Research by Juniper Research has found that the number of cross-border transactions recorded on the blockchain will surge to 1.3 billion by 2023, a CAGR of 82 per cent 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 per cent over the next 5 years.Juniper’s 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 as follows:
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.
The value of transactions recorded on the blockchain will thus reach an unprecedented $3.4 trillion; a CAGR of 87 per cent over the next 5 years.Juniper’s 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 as follows:
- IBM
- Infosys Finacle
- Interbit
- Deloitte
- Digital Asset
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.
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Francisco Gimeno - BC Analyst Financial institutions are taking the blockchain for their own, and this will lead to better blockchain solutions. Once scalability issues are solved it is very safe to say that the volume of transactions using the blockchain tech through many platforms will be growing up to future dominance. We are yet at a very early stage but the exponential growth is there. Three years ago very few knew what blockchain was about. Remember Internet in 1995? Who knew about it? Look at where is now. The expect the same with the blockchain but with even faster growth.