Financial Services Industry to Spend $1.7B on Blockchain

Banks and other companies are moving from the proof-of-concept stage to the commercial use of technology
13 June 2018   592

The financial industry spends annually about $ 1.7 billion on solutions based on distributed ledger technology (DLT), according to Bloomberg.

Banks and other companies are moving from the proof-of-concept stage to the commercial use of technology.

Last year, the cost of blockchain increased by 67%. And every tenth company reports spending of more than $ 10 million. The study also notes that in 2017 the number of employees working on the blockchain projects has doubled.

Despite the fact that in recent years the attention of companies providing financial services has focused on DLT, not all of them have been able to implement the technology in their activities.

More than half the executives we interviewed told us that implementing DLT was harder than they expected.
 

Richard Johnson

Vice president, Greenwich Associates Market Structure and Technology.

Despite this, it is expected that more than three quarters of projects under development will be successfully implemented in the next two years

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.