Banks’ Blockchain Budget Increased 67% Last Year
- The global financial services industry spent $1.7 billion to develop blockchain technology solutions last year, as banks and other firms move beyond the proof-of-concept stage and start rolling out commercial distributed ledger technology products, according to a new report.
- The report by U.S.-based market intelligence firm Greenwich Associates signals the growing investments being made by financial institutions on blockchain technology over the past two years.
Banks’ Blockchain Budget According to the report, companies in the financial services industry spent about $1.7 billion USD on blockchain in 2017, which is an increase of 67%.
The number of companies that created a dedicated blockchain initiative doubled in 2017, while the report also has stated that “the typical top-tier bank” has approximately 18 employees working full-time on blockchain technology.
Nearly 14% of the banks and other companies that were interviewed had said that they were successful in releasing a blockchain solution.