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