- A recent research of Blockchain In Banking from Business Insider Intelligence revealed that the top applications of blockchain lie in the payment section followed by securities settlement, fraud detection and trade finance.
Of the companies analyzed and surveyed, 66% are of the opinion that the primary benefit of the technology is the enhancement of payments while 56% reported that blockchain in securities settlement is the most beneficial. 41% of the respondents find their main application in the field of fraud detection and security and 38% leverage the technology primarily in trade finance.
The report analyzed several companies such as Australia and New Zealand Banking Group, Bank of America, CME Group, Citi Bank, HSBC, Ripple, Visa, Fidelity Investments, IBM and JPMorgan, to name a few.
Despite the numerous benefits associated with the technology, financial institutions continue to face several challenges. Some of the major challenges include regulatory uncertainty and scaling the technology for application in business and economic activities. Moreover, there is difficulty in bringing competitors together.
However, this does not stop the financial organizations from jumping on the bandwagon as they continue to rise as industry leaders by leveraging the technology to achieve varying degrees of success.
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