Saving on Insurance Premiums Issued/Managed via the Blockchain
Figure & Table 4.3: Total Cost Saving on Insurance Premiums Issued/Managed via the Blockchain ($m), 2021-2030
ii. Total Cost Saving on Insurance Premiums Issued/Managed via the Blockchain - by Insurance Type
Figure & Table 4.4: Share of Total Cost Savings on Insurance Premiums Issued/Managed via the Blockchain, by Insurance Type, 2030
iii. Total Number of Insurance Claims Processed via the Blockchain
Figure & Table 4.5: Total Number of Insurance Claims Processed via the Blockchain (m), 2021-2030
iv. Total Cost Saving on Insurance Claims Processed via the Blockchain
Figure & Table 4.6: Total Cost Saving on Insurance Claims Processed via the Blockchain ($m), 2021-2030
v. Total Cost Saving on Insurance Claims Processed via the Blockchain
Figure & Table 4.7: Share of Total Cost Savings on Insurance Claims Processed via the Blockchain, by Insurance Type, 2030

Companies Mentioned

  • R3
  • Evernym Factorin
  • Accenture
  • Algorythmix
  • Applicature
  • Applied Blockchain
  • Auxesis Group
  • Blockchains
  • ConsenSys
  • Galileo Platforms
  • IBM
  • Infosys
  • Oracle
  • R3
  • Ripple
  • Spring Labs
  • Velo Labs
  • ABI
  • ADD.XYZ
  • Aegon
  • Ahli Jordan Bank
  • AIG
  • AIJB (Arab Jordan Investment Bank)
  • Alastria
  • Algorand
  • Alipay
  • Allianz
  • Amazon
  • American Express
  • AnchorUSD
  • Anquan
  • Ant Financial
  • ANZ
  • Aon
  • AP Moller-Maersk
  • Apfiny
  • Apollo Fintech
  • August Capital
  • Avant
  • AWS
  • AXA
  • Axis Bank
  • Azimo
  • BABB
  • Banco Rendimento
  • Bangkok Bank
  • Bank Negara Malaysia
  • Bank of Canada
  • Bank of Communications
  • Bank of England
  • Bank of NY Mellon
  • Banks CIBC
  • Banque de France
  • Bavarian State Ministry of Justice
  • BBOX
  • BeeTech
  • Benext
  • Better Mortgage
  • BGIN (Blockchain Governance Initiative Network)
  • Bharti AXA
  • Binance.US
  • BIS
  • BitPay
  • Blink Innovation
  • Blockchain Capital
  • Blockchain.com
  • Blockdaemon
  • Bluetab Solutions Group
  • BlueVine
  • BMO (Bank of Montreal)
  • BNP Paribas
  • BoJ (Bank of Japan)
  • Borsa Italiana
  • CaixaBank
  • Cambridge Blockchain
  • Canada’s Chamber of Digital Commerce
  • Cetas
  • CFPB (Consumer Financial Protection Bureau)
  • CFTC (Commodity Futures Trading Commission)
  • Chain by Lightyear
  • China Construction Bank Asia
  • ChromaWay
  • CipherTrace
  • Circle
  • Citi
  • Cloudworks
  • Codex
  • Coinbase
  • Coincheck
  • Coinfirm
  • CoinMarketCap
  • Commerce Bank
  • Commercial Bank of Dubai
  • Commonwealth Bank of Australia
  • Confirm
  • ConsenSys
  • Credly
  • CULedger
  • Cuscal
  • Cygnetise
  • Darwinsurance
  • Deloitte
  • Department of Economic Development
  • Department of Science and Technology
  • Desjardins
  • Deutsche Bank
  • DIF
  • DIFC (Dubai International Financial Centre)
  • Digital Asset
  • Dreamteam
  • DTCC
  • Du Capital
  • EdenBull
  • Emirates Islamic
  • Emirates NBD
  • Energy Efficient Equity
  • Inc
  • Ensurge
  • EOS
  • ERV
  • Ethereum
  • EU Blockchain
  • European Central Bank
  • European Commission
  • evan GmbH
  • Expertus
  • EY
  • FCA (Financial Conduct Authority)
  • Federal Chamber of Notaries
  • Federal Ministry of Economic Affairs and Energy
  • Federal Ministry of Economics
  • FedNow
  • Fireblocks
  • Firefly CNY
  • Forbesi
  • FRISS
  • Fundation
  • Fundbox
  • Funding Circle
  • GBBC (Global Blockchain Business Council)
  • GCash
  • GCash
  • Generali Group
  • Germany Federal Ministry of Economic Affairs and Energy Secure Digital Identities
  • Global Shipping Business Network
  • GM Ventures
  • Goldman Sachs
  • GreatPoint Ventures
  • GreenSky
  • Guardtime
  • Guidewire
  • Haidrun
  • Hanwha Investment and Securities
  • HashKey Capital
  • HDFC Bank
  • Hewlett Packard
  • Hitachi
  • Howdoo
  • HSBC
