Could 2016 be “The Year of the Blockchain?” Some research says it could indeed be.
IBM said, by this time next year, 15 percent of banks could be running blockchain solutions. IBM’s Institute for Business Value said it spoke with 200 global banks and produced the study “Leading the Pack in Blockchain: Banking Trailblazers Set the Pace.”
About 30 of those banks said they intend to have implemented full-scale commercial solutions related to blockchain within the coming year. Another 130 of those banks mentioned that they have plans to include blockchain solutions in the next three years.
“We’re also finding that these early adopters are better able to anticipate disruption, fighting off new competitors along the way” such as startup nonbanks, Likhit Wagle, IBM’s general manager of global banking and financial markets, said in a press release.
About 160 of those banks indicated that trade finance, corporate lending and reference data may have the best opportunity to gain traction through the growing blockchain technology.
The main reason for barriers to success? The study found that more than half of the banks pointed to regulatory constraints. Other barriers included nascent technology and understanding the return on investment.