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Blockchain is increasingly being endorsed as the next big revolutionary technology after the invention of the internet, and is anticipated to disrupt and transform the landscape of both financial and non-financial industries.Although, the current outlook on the technology looks rather utopian, it does present an array of benefits which, if realized, can transform existing systems and have dramatic impacts on all participants in the value chain.
The report on ‘Blockchain Technology Landscape Analysis’ is a meticulous study of the construct of the blockchain ecosystem, industry stakeholders, emerging opportunities and challenges to implementing them. After a thorough analysis of the current trends, the market dynamic chapter includes the key push and pull forces that are expected to influence the deployment of the technology in the next ten years. Owing to the dependency of the market growth on the legal and regulatory framework, government initiatives and the role of start-ups, financial monoliths and consortiums, the anticipated value to be added over blockchain from different industries from 2015 to 2025 is calculated.
A blockchain is a distributed database, based on the Bitcoin protocolthat records and maintains a list of allthe transactions taking place in real time. Blockchain offers users a host of advantages in comparison to legacy systems that are being used currently. Some of these benefits include but are not limited to elimination of third party intermediaries, creation of transparency, streamlining of due processes, protection from malicious attacks and internal and external cost savings. Consequentially, a multitude of companies across industry verticals are investing heavily to develop feasible applications of the technology as blockchain presents the opportunity of transforming the way business transactions are done presently.
The report involves a mix of companies chosen on the basis of their research and development on blockchain and implementation of successful blockchain applications. The companies profiled in the report include Citibank, R3CEV, Factom, Colu, Nasdaq, Coinbase and Circle among others.
Key Questions answered in the report:
• Which factors will be driving the adoption of the technology through the forecast period?
• What factors are currently challenging the development and implementation of blockchain technology?
• How are the consortiums such as R3 and PTDL participating in endorsing the technology?
• What are the currently identified use cases of blockchain?
• What are the industry sectors which can be disrupted through the use of blockchain and how?
• How will the adoption of blockchain change in next ten years?
• Who are the key players involved in investing in, developing or leveraging blockchain?
| TABLE OF CONTENT | ||
| Executive Summary | ||
| 1 | Research Scope and Methodology | |
| 1.1 | Scope of the Report | |
| 1.2 | The Blockchain Technology Report Research Methodology | |
| 1.2.1 | Primary Data Sources | |
| 1.2.2 | Secondary Data Sources | |
| 2 | Industry Analysis | |
| 2.1 | Blockchain Construct | |
| 2.1.1 | Proof of Work (POW) | |
| 2.1.2 | Proof of Stake (POS) | |
| 2.2 | Blockchain Structure | |
| 2.3 | Blockchain Ecosystem | |
| 2.4 | Foundational Elements of Blockchain | |
| 2.5 | Types of Blockchain | |
| 2.5.1 | Public Blockchain | |
| 2.5.2 | Private Blockchain | |
| 2.5.3 | Hybrid Blockchain | |
| 2.6 | Blockchain Consortiums | |
| 2.6.1 | Shenzhen Consortium | |
| 2.6.2 | Russian Blockchain Consortium | |
| 2.6.3 | Post Trade Distributed Ledger Group (PTDL) | |
| 2.6.4 | R3 | |
| 2.6.5 | Fundchain | |
| 2.6.6 | Japanese Blockchain Consortium | |
| 2.7 | Key Block Chain Use Cases | |
| 2.7.1 | Identity and Authentication | |
| 2.7.2 | Loyalty | |
| 2.7.3 | Smart Contracts | |
| 2.7.4 | Internet of Things (IoT) | |
| 2.7.5 | Provenance | |
| 3 | Market Dynamics | |
| 3.1 | Market Drivers | |
| 3.1.1 | Elimination of Intermediaries and Cost Savings | |
| 3.1.2 | Transparency and Reduction in Unscrupulous Activity and Security from Cyber Attacks | |
| 3.1.3 | Government Initiatives | |
