Blockchain Technology can be a game changer in FinTech industry.

Blockchain is an open shared distributed decentralized ledger that can register all the transaction between parties (nodes) in a secure and encrypted way. Imaging it as an open database that all parties and all participants have access to the transactions all the time. This means faking the data and manipulation of information is near to impossible as there is no centralized authority holding or controlling the transactions.

FinTechblockchain applications are witnessing an increasing demand across the financial industry. Applications such as payments, smart contracts, and compliance management/KYC are assisting banks, investment banks, and insurance companies to enhance their efficiency and reduce infrastructure cost. The non-banking financial services, such as asset management and wealth management, are expected to dominate the market during the forecast period, due to the growing importance of FinTech blockchain applications. This, in turn, is expected to enhance the customer satisfaction, prevent fraudulent transactions, provide faster transactions, and reduce total cost of ownership.

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The FinTech blockchain industry comprises vendors, such as AWS (US), IBM (US), Microsoft (US), Ripple (US), Chain (US), Earthport (UK), Bitfury (US), BTL Group (Canada), Oracle (US), Digital Asset Holdings (US), Circle (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Abra (US), Auxesis Group (India), BitPay (US), BlockCypher (US), Applied Blockchain (UK), RecordesKeeper (Spain), Symbiont (US), Guardtime (Estonia), Cambridge Blockchain (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius). The other stakeholders in the market include cryptocurrency vendors, research organizations, network and system integrators, blockchain services providers, and distributed ledger technology solutions providers.

IBM has undertaken partnerships as its major development strategy to create a leading market edge. As a part of its inorganic growth strategy, in October 2017, IBM partnered with Stellar, the blockchain startup company, and KlickEx Group, the payment company, to launch cross-border payment systems using blockchain that lowers the cost of completing global payments for business and consumers. This partnership would assist IBM to further enhance its client portfolio in banking, as well as non-banking financial services areas, and penetrate its presence in the growing FinTech blockchain market.