Blockchain in Banking and Financial Services Market - Forecast(2022 - 2027)
Blockchain in BFSI Market Overview Blockchain in Banking and Financial Services Market size in 2020 is estimated at $1,218million and is projected to reach $ 13,946million in 2026 growing at a CAGR of 51.4% during the forecast period 2021-2026. Blockchain technology is an open, distributed ledger that records transactions between two parties efficiently and permanently. Blockchain technology, in banking and financial services, has advantages such as improved efficiency, enhanced security, unchangeable records, and a quick transaction time. The demand for Blockchain technology is expected to rise owing to the increased need for transparency & accountability in financial transactions. Also, the increased adoption of cross-border payments, digital ledger, consortium blockchain and increased investment by banks in blockchain-based solutions are further contributing to their use. Blockchain in banking and finance sector helps to minimize fraud by eliminating the need of third