The emergence of Bitcoin, an alternative cryptocurrency, has been a catalyst of change for the financial services sector. A significant amount of these currencies has been traded across the globe on the dedicated exchanges, while some forward-thinking merchants already support Bitcoin as a payment option. However, with a relatively small base of current users, attention is turning away from Bitcoin towards the wider potential of the Blockchain technology that underpins them. Several traditional banks are now testing the core blockchain technology as a means of reducing settlement costs, while a host of other use cases -- i.e. smart contracts and ID verification -- are also seeing their first deployments. Blockchain Application Market Development Meanwhile, blockchain technology will likely have a key role to play in the future of transaction settlements. Many of the legacy 'clearing houses' currently process many millions of commodities derivatives and securities transact...
TMT Market Research and Analysis