Table of Content

Executive Summary
Key Findings

Market Overview
Research Scope
About Blockchain
Blockchain Market Segmentation and Ecosystem

Current State of Blockchain in Financial Services
Blockchain in Financial Services—Market Size, Global
Blockchain in Financial Services—Market Size, US
Overview of Blockchain in Financial Services
Largest Financial Institutions are Among the Top Players in the Blockchain 50
First Consortia, then “Universal Trade Network”
Blockchain Consortia are Redefining the Blockchain Space
M&A Overview
Landscape Overview
Overview of Distributed Ledger Technology (DLT)
Smart Contracts
Role of Regulations—Outlook and Impact
Role of Regulations—Outlook and Impact (continued)
Recent Initiatives in US Blockchain Regulation
Market Drivers
Drivers Explained
Drivers Explained (continued)
Market Restraints
Restraints Explained

Trade Finance
Trade Finance is an Obvious Application for Blockchain
Using Blockchain in Trade Finance
DLT Emerging as a Critical Technology in Trade Finance
Example Market Initiatives
Key Disruptor Profile—TradeIX
Key Disruptor Profile—Axoni

Global Payments
Overview of Cross-Border Payments
Overview of Cross-Border Payments (continued)
The Status Quo Payment System and the Opportunity for Blockchain
Benefits of Blockchain in Global Payments
Example Market Initiatives
Key Disruptor Profile—Veem
Key Disruptor Profile—Circle
Ripple and SWIFT—Competition Fueling Innovation

KYC/AML Compliance
The Cost of KYC/AML
The Cost of KYC/AML (continued)
Preventing Money Laundering Through Collaboration
Blockchain—Uniquely Positioned to Improve KYC/AML
Example Market Initiatives
Potential DLT or Blockchain-enabled KYC Solution
Example Market Initiatives
Key Disruptor Profile—Templum
Key Disruptor Profile—Cambridge Blockchain

Growth Opportunities
Growth Opportunity in Financial Services—Blockchain
Growth Opportunity in Financial Services—Blockchain (continued)
Growth Opportunity in Financial Services—Blockchain (continued)
Strategic Imperatives for Blockchain Companies

Current State of Digital Transformation
Global Survey Results—Digital Solutions: All Industries, 2019
US Survey Results—Digital Solutions and Blockchain/Distributed Ledger: All Industries, 2019
US Survey Results—Blockchain/Distributed Ledger: All Industries, 2019
Global Survey Results—Blockchain/Distributed Ledger: Banking/Finance/Insurance, 2019
US Survey Results—Blockchain/Distributed Ledger: All Industries, 2019
US Survey Results—Blockchain/Distributed Ledger: All Industries, 2019 (continued)
Global Survey Results—Blockchain/Distributed Ledger: Banking/Finance/Insurance, 2019
Global Survey Results—Blockchain/Distributed Ledger: Banking/Finance/Insurance, 2019 (continued)
Global Survey Results—Blockchain/Distributed Ledger: All Industries and Banking/Finance/Insurance, 2019
The Last Word—Predictions for Blockchain in Banking
Legal Disclaimer

Appendix
Additional Sources of Information from Frost & Sullivan on Fintech, Blockchain, and Financial Services
List of Exhibits
List of Exhibits (continued)