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Alternative Market Briefing

Global cross-border blockchain B2B transactions to hit $4.4tn by 2024

Wednesday, November 06, 2019

Laxman Pai, Opalesque Asia:

The total value of B2B cross-border payments immutably stored on the blockchain will exceed $4.4 trillion by 2024 - a massive increase from the mere $171 billion in 2019.

A fresh report from Juniper Research revealed that financial institutions will save $7 billion by 2024 thanks to the advantages of blockchain-based systems.

Dr. Morgane Kimmich, the research author said: "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".

Juniper Research assessed 15 leading blockchain vendors, scoring them on experience in the sector, marketing efforts and customer deployments along with their blockchain solutions.

They positioned the 5 leading vendors as follows: IBM comes first, followed by Indian corporation financial service provider Infosys Finacle, software security firm Guardtime, followed by enterprise blockchain companies 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 research found that Ripple, Visa, and IBM are driving blockchain innovation in cross-border payment......................

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