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Market Research Report

Blockchain for Financial Services: Opportunities, Challenges & Forecasts 2019-2030

Published by Juniper Research Product code 825184
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Blockchain for Financial Services: Opportunities, Challenges & Forecasts 2019-2030
Published: April 16, 2019 Content info:
Description

Overview

Juniper's latest ‘Blockchain for Financial Services’ research discusses the opportunities and challenges arising from the use of blockchain in financial services. Although blockchain can be deployed in many industries, key investment and deployments are presently focused on this sector.

Readers will be presented with extensive analysis of the latest key blockchain-powered deployments in financial services, including financial settlement, digital currency, smart contract and IoT payment use cases. This in-depth analysis is accompanied by detailed forecasts for a variety of metrics and a comprehensive assessment of the key players in this area.

This research suite comprises:

  • Market Trends & Opportunities (PDF)
  • 12-Year Market Sizing & Forecast Spreadsheet (Excel)
  • 12 Months' Access to harvest Online Data Platform

Key Features

  • Technological Evaluation: Assessment of the current state of blockchain for financial services, including an evaluation of:
    • Different types of blockchains and cryptocurrencies (public, private, privacy coins)
    • Benefits and limitations of the technology
    • Evolution of the technology (eg Liquid Supply Medium Exchange payments using P2P token streaming)
  • Market Vertical Analysis: Strategic evaluation of established and emerging market verticals in the blockchain for financial services space, and what this means for the future shape of the sector, including:
    • Financial Settlements
    • Digital Currency
    • Smart Contracts
    • IoT Payments
  • Juniper Leaderboard: Positioning and strategic evaluation of 16 key players in the blockchain market including:
    • Accenture
    • Applied Blockchain
    • Bitfury
    • Deloitte
    • Digital Asset
    • Guardtime
    • IBM
    • Infosys Finacle
    • Interbit
    • Interstellar
    • Microsoft
    • NEM
    • Oracle
    • Ripple
    • R3
    • SAP
  • Juniper Innovation Index: Positioning and strategic evaluation of 19 key players in the blockchain market including:
    • Accenture
    • Applied Blockchain
    • Bitfury
    • BitPesa
    • Capgemini
    • Cognizant
    • Deloitte
    • Digital Asset
    • Glance Technologies
    • IBM
    • Infosys Finacle
    • Interbit
    • Interstellar
    • KPMG
    • NEM
    • PwC
    • R3
    • Ripple
    • Symbiont
  • Benchmark Industry Forecasts: Market segment forecasts detailing annual bank savings from blockchain implementation in B2B cross-border settlement.

Key Questions

  • 1. What impact will blockchain have in the financial services sector?
  • 2. Who are the main blockchain players and how are they positioned in Juniper's Blockchain Leaderboard and Innovation Index?
  • 3. What are the main challenges facing companies seeking to deploy blockchain technology?
  • 4. How likely are financial institutions to deploy blockchain technology in the future?
  • 5. How much will banks and other financial industries save from integrating blockchain?

