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Financial service providers who implemented blockchain solutions in their organization mostly used them for cryptocurrency - but NFTs also played a role. This is according to a survey held in 2021, but was not repeated since. "Asset tokenization", for example, refers to the digitization of real-world items - such as a house - into a digital token via an NFT. More importantly, the application of smart contracts - a feature that NFTs started to explore in 2021 - is considered a major application of blockchain technology, potentially speeding up the processing of documents, or identifying certain individuals. The source does not add much on Decentralized Finance or DeFi - which this ranking alludes to - although it does add that more than eight out of 10 respondents (nine out of 10 among the Pioneers) said they believe DeFi will be "very or somewhat important".

Central bank digital currency (CBDC) is the main blockchain application in finance in 2024

The 2021 survey lists "digital currency" as the most likely blockchain application in financial services. By 2024, such currencies are being developed by country's central banks. Cryptocurrencies and stablecoins are issued by private hands or companies, sometimes as a protest against monetary authorities. CBDC, on the other hand, comes from monetary authorities and is meant to be a digital variant of already existing FX. A 2023 survey reveals that the preservation of the central bank's role in money provision was a significant driver behind central bank digital currencies in developed countries. Emerging markets saw CBDC as a tool to make financial inclusion happen. A collection of different sources suggests that CBDC penetration in those countries that already have one available for consumer use in 2024, however, has been low.

Concerns on fraud in the blockchain

The second-most mentioned blockchain application in 2021 was "secure information exchange". This aspect of the blockchain still faced scrutiny as time went by. Cryptocurrency ranked the second-biggest fraud source among payments in the United States in 2022, based on the value of losses. Such numbers were based on fraud reports, however. For banks, blockchain security was historically not their main reason to not adopt the technology.

Blockchain applications within financial services industry worldwide as of 2021

Characteristic	Financial Services Industry (FSI)	FSI Pioneers
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Source

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Release date

August 2021

More information

Region

Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, United Arab Emirates, United Kingdom, United States

Survey time period

March 24 to April 10, 2021

Number of respondents

1,280 respondents

Age group

18-64 years

Special properties

senior executives and practitioners; An explanation of what "FSI Pioneers" entails can be found under the "Details" tab

Method of interview

Online survey

Supplementary notes

The source adds the following information on "Pioneers": "(...) a subset of FSI respondents on the cutting edge (...). These are respondents whose organizations have already deployed blockchain solutions into production and/or integrated digital assets into their core business activities. Yet beyond walking the walk, what distinguishes the Pioneers is their vision of blockchain and digital assets as a top-five strategy priority. FSI Pioneers have deep convictions about the potential that blockchain and digital assets offer."

This question was phrased by the source as follows: "Please select the top use cases of blockchain specific to your organization or project"

Multiple answers were possible.

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