Companies in the banking and financial markets are rapidly adopting commercial blockchain products, and faster than initially expected, according to two new IBM studies. 

Fifteen percent of banks and 14 percent of financial market institutions interviewed by IBM intend to implement full-scale, commercial blockchain products in 2017. Mass adoption isn't that far behind with roughly 65 percent of banks expecting to have blockchain solutions in production in the next three years, according to a press release about the studies.

The new IBM study, "Leading the Pack in Blockchain Banking: Trailblazers Set the Pace" is based on a survey of 200 global banks. A second new IBM study, "Blockchain Rewires Financial Markets: Trailblazers Take the Lead," is based on a survey of 200 global financial markets institutions.

The banking study revealed that more than 70 percent of trailblazers surveyed, or early adopters, are prioritizing blockchain efforts in order to break down current barriers to creating new business models and reaching new markets. These trailblazers are better positioned to defend themselves against competitors, including those untraditional disruptors like startup non-banks, according to the press release.

For financial markets institutions, seven out of 10 trailblazers surveyed are focusing their blockchain efforts on four areas: Clearing and settlement, wholesale payments, equity and debt issuance, and reference data. 

"There are many advantages to being an early adopter of blockchain technology," said Likhit Wagle, global industry general manager of IBM banking and financial markets. "To start, first movers are setting business standards and creating new models that will be used by future adopters of blockchain technology. We're also finding that these early adopters are better able to anticipate disruption, fighting off new competitors along the way."