Prediction 2021: Blockchain Usage in FinTech
Through 2023, fintechs using blockchain will accelerate critical adoption and use of digital currency services, and smart contracts.
Blockchain will accelerate service speed, security and usability. This will enhance business as well as consumer value by reducing cost, the idea that we’ll have fewer cyber risks, and execution errors.
Blockchain created many billions of transactions and payments last year. The compounded annual rate of growth (CARG) was between 21-27%, leading to 70% adoption by the end of 2023. Blockchain leverages tremendous opportunities for business platforms against the explosion of networks such as Ant, Google, JP Morgan, Visa and others.
With respect to traditional banking services and financial services, there is a critical need for them to adopt fintech with blockchain in order for them to compete in the next five years.