Report highlights:
· 33 percent of respondents expect to see commercial blockchain adoption by 2018, while a majority (nearly 50 percent) see mainstream adoption by 2020
· According to the survey, the average investment in blockchain projects in 2017 is expected to be about USD 1 million
· Majority of banks, about 69 percent, are experimenting with permissioned blockchains
· About 50 percent of the banks are either working with a FinTech start-up or technology company to augment their blockchain capabilities, whereas another 30 percent are opting for the consortium model
· According to the study, 51 percent of executives driving the blockchain initiatives are either Chief Technology Officers or Chief Innovation Officers
· The study confirms that the blockchain roll out would be prioritized in business areas where it can significantly improve transparency, automate processes across enterprises as well as reduce settlement and transaction time
· The study further revealed that the top five use cases that are expected to go to production are: cross border payments, digital identity management, clearing and settlement, letter of credit process and syndication of loans. These use cases scored more than 3.2 on a scale of one to five, wherein one being the least prioritized use case for commercial adoption and five being most prioritized