A recent study conducted by the Cambridge Centre for Alternative Finance has indicated that 20% of the surveyed banks aim to use blockchain technology by 2019 and 40% have plans to integrate the technology within the next ten years.

This comes as positive news for blockchain proponents, most of whom have already predicted that the world's financial institutions will have to utilize the technology one way or the other.

While China has been clamping down on Bitcoin and cryptocurrencies, it seems that the government is either interested in setting up a regulatory framework or wants to create a government-backed crypto.

Head of the Central Bank of Russia, Elvira Nabiullina also spoke against the legalization and mainstream adoption of cryptocurrencies recently, but it seems like these measures may be temporary.

According to the survey report, most banks did not provide any concrete timelines, but it was confirmed that blockchain technology is something they are seriously considering.

They went on to share their interest in leading cryptos like Bitcoin and Ethereum but also hinted towards the creation of central-bank issued cryptocurrencies, which many believe will be the way for governments to control the space.

Governments and financial institutions around the world may feel that leaving cryptocurrencies unregulated is a threat to the existing system, something that was also voiced recently by an Associate Professor at The Chinese Academy of Social Sciences Institute of Finance.

"At present, private digital currency or quasi-digital currency has developed into an "unstable force" within the socio-economic system, which in turn constitutes a real threat or a real impact on financial stability."

What most people may not realize is that financial institutions are not particularly interested in any one cryptocurrency or coin. What they want to utilize is the trustless, immutable ledger technology that is blockchain. Cryptocurrencies like Bitcoin and Ethereum mainly serve as examples for them to analyze and build on.

The trend is consistent among other countries as well, such as the UK, Japan, Singapore, Russia, and Ukraine, all of whom have started testing blockchain technology in various capacities.

Apart from the financial sector, industries such as real estate and pharmaceuticals are also testing blockchain technology, and the developments are promising.