Banks’ Blockchain Budgets Spiked 67% in 2017, Survey Finds

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The international financial services industry spent a combined $1.7 billion on the development of the block chain in 2017, with associations having increased their unique budgets for the tech by 67% in the same calendar year. In accordance with research published by U.S.-based market intelligence firm Greenwich Associates on Tuesday, amid the general growth, 10 percent of the surveyed financial institutions reported that they’d grown their budgets for areas like blockchain research and product development to $10 million or more in 2017.

In addition, the report stated 14 percent claimed they’d already deployed a blockchain solution. Meanwhile, the Greenwich Associates found that the change in proof-of theories to live production is likely inside the next couple of decades in over 75 percent of the jobs. Nevertheless, Richard Johnson, the author of the report and VP of the firm’s market construction clinic, stated that over 50% of executives surveyed stated that implementing the technology was tougher than they anticipated. The study, which earlier this season interviewed about 200 global institutions which have participated in blockchain development, stated the number of staff devoted to blockchain also doubled throughout the same period.

Citing its interview results, the company said that, generally, a top tier bank now has about 18 full time employees focusing on blockchain development. The report suggests that the rising investments being made by banking institutions on blockchain technology within the past couple of decades. In a survey published in ancient 2016, the company estimated that total spending on finance and technology companies on blockchain in 2016 might reach $1 billion. Calculator image via Shutterstock. The leader in blockchain information, CoinDesk is a media outlet that tries for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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