Turkey's Borsa Istanbul Stock Exchange (BIST)
has industrialized a blockchain-powered customer database.
Turkey: Established in 2013, BIST is the result
of the merger of the Istanbul Stock Exchange, the Istanbul Gold Exchange, and
the Turkish Derivatives Exchange (TurkDex). Per the trade's yearly report for
2017, it has 399 listed companies, a market capitalization of around $133
billion, and $1 trillion of total traded value.
The ongoing improvement will synchronize
the client databases of Borsa Istanbul, Istanbul Clearing, Settlement and
Custody Bank (Takasbank), and the Central Securities Depository of Turkey
(MKK).
The BIST said that the new stage, which
is "outlined under the Know Your Customer idea (KYC)," will deal with
the expansion of new clients, oversee reports, and alter data. If that
required, the application can be utilized in different undertakings as well.
The center’s director said then that
Turkey may have a chance to become a leading country in blockchain technology
since in the beginning of August, Turkey recognized the country’s first
university-level blockchain center, aiming to close the blockchain expertise
gap and ensure wide deployment of the technology.
Moreover, the country has established a
proactive approach to blockchain adoption, even considering the development of
a national digital currency. Despite the government’s position, cryptocurrency
interactions in Turkey allegedly enjoy the support of most banks, making it
relaxed for new traders to start buying and selling cryptocurrencies.
According
to TechSci Research, Turkey may have
a chance to become a leading country in blockchain technology. This will be an established
approach to blockchain adoption, even considering the development of a national
digital currency This will help in the adoption of the technology and help to resolve
challenges that arise with transaction speed, verification process and data limitations.
The Blockchain Market will see a robust growth in the coming years because of
rising awareness about the blockchain solutions among the fortune 500 companies
coupled with rapidly increasing FinTech spending across the globe. With a
surging number of multinational financial institutions across the world
adopting blockchain technology, the global blockchain market is on a strong
upswing.
According to the recently published
report by TechSci Research, “Global
Blockchain Market, By Type (Private, Public, & Hybrid), By
Application (Financial Vs. Non-Financial), By Enterprise (Large Vs. Small), By
End User (BFSI, Corporate, Government, and Others), Competition Forecast &
Opportunities, 2012 – 2022”, Global
blockchain market stood at around $ 215 million in 2016, and is forecast to
grow at a robust CAGR of more than 43% to reach $ 4.2 billion by 2022, on
account of widespread implementation across numerous areas such as Internet of
Things (IoT), banking & financial institutions, healthcare, media &
entertainment, energy, retail, etc. In addition, rapid increase in FinTech
spending, predominantly on technologies used in the financial services sector,
is expected further propel market growth in the foreseeable future.
Moreover, TechSci Research predicts this
will also open enormous potential for Quantum Cryptography due to rising need
for data safety because of increasing adoption of technologies like IoT,
Blockchain and Big data. The need for safeguarding crucial data due to rising
number of data theft and cyber-attacks coupled with increasing implementation
of cloud storage will drive the quantum cryptography market in the coming
years.
According to the recently published
report by TechSci Research, “Global
Quantum Cryptography Market, By Component (Hardware & Service),
By Enterprise (Large & Small Enterprise), By Application (Data Base
Encryption, Network Layer Encryption, etc.), By End-User, By Region,
Competition Forecast & Opportunities, 2023”, Global quantum
cryptography market was valued at around $ 328 million in 2017 and is projected
to grow at a CAGR of over 25% to surpass $ 1.2 billion by 2023. With growing
IoT market, which encompasses IIoT, smart grids, smart cities, smart consumer
wearables, smart appliances and smartphones, the need to secure data is also
increasing, thereby paving way for quantum cryptography. Further, rising
concerns for data security due to rapid surge in the number of cyber-attacks
over the past few years is expected to continue boosting the quantum
cryptography market across the globe in the coming years.