Companies Referenced

  • Case Studied: IOTA Foundation.
  • Included in Innovation Index: Accenture, Applied Blockchain, Bitfury, BitPesa, Capgemini, Cognizant, Deloitte, Digital Asset, Glance Technologies, IBM, Infosys Finacle, Interbit, Interstellar, KPMG, NEM, PwC, R3, Ripple, Symbiont.
  • Included in Juniper Leaderboard: Accenture, Applied Blockchain, Bitfury, Deloitte, Digital Asset, Guardtime, IBM, Infosys Finacle, Interbit, Interstellar, Microsoft, NEM, Oracle, R3, Ripple, SAP.
  • Mentioned: ABN Amro, Aion Networks, Airbus, Albumatic, American Express, Ant Financial, Arab Jordan Investment Bank, ASX (Australian Securities Exchange), Atlantis Group, Australia and New Zealand Banking Group, Axoni, BABB, Banco Bilbao Vizcaya Argentaria, Bank of America Merrill Lynch, Bank of Canada, Bank of Montreal, Bank of Russia, Barclays, BNY Mellon, Broadridge, BrokerTec, CaixaBank, Canadian Imperial Bank of Commerce, Cargo Community Network, CargoSmart, Central Reserve , Certified Origins, Chain, Citi, Clearmatics, ColliderX, Commerzbank, Commons Foundation, Consensys, Credit Agricole, Credit Suisse, Denmark's Central Bank, Deutche Borse, Deutsche Bank, DNB (De Nederlandsche Bank, Dutch Central Bank), DTCC (Depository Trust & Clearing Corporation), EBS, Efma, Elevence, Emirates NBD, Energy Web Foundation, EPC (European Payment Council), Erste Group, EY, Fidor, Final Frontier, Forte, French National Council of Clerks and Commercial Courts, Georgian National Agency of Public Registry, GIA (Gemological Institute of America), HowAboutWe, HSBC, IC3, ICAP, ICICI Bank, India's National Stock Exchange, ING, Intelipost, Japan Exchange Group, JP Morgan Chase, KBC, Kellogg, Kimberly-Clark, KlickEx Group, KLM, Koala, Korea Exchange, Lightning Network, Lloyds Banking Group, Lloyd's Insurance Market, London Stock Exchange, Louis Dreyfus Company, Luxembourg Stock Exchange, MAS (the Monetary Authority of Singapore), McKinsey, Moda Operandi, Moscow Exchange, Motionwerk GmbH, MUFG (Mitsubishi UFJ Financial Group), NASDAQ, National Australia Bank, Natixis, NIAP (National Information Assurance Partnership), Nigeria Customs, Nuggets, Paperless Post, Payments Canada, Pfizer, Prebon Yamane, Rabobank, Raiden Network, Royal Bank of Canada, Russian National Settlement Depository, Santander, Santiago Exchange, Sberbank, SGX (Singapore Exchange), Shell, Skandinaviska Enskilda Banken AB, Slock.it, Societe Generale, Solar Site Design, SSX (Sydney Stock Exchange), State Street, Sumitomo Mitsui Financial Group, Swedish Riksbank, SWIFT, Tata Consultancy Services, The Linux Foundation, TMX Group, UBS, UN, UniCredit, Unilever, Verizon, Visa, Vodafone, Walmart, Wien Energy, ZF.

Data & Interactive Forecast

The ‘Blockchain for Financial Services’ forecast suite includes:

  • Market data splits for 8 key regions.
  • What-If Analysis tool allowing user the ability to manipulate Juniper's data.
  • Access to the full set of forecast data of 12 tables and over 1,400 datapoints.

Juniper Research's highly granular Interactive Excels (IFxls) enable clients to manipulate Juniper's forecast data and charts to test their own assumptions using the Interactive Scenario Tool and compare select markets side by side in customised charts and tables. IFxls greatly increase clients' ability to both understand a particular market and to integrate their own views into the model.

Table of Contents

Table of Contents

1. Key Takeaways & Recommendations

  • 1.1. Introduction
  • 1.2. Key Takeaways & Recommendations
    • Figure 1.1: Financial Institutions' Interest in Blockchain, 2019 IBM Survey Finsdings
    • Figure 1.2: Key Benefits of Blockchain in Financial Services
  • 1.2. Key Takeaways & Recommendations

2. Blockchain in Financial Services

  • 2.1. Financial Settlements
    • Figure 2.1: Current Cross-border Settlement Process
    • Figure 2.2: Blockchain-based Cross-border Settlement Process
    • 2.1.1. Banks & the Ripple Network
    • 2.1.2. Other Settlement Projects
    • 2.1.3. From Currency-led to Purpose-built Chains
      • i. Exchanges Follow Suit
  • 2.2. Digital Currency
  • 2.3. Smart Contracts
    • Figure 2.3: Key Advantages of Smart Contracts
    • 2.3.1. Use Cases
    • 2.3.2. Examples of Financial Institutions Using Smart Contracts
    • 2.3.3. Bitcoin, Ethereum & Privacy Coin Blockchains
      • i. Bitcoin
      • ii. Ethereum
      • iii. Privacy Coins
        • Case Study: Dero
  • 2.4. IoT Payments
    • 2.4.1. LSME Payments & P2P Token Streaming
      • Figure 2.4: Example of a LSME with P2P Token Streaming
      • Figure 2.5: Transactions on Blockchain versus on IOTA's Tangle
        • Case Study: IOTA
  • 2.5. The Future of Blockchain in Financial Services
    • Figure 2.6: Blockchain Deployment, Juniper Survey Findings, 2018
    • 2.5.1. Challenges & Limitations
      • i. Dissenting Voices
      • ii. Challenges

