Banks' Blockchain Budget Increased 67% Last Year

Banks’ Blockchain Budget Increased 67% Last Year

Cryptocurrency Blockchain

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 Increased 67% Last Year

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.

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