Blockchain development in the banking and financial service market will be accelerated by the growing use of cryptocurrency. according The Business Research Company
The report stated that the global blockchain in banking and financial service market is expected to surpass $1.17 billion in 2021.
The result was a compound annual rate of growth (CAGR), of 61.9%. The report included the following:
“The blockchain in banking and financial services market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.”
Blockchain technology has been adopted by reinsurance companies for faster, more accurate and more efficient compliance checks.
Ryskex, an insurer, uses a blockchain-powered platform for insurance analysis and to reduce risks. The report said:
“Blockchain technology allows for safe data management across different interfaces and stakeholders while maintaining data integrity. The system reduces operational expenses across the board, from identity management and underwriting to claims processing, fraud management, and reliable data availability.”
SAP SE is the largest company in blockchain technology in the financial sector. It continues to adopt cutting-edge technologies in order to improve processes.
It revealed, for example, plans to integrate blockchain technology into its supply-chain traceability platform in order to benefit all stakeholders.
However, the report pointed out that the main stumblingblock to market growth is blockchain scaling.
The benefits of blockchain technology such as transparency, transaction security and detection fraud are expected to be significant catalysts for enhancing the fintech sector. Blockchain.News reported.
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