Scope of the Study
A blockchain is a data structure that can be used to create a digital ledger of transactions that can be distributed across a digital network using cryptography. The main advantages of blockchain technology in trade finance can be summarized inefficiency, traceability, verifiability, transparency, and security. Transactions are concluded directly between the relevant parties without intermediaries and with digitized information. Traditionally, commercial banks and credit insurers have focused their trade finance offerings primarily on a select number of large corporate clients and occasionally medium-sized companies. From today's perspective, this limited profile of viable trade finance customers means a limited customer base. Banks with an untapped customer base have great potential to increase trading volume and reduce overall costs. In addition, current trade finance solutions offer a poor customer experience with complex, mostly paper-based processes, where information is exchanged between many different parties, which requires a high degree of coordination, time, and effort.
The market study is being classified by Type (Cross-border and Non Cross-border), by Application (Large Enterprise and Small and Medium-Sized Enterprises (SMES)) and major geographies with country level break-up.
Finextra (United Kingdom), Deloitte (United Kingdom), TradeIX, Ltd. (Ireland), Bain & Company (United States), Capco (Belgium), PYMNTS.com (United States), McKinsey (United States), IBM Corporation (United States), Digital Asset Holdings (United States), Bitfury (Netherlands), Huawei (China), QBE Insurance (Australia), Atradius (Netherlands), COFACE (France), Zurich Insurance Group (Switzerland), CESCE (Spain), ICBC (China), JPMorgan Chase (United States), Mizuho Financial Group (Japan), Credit Agricole (France), HSBC (United Kingdom), BlockCypher (United States), Factom (United States), AlphaPoint (United States) and Symbiont (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Cegeka (Belgium), Applied Blockchain (United Kingdom), Provenance (United Kingdom), VECHAIN (Singapore), Earthport (United Kingdom), BigchainDB GmbH (Germany) and BTL Group (Canada).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain In Trade Finance and Credit Insurance market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Blockchain In Trade Finance and Credit Insurance market by Type, Application and Region.
On the basis of geography, the market of Blockchain In Trade Finance and Credit Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- High Adoption due to Unbalanced Macro-Economic Factors
- Growing Demand due to Improving Sales and Accounts Receivable Support Benefits
- Rising Attraction towards Simplified Insurance Claiming Procedures
- Integration of Technology of Credit Insurance
- Lack of Focus of Trade Financing For SMEs
- Insufficient Risk Valuation Capabilities
- Advancements in Technology
- An Upsurge in the Efficient Enhancement in Trade Finance Industry
- Limited Legal Certainty
- Operational Inefficiencies
On 26th March 2019, Coface has launched its credit insurance offer in Greece. Coface is now able to strengthen its support to Greek businesses, by providing them with its recognized expertise in monitoring the credit-worthiness of millions of companies all over the world, and by protecting their commercial transactions.
Key Target AudienceProviders of Blockchain In Trade Finance and Credit Insurance, Potential Investors, Market Research Firms, End-users and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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