| 3.1.4 | Establishment of Consortiums | |
| 3.1.5 | Entry of Leading Financial Institutions | |
| 3.2 | Market Challenges | |
| 3.2.1 | Non-Uniformity of Legal and Regulatory Framework | |
| 3.2.2 | Trade Off between Cost and Security | |
| 3.2.3 | Lack of Awareness of Blockchain Technology | |
| 3.2.4 | Fragmented Networks | |
| 3.3 | Market Opportunities | |
| 4 | Competitive Insights | |
| 4.1 | Key Strategies & Development | |
| 4.1.1 | Mergers & Acquisitions | |
| 4.1.2 | Product Developments & Launches | |
| 4.1.3 | Partnerships, Joint Ventures & Collaborations | |
| 4.1.4 | Business Expansions | |
| 4.1.5 | Lawsuits | |
| 4.1.6 | Funding | |
| 4.1.7 | Events | |
| 5 | Blockchain Technology Landscape Analysis by Commercial Application | |
| 5.1 | Financial Services | |
| 5.1.1 | Cross Border Payments | |
| 5.1.2 | Peer to Peer Transactions | |
| 5.1.3 | Trading and Settlement | |
| 5.1.4 | Insurance | |
| 5.2 | Non-Financial Services | |
| 5.2.1 | Healthcare | |
| 5.2.2 | Real Estate | |
| 5.2.3 | Media | |
| 5.2.4 | Energy | |
| 5.2.5 | Government and Public Sector | |
| 5.2.6 | Supply Chain | |
| 5.2.7 | Telecom | |
| 6 | Company Profiles | |
| 6.1 | BitFury | |
| 6.1.1 | Company Overview | |
| 6.2 | Bitpesa | |
| 6.2.1 | Company Overview | |
| 6.3 | BTL Group, Ltd. | |
| 6.3.1 | Company Overview | |
| 6.3.2 | BTL Blockchain | |
| 6.4 | Coinbase | |
| 6.4.1 | Company Overview | |
| 6.5 | Colu | |
| 6.5.1 | Company Overview | |
| 6.6 | Circle | |
| 6.6.1 | Company Overview | |
| 6.7 | Citigroup | |
| 6.7.1 | Company Overview | |
| 6.7.2 | Financials | |
| 6.7.3 | Financial Summary | |
| 6.7.4 | Swot Analysis | |
| 6.8 | Earthport | |
| 6.8.1 | Company Overview | |
| 6.8.2 | Earthport Distributed Ledger | |
| 6.8.3 | Financials | |
| 6.8.3.1 | Financial Summary | |
| 6.9 | Factom | |
| 6.9.1 | Company Overview | |
| 6.10 | IBM | |
| 6.10.1 | Company Overview | |
| 6.10.2 | IBM Blockchain/Hyperledger Project | |
| 6.10.3 | Financials | |
| 6.10.3.1 | Financial Summary | |
| 6.10.4 | SWOT Analysis | |
| 6.11 | Kraken Digital Asset Exchange | |
| 6.11.1 | Company Overview | |
| 6.12 | NASDAQ, Inc. | |
| 6.12.1 | Company Overview | |
| 6.12.2 | Nasdaq Linq | |
| 6.12.3 | Estonia’s E-Residency Platform | |
| 6.12.4 | Financials | |
| 6.12.4.1 | Financial Summary | |
| 6.12.5 | SWOT Analysis | |
| 6.13 | Ripple Labs | |
| 6.13.1 | Company Overview | |
| 6.14 | Shocard | |
| 6.14.1 | Company Overview | |
| 6.15 | Stripe | |
| 6.15.1 | Company Overview | |
| 6.16 | R3 CEV | |
| 6.16.1 | Company Overview | |
| 6.17 | Bitcoin Group | |
| 6.17.1 | Company Overview | |
| 6.18 | List of Other Key Players | |
| List of Tables | ||
| Table 2.1 | Identity Management Companies Leveraging Blockchain Technology | |
| Table 3.1 | Market Drivers – Impact Analysis | |
| Table 3.2 | Market Drivers – Impact Analysis | |
| Table 3.3 | Blockchain Technology Opportunities | |
| Table 4.1 | Mergers and Acquisitions | |
| Table 4.2 | Product Developments and launches | |
| Table 4.3 | Partnerships, Joint Ventures and Collaborations | |
| Table 4.4 | Key Business Expansions in the Blockchain Technology Landscape | |
| Table 4.5 | Key Lawsuits in the Blockchain Technology Landscape | |
| Table 4.6 | Key Fundings in the Blockchain Technology Landscape | |
| Table 4.7 | Key Events in the Blockchain Technology Landscape | |
| Table 5.1 | Financial Institutions Leveraging Blockchain Technology | |
| Table 5.2 | Financial Services Industry Value Added on Blockchain, $ Billion | |
| Table 5.3 | Companies Leveraging Blockchain Technology for Payments | |
| Table 5.4 | Companies Leveraging Blockchain Technology for Trading and Settlement | |
| Table 5.5 | Healthcare Companies Leveraging Blockchain Technology | |
| Table 5.6 | Real Estate Companies Leveraging Blockchain Technology | |
| Table 5.7 | Media Companies Leveraging Blockchain Technology | |
| Table 5.8 | Energy Companies Leveraging Blockchain Technology | |
| Table 5.9 | Governments Leveraging Blockchain Technology | |
| Table 5.10 | Companies Leveraging Blockchain Technology | |
| List of Figures | ||
| Figure 1 | GDP Value Added Over Blockchain | |
| Figure 1.1 | Blockchain Technology Report Scope | |