  • HSS (Department of Health and Human Services)
  • Humana
  • Hyperledger Fabric
  • IBBIC (Indian Banks’ Blockchain Infrastructure Co)
  • ICICI Bank
  • IDB (Inter-American Development Bank)
  • IDBI Bank
  • IDRBT (Institute for Development and Research in Banking Technology)
  • India Trade Connect
  • Indian Institute of Management Lucknow
  • IndusInd Bank
  • Inetum
  • Infosys
  • ING
  • Innosuisse
  • InstaReM
  • Institutes Risk Stream Collaborative
  • Intel Capital
  • Intellect EU
  • Interbank
  • IPFS
  • JFSA (Japan Financial Service Agency)
  • JPMorgan
  • Jump Capital
  • Jungheinrich AG
  • Kaleido
  • KASIKORNBANK
  • KBC
  • KLM
  • Komgo
  • Kotak Mahindra Bank
  • KPMG
  • Ledgertech
  • LexisNexis
  • LHV Bank
  • Liberty Mutual
  • L-Incubator
  • Luther Systems
  • LVL
  • Maersk
  • Mashreq Bank
  • Mastercard
  • MediConCen
  • Merrill Lynch
  • Mesh
  • Microsoft
  • MIDAS (Motor Insurance DLT-based Authentication System)
  • Mitsubishi UFJ Financial Group
  • MonetaGo
  • Monetary Authority of Singapore
  • MoneyGram
  • MTN Nigeria
  • Munich Re
  • MyCelia
  • Nasdaq
  • National Bank of Canada
  • Natixis
  • Nayms
  • NEM
  • Neurosoft
  • Nigeria Inter-Bank Settlement System Plc
  • NIST (National Institute of Standards Technology)
  • Nium
  • Norbloc
  • Nordcloud
  • NPP Australia (New Payments Platform Australia)
  • NPREX
  • Nuggets
  • OCBC
  • Office of the Comptroller of the Currency
  • OKCoin
  • OnDeck Capital
  • P&G
  • PACE Funding Group
  • LLC
  • Parity
  • Payments Canada
  • PayPal
  • PBOC (People’s Bank of China)
  • Penn National
  • pingNpay
  • PIX
  • PKO Bank Polski
  • PNC
  • Pontual
  • Pravici
  • Proviar Solutions
  • Prudential
  • Punjab National Bank
  • Quorum
  • Rabobank
  • RAKBANK
  • RBC
  • RBL Bank
  • Real-time Payments Network
  • Rehive
  • Renovate America
  • Inc
  • Reply
  • Reserve Bank of Australia
  • Reserve Bank of India
  • Ria
  • RiskStream Collaborative
  • RocketSpace
  • SAMA (Saudi Arabian Monetary Authority)
  • Santander
  • SatoshiPay
  • SBI Group
  • SBI Remit
  • SCB (Siam Commercial Bank)
  • Scentre Group
  • Scotiabank
  • SEB
  • SEC (US Securities and Exchange Commission)
  • SecureKey Technologies
  • Seven Bank
  • SGX (Singapore Exchange)
  • Shell
  • Shinhan Bank of South Korea
  • Signum Capital
  • Singaporean United Overseas Bank
  • Singlife
  • SITA
  • SIX
  • Slice Labs
  • slock.it
  • Smart Dubai
  • Smartlands
  • SMBC
  • SNB (Swiss National Bank)
  • Société Générale
  • SoFi
  • Sony
  • South African Reserve Bank
  • South Indian Bank
  • South Korean Financial Services Commission
  • Sovrin Foundation and Network
  • Standard Chartered
  • Starbucks
  • State Bank of India
  • Stellar
  • Supermoney
  • SupplyBloc
  • SureRemit
  • Sveriges Riksbank
  • SWIFT
  • Swiss Blockchain Federation
  • Swiss Re
  • Taos
  • TD Bank Group
  • Technological University of Munich
  • Telenor Microfinance
  • Temasek Holdings
  • Tendermint
  • TerraPay
  • Tetragon
  • Thales
  • The Floow
  • TMX Group
  • Tokio Marine
  • Toyota
  • TransRe
  • TransUnion
  • Treum
  • Trov
  • TruQua
  • TwinToken
  • UBS
  • UniCredit
  • Union Bank of India
  • Union Bank of the Philippines
  • UnionBank
  • UnipolSai
  • United Health Group
  • United Nations
  • UOB (United Overseas Bank)
  • Upgrade
  • US Commodities Futures Trading Commission
  • US Department of Homeland Security
  • US Securities and Exchange Commission
  • US Treasury Bureau
  • USAA
  • Viamericas
  • Visa
  • Vitro
  • Vodafone
  • W3C Credentials Community Group
  • Wabion
  • Walmart
  • WEF (World Economic Forum)
  • wefox
  • Wells Fargo
  • Western Union
  • Westpac
  • Willis Tower Watson
  • Wirex
  • World Bank
  • WWF
  • Wyzepay
  • Xoomworks
  • Yes Bank
  • Ygrene Energy Fund California
  • Zurich

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