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Bank Blockchain Budgets Increased by 67% in 2017 – Crypto Currency News

The use of blockchain technology in the financial industry has seemed to be increasing recently, and proof can be found in a recent report in a recent report by the US-based market intelligence company Greenwich Associates.

Greenwich interviewed over 200 participants in the study over blockchain budgets, team sizes, use case exploration, key challenges and other issues to get its results.

According to the report, companies in the financial services industry spent about $1.7 billion USD on blockchain in 2017, which is an increase of 67%.

The number of companies that created a dedicated blockchain initiative doubled in 2017, while the report also has stated that “the typical top-tier bank” has approximately 18 employees working full-time on blockchain technology.

Nearly 14% of the banks and other companies that were interviewed had said that they were successful in releasing a blockchain solution.

The reduction of costs that comes with the use of blockchain technology is called “the biggest driver of blockchain investment,” although the study does mention that it can potentially be used for “creating revenue opportunities” and “shortening settlement time.”

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It’s estimated that nearly one in ten companies have a budget for blockchain that is over $10 million. Greenwich has said in its report that although companies are focusing more on this technology, the “product development has been unable to keep up with the hype.”

Richard Johnson, Vice President of Greenwich Associates Market Structure and Technology, has said that “more than half the executives [they] interviewed told [Greenwich] that implementing DLT [distrubuted ledger technology] was harder than they expected.”

This suggests that even though more and more companies in the financial services industry are attempting to implement blockchain technology, it is still difficult to get the process started.

Johnson ends his statement optimistically by saying:

“Nevertheless, more than three-quarters of projects currently under development are expected to be live within two years.”

As more financial firms decide to make use of blockchain, do you think it can be integrated by all companies in the future?

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Luxembourg and VeChain – More Government Use of Blockchain Suggested – Crypto Currency News

Blockchain technology has shown that it can be beneficial to a multitude of industries, and even governments have been looking into ways to utilize and encourage it.

Luxembourg, a small European country located between Germany, France, and Belgium, has become a part of this new blockchain-positive movement, as a delegation from the Luxembourg Ministry of Economy visited the Shanghai office of VeCahain Foundation on Wednesday.

The delegation was shown several of VeChain’s solutions and applications for its enterprise users.

Consul General of the Grand Duchy of Luxembourg Consulate General in Shanghai Luc Decker, Director at the Ministry of Economy of The Grand Duchy of Luxembourg Daniel Liebermann, Consul of the Grand Duchy of Luxembourg Consulate General in Shanghai David Storne, and Deputy Director of Business Section of the Grand Duchy of Luxembourg Consulate General in Shanghai Pan Ying were part of the delegation.

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VeChain CMO, Noah Huo, showed the delegation a variety of things, such as “the cold-chain logistics solution VeChain developed for a global convenience store franchise…the in-house automated NFC/RFID chip manufacturing machine” and the impending VeChainThor MainNet launch.

According to the press release of the delegation’s visit, Luxembourg is said to have “become a forerunner both globally and in Europe” in blockchain technology after discovering the benefits of it.

Luc Decker, Consul General of the Grand Duchy of Luxembourg Consulate General in Shanghai, has this to say in regards to the country’s utilization of blockchain:

“Luxembourg has a lot to gain in this new distributed technology which fully integrates into the Government’s vision to embrace the Third Industrial Revolution. Different applications of this technology are of great importance for the future development of some key industries of my country, like the financial sector or the logistics industry and companies like VeChain would perfectly match into our innovative start-up ecosystem.”

The Luxembourg Banker’s Association (ABBL) has also previously suggested that introducing a blockchain governance framework could “improve customer experience, streamline back-office operations, cut costs and increase profits” in Luxembourg, or even Europe.

Do you think more countries could accept utilizing blockchain technology in their governments?

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