| Figure 2.1 | The Blockchain Structure | |
| Figure 2.2 | Blockchain Ecosystem | |
| Figure 2.3 | Public Blockchain | |
| Figure 2.4 | Private Blockchain | |
| Figure 2.5 | Use Cases of Blockchain | |
| Figure 2.6 | Smart Contracts Execution Process | |
| Figure 3.1 | Market Drivers and Challenges | |
| Figure 3.2 | Financial Institutions and Blockchain Ventures | |
| Figure 5.1 | Venture Capital Invested in Blockchain Companies | |
| Figure 5.2 | Applications of Blockchain Technology in Financial Services | |
| Figure 5.3 | Adoption of Blockchain Technology by Leading Financial Institutions (2013-2016) | |
| Figure 5.4 | Growth Stage in Levying Blockchain in Financial Services | |
| Figure 5.5 | Depiction of Cross Border Payments before Blockchain Technology | |
| Figure 5.6 | Depiction of Cross Border Payments after Blockchain Technology | |
| Figure 5.7 | Transfer of Money from Peer to Peer through Blockchain Technology | |
| Figure 5.8 | Financial Transaction Settlement Days | |
| Figure 5.9 | Non-Financial Services employing Blockchain Technology | |
| Figure 6.1 | Citigroup: Overall Financials (2013-2015) | |
| Figure 6.2 | Citigroup: Net Revenue by Segment (2013-2015) | |
| Figure 6.3 | Earthport: Overall Financials, 2013-2015 | |
| Figure 6.4 | IBM: Overall Financials, 2013-2015 | |
| Figure 6.5 | IBM: Net Revenue, by Business Segments, 2013-2015 | |
| Figure 6.6 | IBM: Net Revenue, by Geography, 2013-2015 | |
| Figure 6.7 | Nasdaq, Inc.: Overall Financials, 2013-2015 | |
| Figure 6.8 | Nasdaq, Inc.: Net Revenue, by Business Segments, 2013-2015 | |
After the ingress of FinTech start-ups in the banking industry in 2014, blockchain is the next technology expected to revolutionize the financial industry and repair some of its fragility. Blockchain is not only being recognized as the most significant technical innovation of the 21st century but is also being touted as the potential foundational element of the fourth industrial revolution. Innovators, entrepreneurs, established companies and investors are all acknowledging the vast potential of this futuristic technology. Venture capitalists are estimated to have invested over a $1 billion in 2016 to explore the new avenues that blockchains opens up. This is a two fold increase from 2014 when the investment stood close to half a billion dollars.
Financial institutions have been the front runners in the development of the technology and have already implemented few successful applications of blockchain ranging from private market trading platform released by Nasdaq, Inc. to cross border payment platform created by Ripple. The gross industry value added over blockchain in 2015 from cross financial services is estimated to be around $XX.XX billion, of which $XX.XX came from cross border transactions. Although this is only a meagre share of the $XX.XX trillion that are exchanged in international payments each year.
Other financial uses of blockchain are also being probed including those in insurance and trade and settlement, however, they are still in trial or pilot phases and are expected to be finalized by 2019. The tipping point for blockchain in financial services is expected to be in 2020, when the technology is anticipated to start witnessing global adoption across financial institutions.
The following figure depicts the estimated value to be added over blockchain from 2015 to 2025 from financial and non-financial services:
Value Added Over Blockchain, 2015-2025
BIS Research Analysis
The focus is now shifting to non-financial use cases of blockchain and over fifty start-ups have emerged in this space. Various commercially feasible implementations such as use in supply chain management, loyalty and reward programs, energy exchange, government document storage, real estate and health record storage are anticipated to start falling into place by 2020 and over XX.XX% of the GDP valued is expected to be added to blockchain by 2025. By 2027, the technology is expected to go mainstream, with major widespread adoption across all industries, especially public sector and government services.
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