3. Competitive Landscape: Innovation Index & Juniper Leaderboard

  • 3.1. Juniper Blockchain Financial Services Innovation Index
    • 3.1.1. Criteria for Innovation Index & Limitations
      • Table 3.1: Juniper Blockchain Innovation Index Capability Assessment Factors
      • Table 3.2: Juniper Blockchain Innovation Index Scores
      • Figure 3.3: Juniper Blockchain Financial Services Innovation Index
    • 3.1.2. Conclusions
      • i. Cluster 1: ‘Leading'
      • ii. Cluster 2: ‘Aspiring'
      • iii. Cluster 3: ‘Developing'
  • 3.2. Juniper Leaderboard
    • 3.2.1. Vendor Assessment Criteria & Limitations
      • i. Vendor Assessment Criteria
        • Table 3.4: Blockchain Vendor Capability Assessment Factors
      • ii. Limitations & Interpretation
      • iii. Findings
        • Table 3.5: Juniper Blockchain Leaderboard Scoring Heatmap
        • Figure 3.6: Juniper Blockchain Leaderboard 2019
    • 3.2.2. Conclusions
      • i. Established Leaders
      • ii. Leading Challengers
      • iii. Disruptors & Emulators
  • 3.3. Blockchain Industry Movers & Shakers 2019
  • 3.4. Vendor Profiles
    • 3.4.1. Accenture
    • 3.4.2. Applied Blockchain
    • 3.4.3. Bitfury
    • 3.4.4. Deloitte
    • 3.4.5. Digital Asset
    • 3.4.6. Guardtime
    • 3.4.7. IBM
    • 3.4.8. Infosys Finacle (EdgeVerve Systems)
    • 3.4.9. Interbit
    • 3.4.10. Interstellar
      • i. Chain Protocol
        • Figure 3.7: Sequence Secure Ledger
      • i. Vendor Assessment Criteria
        • Table 3.4: Blockchain Vendor Capability Assessment Factors
      • ii. Limitations & Interpretation
      • iii. Findings
        • Table 3.5: Juniper Blockchain Leaderboard Scoring Heatmap
        • Figure 3.6: Juniper Blockchain Leaderboard 2019
    • 3.2.2. Conclusions
      • i. Established Leaders
      • ii. Leading Challengers
      • iii. Disruptors & Emulators
  • 3.3 Blockchain Industry Movers & Shakers 2019
  • 3.4. Vendor Profiles
    • 3.4.1. Accenture
    • 3.4.2. Applied Blockchain
    • 3.4.3. Bitfury
    • 3.4.4. Deloitte
    • 3.4.5. Digital Asset
    • 3.4.6. Guardtime
    • 3.4.7. IBM
    • 3.4.8. Infosys Finacle (EdgeVerve Systems)
    • 3.4.9. Interbit
    • 3.4.10. Interstellar
      • i. Chain Protocol
        • Figure 3.7: Sequence Secure Ledger
      • ii. Chain Core
      • iii. Lightyear's Universal Payment Network
    • 3.4.11. Microsoft
    • 3.4.12. NEM
    • 3.4.13. Oracle
    • 3.4.14. R3
    • 3.4.15. Ripple
    • 3.4.16. SAP

4. Blockchain in Financial Services Market Forecasts

  • 4.1. Introduction
  • 4.2. Savings Forecast: What Settlement Cost Elements can Blockchain Effect?
    • 4.2.1. Methodology
      • Figure 4.1: Cross-border Settlement Cost Elements Addressable by Blockchain, Juniper Research Estimates Per Transaction ($)
    • 4.2.2. Modelling the Savings
      • Figure 4.2: B2B Cross-border Transactions (bn), 2018-2030
      • Figure 4.3: Proportion of B2B Cross-border Transactions Recorded on the Blockchain (%), 2018-2030
      • Figure 4.4: Value of B2B Cross-border Transactions Recorded on the Blockchain, ($m)
      • Figure 4.5: Methodology: Savings from Bank Deployments of Blockchain in B2B Cross-border Settlement
    • 4.2.3. Bank Savings Forecast
      • Figure & Table 4.6: Total Annual Bank Savings from Blockchain Implementation in B2B Cross-border Settlement, ($m) 2021-2030
      • Figure 4.7: B2B Settlement Savings by Element (%)
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