Fintech Blockchain Market Size, Share, Growth Analysis, By Component(Platforms, and Services), By Enterprise Size(Large enterprises, Small and Medium-Sized Enterprises), By Deployment(On-Premises, and Cloud), By Industry Vertical(Banking, Financial Services, & Insurance (BFSI), and Non-BFSI), By Provider(Application Solution Providers, Middleware Providers and Infrastructure, & Protocols Providers), By Application(Payments, Clearing, And Settlement, Exchanges and Remittance), By Type of Blockchain(Private, Public, and Hybrid), By Region - Industry Forecast 2024-2031

Fintech Blockchain Market Driver

Rising Demand for Transparency and Security 

• As the financial world goes digital, the need for transparency and security is increasing rapidly and this is driving up the demand for fintech blockchain on a global level. Blockchain technology provides an additional layer of security to existing financial infrastructure whilst improving transparency which has emerged as a key concern for organizations as well as individuals in recent years.  

Faster Transaction Times and Lower Fees 

• Use of blockchain in the financial industry is enabling faster transactions as the system is decentralized and there is no need for approvals. Less involvement of external factors also results in minimal processing fees, which are always desirable for any customer of a financial establishment. 

Restraints 

Regulatory Uncertainty Associated with Blockchain 

• Regulatory mandates are still quite vague and unclear in most parts of the world regarding blockchain technology and this is a key factor that is projected to hinder fintech blockchain market growth potential in the future. 

Security Vulnerabilities 

• Blockchain is still a relatively new technology that has not been used as much, which is why there are vulnerabilities that can be exploited to grind fintech blockchain systems and solutions to a halt. Addressing and fixing these security vulnerabilities should be the top priority of fintech blockchain companies if they want to maximize the market’s full growth potential.