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IBM’s recently released report suggests the Blockchain technology will be implemented by 15% of big banks by as early as 2017.
The American tech giant recently announced the development of its independent Blockchain networks capable of operating on smart contracts utilized by the world’s leading financial institutions and businesses.
In coordination with the development of its Blockchain services, IBM has published two new studies entitled “Leading the Pack in Blockchain Banking: Trailblazers Set the Pace” and “Blockchain Rewires Financial Markets: Trailblazers Take the Lead,” based on a survey the firm has conducted on 200 global financial establishments.
Upon the completion of the IBM survey, the IBM institute for Business Value (IBV) discovered that early adopters of the Blockchain technology are currently prioritizing the development and deployment of Blockchain networks due to their promising potential in the financial sector.
"There are many advantages to being an early adopter of the Blockchain technology," said Likhit Wagle, Global Industry General Manager, IBM Banking and Financial Markets. "To start, first movers are setting business standards and creating new models that will be used by future adopters of Blockchain technology. We also discover that these early adopters are better at anticipation of disruption, fighting off new competitors along the way."
The studies of IBM unravelled that the strong motivation behind banks and financial institutions to successfully implement the Blockchain technology results from their vision of unifying most of the bank’s services and platforms into one single channel.
Banks believe that the Blockchain technology holds the potential in the majority of finance and data-reliant industries such as reference data, retail payments and consumer lending. Considering that these areas are normally overseen by an independent department, banks state that a Blockchain-based unified platform could lead to more cost-efficient and secure operations.
As a direct result of this vision, fifteen percent of banks and 14 percent of major financial institutions that participated in the IBM survey explained that commercial Blockchain solutions will be fully implemented and deployed by 2017.
“In effect, 2017 looks to be the year banking on Blockchains shifts from zero to sixty. Firstmover advantages for this group include the ability to influence and set the business standards by which others will operate,” read a section of IBM’s study.
Banks and financial institutions are also becoming significantly more active in various conferences and events established for the enhancement and development of Blockchain networks.
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