Blockchain-Powered Cross-Border B2B Transactions to Surpass $4.4 Trillion by 2024
According to Juniper Research, blockchain-enabled B2B cross-border payments will be totaling in value by more than $4.4 trillion by 2024. This will be a substantial rise from the current $171 billion. It is speculated that this uptrend will be instigated by the immutable storage provided by blockchain technology, as well as real-time settlement and clearing of B2B transactions.
The new study by Juniper Research deemed “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030” showed that financial institutions would be able to save a whopping $7 billion by 2024 as blockchain will be involved in the automation of ‘Know Your Customer’ checks. Expressly, it will be used in pinpointing users through self-sovereign identity.
Top 5 leading blockchain vendors
Juniper Research also analyzed 15 chief blockchain vendors based on their experience, solutions, customer deployments, and marketing efforts. They were positioned as follows:
IBM was ranked at the apex because of its distinctive blockchain resolutions in production, as well as its broad and sturdy client base. Conversely, the study noted that Infosys Finacle had depicted itself as a notable blockchain player for financial institutions.
Dr. Morgane Kimmich, the research author, asserted: “The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations. Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditized.”
The research also revealed that IBM, Visa, and Ripple were considerably spearheading cross-border payment innovations through blockchain.
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