February 1, 2016
National Australia BankBlockchain, the underlying technology behind cryptocurrency, is exciting the world’s major banks. It is considered to be a potentially disruptive force in finance by major banks and institutions. Blockchain is a decentralized network and very difficult to hack, steal or counterfeit.
The report is a strategic analysis of various initiatives taken by banks to study and research on blockchain technology, such as investments in blockchain startups, in-house product/process development based on blockchain concept, workshops, contests and competitions based on blockchain technology innovation, patenting various blockchain use cases, etc. Financial institutions are also actively participating in groups focused on blockchain study and research areas at global and regional level. The year 2015 saw US$ 180 million investments in blockchain technology globally. Banks' investment in blockchain is expected to reach US$ 400 million by 2019 from US$ 75 million in 2015.
Leading banks like Citibank, the Commonwealth Bank of Australia, Westpa ...