IBM: Banks Expect Commercial Blockchains By 2017

Some of the world's banks and financial markets are bullish on blockchain products, new survey data shows.

Sep 28, 2016 at 6:45 p.m. UTC
Updated Sep 11, 2021 at 12:31 p.m. UTC

Banks and financial firms are planning to release commercial-grade blockchain services within the next two years, two surveys published today by IBM show.

In total, 200 banks and financial markets operators, respectively, were surveyed about the current status of their work with the technology, and 15% of banks interviewed indicated that they see commercial-scale services coming online sometime before the end of 2017.

Of the financial markets operators asked the same question, 14% suggested that they would have their own services online by that date.

"In effect, 2017 looks to be the year banking on blockchains shifts from zero to sixty," the company said of the results.

The bulk of those surveyed see commercial-grade products hitting the market sometime by 2020. In the case of banks, 51% percent anticipate releases within that time period, with 34% anticipating that they would do so after 2020.

That data was mirrored among financial markets stakeholders, the surveys show.

Fifty-six percent said they expect to have services online by 2020, with the remaining 30% suggesting that they might release something after that time.

Image via Shutterstock

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