As part of its latest Pulse of Fintech report, global auditing giant KPMG has acknowledged that Blockchain has drawn “significant attention” and is “moving beyond experimentation” in 2018.
‘A Trend To Watch Out For’
The research, which delivers a summary of fintech advances in major jurisdictions and worldwide, highlights Blockchain as a “trend to watch out for” going forward in view of the money pouring into the sector from throughout the global economy. The company claims:
Based on our experience, the rapid growth in blockchain investment overall can likely be attributed to a number of factors — including the widespread applicability of blockchain to help harness efficiencies within financial institutions.
Blockchain’s capabilities extend from recordkeeping and the registration of transactions to documentation management and supply chain management. While it has primarily been looked at from a banking and insurance point of view to date, the reality is blockchain opportunities abound and could enhance processes for any number of US and global businesses.
Blockchain’s Mixed Reviews
This year’s investment totals for Blockchain have already surpassed those for 2017 in the US — with cash injections for R3 and Circle leading the pack.
Going forward, Blockchain will continue to see “significant attention” in the US and Canada in particular. Notes KPMG:
We anticipate blockchain, regtech and insurtech are all expected to gain momentum, even as AI and RPA continue to drive cross sector opportunities.
Various other forecasts have also delivered promising news on Blockchain’s future role in some sectors.
In July, it was the telecoms industry which notably stood to benefit from the technology — expanding from a $46 million industry in 2018 to one worth almost $1 billion by 2023, according to one estimate.
At the same time, the appeal of Blockchain in the banking sector has come under scrutiny — with many institutions citing a preference for more conventional existing methods.
What do you think about KPMG’s findings? Let us know in the comments below!
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Author: Wilma Woo