Finance Firms Spent £1.3 billion on Blockchain Technology in 2017
In a report released by Greenwich Associates, a UK based management consultancy firm, it is estimated that financial services firms spent around £1.3 billion on blockchain technology projects in 2017.
The report demonstrates how traditional businesses are starting to delve and develop blockchain based projects and utilising the distributed ledger technology (DLT) that the blockchain can provide.
According to research carried out by Greenwich Associates, they estimate that DLT research and product development grew on average by 67%, a new record high for the industry.
“Due to blockchains potential to solve a number of real-world problems in financial markets…hundreds of millions of dollars have been invested into initiatives trying to apply the technology across various use cases. ”
The research carried out involved interviewing over 200 global market participants who were working on blockchain based projects, with four out of five saying that the technology would have meaningful impact within two years.
What do you think about this news? Are financial services finally going to start using blockchain for customers? Let us know in the comments section below.
