Cross-Border B2B Blockchain Transactions on Pace to Surpass $4.4 Trillion by 2024

Cross-Border B2B Blockchain Transactions on Pace to Surpass $4.4 Trillion by 2024

November 7, 2019

Blockchain is increasingly becoming the B2B cross-border payment method of choice. New data from Juniper Research finds the total value of payments stored on the blockchain will exceed $4.4 trillion by 2024; up significantly from $171 billion this year. 

“Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs,” said Juniper in a statement, explaining the appeal. 

The report, titled Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030 looked at 15 blockchain vendors. The research found that Ripple, Visa and IBM are leading vendors in cross-border payments.

“The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations,” said research author, Dr Morgane Kimmich. “Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditized.” 

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Joan Goodchild