Blockchain Cross-Border B2B Transactions Will Skyrocket to $4.4 Trillion by 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 revealed 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. Juniper assessed 15 leading blockchain vendors, scoring them on experience in the sector, marketing efforts and customer deployments along with their blockchain solutions.

IBM is positioned at the top spot, ahead of Infosys Finacle, Guardtime, R3 and 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 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,“ said research author, Morgane Kimmich.

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.