Product ID: SQMIG45E2173
Report ID:
SQMIG45E2173 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|
Tables:
123 |
Figures:
77
Fintech Blockchain Market size was valued at USD 1.1 billion in 2019 and is poised to grow from USD 1.58 billion in 2023 to USD 8.7 billion by 2031, growing at a CAGR of 43.8% in the forecast period (2024-2031).
The Fintech ecosystem consists of a diverse group of players who are all committed to improving and innovating the competition in the financial industry, ultimately reaping benefits for customers and increasing production capacity. The five distinct components of the Fintech ecosystem are fintech start-ups, technology developers, government, financial stakeholders, and traditional financial institutions. Several technology innovations have occurred in the last decade, encompassing sectors such as social networking sites, artificial intelligence, big data and cloud information technology, VR technology, and, most notably, blockchain. Payments and banking, investments and capital markets, loans, crowdfunding, insurance services, and loyalty schemes are all examples of fintech applications and innovations.
Simply put, blockchain technology, as described in the Bitcoin whitepaper, is a public, trustable, and shared ledger that is distributed to all of a community's members via a peer-to-peer network. The members of this community may or may not know each other; however, each member keeps his or her copy of the information, and each update to the blockchain must be collectively authenticated by all members. This removes the need for a third-party facilitator. Blockchain is composed of an increasing number of documents known as blocks, which include transactions. To protect blocks from manipulation, cryptographic signatures and consensus techniques are used. As a result, the blockchain can function as a transparent process of machines that produces and maintains the information. A significant component of Fintech is the presence of massive legacy systems that cannot be transformed overnight into a decentralized architecture. Fintech will require a significant amount of time and evolvement before it can integrate blockchain.
As a result of technological disruptions such as artificial intelligence, cloud technology, and blockchain, the Fintech industry has undergone several changes in the last decade. Blockchain, in particular, is causing widespread disruption across all financial technology verticals. In the Financial sector, a major source of concern is an absence of customer visibility. Transparency is a cornerstone in bridging the gap between clients and financial institutions. Because no one party owns the information processed in the network, it cannot be transformed at the whim of a single organisation, blockchain is effective at increasing transparency.
US Fintech Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG45E2173