Industry News

Turkish Exchange Develops Blockchain-Based Customer Database

Blockchain Market

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.