The report advocates blockchain technology capability in addressing a variety of financial industry problems, saving capital markets USD2 billion in the US and USD6 billion globally on an annual basis, and quantifies blockchain’s value proposition in seven different use cases.
According to the report the use of blockchain-based identity management creates up to USD9 billion in cost savings through 2020 in the peer-to-peer lodging industry by enabling the guests and hosts necessary to such business models to better manage disputes.
Regarding US energy markets, anti-money laundering (AML), know-your-customer (KYC) compliance and underwriting title insurance, the authors indicate that a USD2.5 billion to USD7 billion annual market could be developed by incumbents or innovators who help independent energy companies reach new markets. In compliance, it sees blockchain playing a role in reducing suspicious transactions, generating between USD3 billion and USD5 billion in cost savings. Finally, title insurance would see between USD2 billion and USD4 billion in savings through reductions in errors and manual processes.
The report also includes an overview of both Bitcoin and more general blockchain startups, providing an overview of their business models.
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