A fresh report from Juniper Research claims the total value of B2B cross-border payments stored on the blockchain will exceed $4.4 trillion by 2024 – a massive increase from the mere $171 billion in 2019.
According to research author, Dr Morgane Kimmich:
“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 commoditised”.
The new paid-for research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030, estimates that financial institutions will save $7 billion by 2024. How? Apparently automation of KYC tied to the Blockchain will ease in identifying users via self-sovereign identity platforms.
Juniper, however, is giving away some intel with a free paper called, 5 Most Promising Use Cases for Blockchain.
Juniper Research investigated fifteen top blockchain vendors, judging them on experience in the sector, marketing efforts and customer deployments along with their blockchain solutions. They positioned the 5 leading vendors as follows:
- IBM
- Infosys Finacle
- Guardtime
- R3
- Ripple
The research scored IBM highly for its diverse blockchain solutions in production, with a strong client base for many verticals. Additionally, Infosys Finacle has established itself as a leading blockchain provider for financial institutions, with global partners and popular blockchain solutions.
The researchers determined that Ripple, Visa and IBM are driving blockchain innovation in cross-border payments with Ripple leading the market since 2012 and capitalising on its early mover advantage to grow to over 200 financial institution partners in 2019.
“However, Ripple is facing increased competition from Visa B2B Connect and IBM Blockchain World Wire, which have already grown their presence in 60 countries and have high-profile partners in the financial ecosystem. The research anticipates that both companies will continue to exploit their global presence, trusted brand names and established partner networks to scale their solutions.”
Juniper Research provides paid-for research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
