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.”