Blockchain B2B transactions to exceed $4 trillion

Blockchain B2B transaction value to reach an estimated $4.4 trillion by 2024

Blockchain B2B transactions

Blockchain B2B transactions to exceed $4 trillion. Source: shutterstock.com

According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain will exceed $171 billion in 2019 and will reach $4.4 trillion by 2024. Blockchain provides real-time clearing and settlement for B2B transactions, offering transparency and reduced costs.

The research says 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.

Speaking of transactions rise, Juniper Research assessed the leading blockchain vendors, such as IBM, Infosys Finacle, Guardtime, R3, and Ripple. IBM got its high score due to diverse blockchain production solutions, having a strong client base for many verticals. For its part, Infosys Finacle claims to be the leading blockchain provider for financial institutions, with international partners, and profitable 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 commoditized
Dr. Morgane Kimmich, the research author

Juniper Research says that Ripple, Visa, and IBM are leading blockchain technology in cross-border payments. However, Ripple has faced increased competition from Visa B2B Connect and Blockchain World Wire, being present in 60 countries and having high-profile partners. The research assumes that both companies will keep developing their presence on the global market.

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