Wednesday, 01 August 2018 22:26

Blockchain will bring billions in savings to banking sector: report Featured

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Blockchain deployments will enable banks to realise savings on cross-border settlement transactions of more than US$27 billion by the end of 2030, reducing costs by more than 11% per on-chain transaction, according to a newly released global report.

According to Juniper Research in its latest report on blockchain — The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030 — banks that integrate blockchain will achieve cost reductions not just in payment processing and reconciliation, but in treasury operations and compliance.

And Juniper argues in its research that compliance, automation of identity/money-laundering checks, allied to capability of the blockchain to verify the digital identity of an individual, should enable savings of up to 50% of the existing costs base within a few years.

But in a note of caution, Juniper says that the need to run blockchain-based services in parallel with legacy systems would mean that savings would not be realised for several years after initial deployment – with annual cost reductions not reaching US$1 billion per annum until 2024.

Food export to reap benefits

The new research identified potential savings for consumers and enterprises across a range of industries, from reduced fees for home buyers to fraud in the food export trade, where it estimated that blockchain deployments would reduce the cost of fraud by nearly 50% within 12 years.

IBM heads innovation indices

And the research also assessed the extent to which 34 leading blockchain providers were positioned to deliver innovative solutions and achieve growth.

The research includes three Innovation Indices (Digital Identity, Provenance and Financial Services) based on quantitative and qualitative assessment of product offerings, R&D activities and future potential – and in each index IBM emerged as a market leader.

According to research author Dr Windsor Holden, “IBM continues to demonstrate innovation and leadership across a range of verticals. Over the past 18 months it has attracted dozens of corporate clients, with deployments now moving from proofs of concept and trial to full commercial rollout.”

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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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