IBM Study: Banks Set to Use Blockchain within 3 Years

A recent IBM study has found that blockchain will be used by the majority of financial institutions within three years, according to a recent Charity Digital News article.

The study revealed that throughout the banking and financial markets, commercial blockchain solutions are rapidly being adopted with 15 percent of banks and 14 percent of financial market institutions intending to implement commercial blockchain systems next year. Nearly 65 percent expect to have blockchain solutions in production in the next three years.

“There are many advantages to being an early adopter of 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’re also finding that these early adopters are better able to anticipate disruption, fighting off new competitors along the way.”

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