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, Westpac Bank, Deutsche Bank and State Street have set up innovation labs to study and research applications of blockchain technology. Some banks like BBVA have hosted competitions for startups interested in blockchain technology. The Royal Bank of Scotland, JPMoragn, and BNY Mellon have introduced in-house pilot products/processes and applications to understand the reach of blockchain technology. Banks like Banco Santander, Wells Fargo, Citibank, Nomura and CIBC have invested in blockchain startups.
The report also talks about in-house developments by banks using blockchain technology, e.g., pilot projects or workshops etc. The report also highlights various investments and partnerships done by banks in blockchain startups.