The total value of B2B cross-border payments on blockchain will exceed $4.4 trillion by 2024

13 noiembrie 2019

Transaction Value to Increase by 90% Between 2019 & 2024

New data from Juniper Research has shown that the total value of B2B cross-border payments immutably stored on blockchain will exceed $4.4 trillion by 2024; up from $171 billion in 2019. Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs.

The new research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030revealed that financial institutions will save $7 billion by 2024, due to the automation of ‘Know Your Customer’ checks, allied to the involvement of blockchain in identifying users via self-sovereign identity.

For more insights, download our free whitepaper, 5 Most Promising Use Cases for Blockchain.


Blockchain Leaders Emerge as Market Matures

Juniper Research assessed 15 leading blockchain vendors, scoring them on experience in the sector, marketing efforts and customer deployments along with their blockchain solutions. We positioned the 5 leading vendors as follows:

  1. IBM
  2. Infosys Finacle
  3. Guardtime
  4. R3
  5. 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.

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 research found that Ripple, Visa and IBM are driving blockchain innovation in cross-border payments. Ripple has led the market since 2012; 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.

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Adrian Vasilescu – consilier de strategie al guvernatorului BNR

„O singură provizie am făcut, de card, pentru că nu mai umblu cu banii în buzunar. Banii sunt cei mai periculoși când este vorba de răspândirea unei molimi. Am renunțat la cash. În rest, este o prostie să faci provizii. Dacă vine o molimă și nici nu știi când va ajunge, dacă ar fi să se întindă, pe cât timp să poți să faci provizii? Faci provizii pe trei săptămâni, pe patru săptămâni și mai departe?”, a spus consultantul.

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?