Wednesday, 06 November 2019 03:38

Blockchain cross-border payments surging to US$4.4 trillion by 2024 Featured

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The total value of B2B cross-border payments immutably stored on blockchain will exceed US$4.4 trillion by 2024 - up from US$171 billion in 2019, according to Juniper Research.

The new research - Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030 - reveals that financial institutions will save US$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.

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

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

Juniper says the research scored IBM highly for its diverse blockchain solutions in production, with a strong client base for many verticals.

And, Juniper says that additionally, Infosys Finacle - which was ranked second - 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, 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, according to Juniper, 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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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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