Blockchain Cross-Border Transactions Will Reach Over 1.3 Billion by 2023

Blockchain Cross-Border Transactions Will Reach Over 1.3 Billion by 2023

Foto: Depositphotos

New study by Juniper Research found that the number of cross-border transactions recorded on the blockchain will surge to 1.3 billion by 2023, a CAGR of 82% over the next 4 years. The value of transactions recorded on the blockchain will thus reach an unprecedented $3.4 trillion; a CAGR of 87% over the next 5 years.

Juniper’s new research argues that blockchain will become critical for financial institutions aiming to improve their bottom line. Juniper anticipates that banks stand to save close to $27 billion a year by 2030 through blockchain implementation. Juniper assessed 19 blockchain vendors; scoring their level of agility, presence and innovation, the complexity of their blockchain solutions and prospects in the field. It ranked the 5 leading vendors in the space.

IBM remains the indisputable leader in the space; having attracted dozens of clients in financial institutions and developed mature blockchain products, including a trade finance platform and bespoke work on areas ranging from securities digitisation to derivatives. Meanwhile, Infosys Finacle continues to develop its blockchain-agnostic solutions through its Blockchain Framework and Finacle Trade Connect; gaining a strong customer base among banks.

Juniper found that smart contracts will be key for financial institutions, particularly in the context of increasing accuracy and transparency. This is exemplified by JP Morgan Chase’s use of smart contracts to reduce compliance costs via the Quorum platform, a distributed ledger transaction network built on Ethereum. The research cited continually rising compliance costs, particularly in North American and West European markets, as critical drivers behind bank spend on innovative solutions such as smart contracts.

More from category

Is e-Commerce Facing its Limits?

Is e-Commerce Facing its Limits?

17 Sep 2019 comment

The rise of e-commerce to an €80 billion business in the first half of 2019 (excluding North America) created the need for 24/7 retailing, according to GfK.

PC Market Declines Slightly in First Half of 2019

PC Market Declines Slightly in First Half of 2019

16 Sep 2019 comment

Performance and experience are absolutely key for success in the global consumer PC market, according to GfK.

Developers Wield Enormous Influence

Developers Wield Enormous Influence

13 Sep 2019 comment

An IDC special report found that developers have significant autonomy with respect to the selection of developer tools and technologies.