Home > Blockchain > Researchers Claim Cross-border B2B Blockchain Transactions set to Explode to $4.4 Trillion by 2024

Researchers Claim Cross-border B2B Blockchain Transactions set to Explode to $4.4 Trillion by 2024

A fresh report from Juniper Research claims the total value of B2B cross-border payments stored on the blockchain will exceed $4.4 trillion by 2024 – a massive increase from the mere $171 billion in 2019. 

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According to research author, Dr Morgane Kimmich:

“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 commoditised”.

The new paid-for research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030, estimates that financial institutions will save $7 billion by 2024. How? Apparently automation of KYC tied to the Blockchain will ease in identifying users via self-sovereign identity platforms.

Juniper, however, is giving away some intel with a free paper called, 5 Most Promising Use Cases for Blockchain.

Juniper Research investigated fifteen top blockchain vendors, judging them on experience in the sector, marketing efforts and customer deployments along with their blockchain solutions. They positioned the 5 leading vendors as follows:

  1. IBM
  2. Infosys Finacle
  3. Guardtime
  4. R3
  5. 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 researchers determined that Ripple, Visa and IBM are driving blockchain innovation in cross-border payments with Ripple leading the market since 2012 and capitalising on its early mover advantage to grow to over 200 financial institution partners in 2019.

From Juniper press release: 

“However, Ripple is facing increased competition from Visa B2B Connect and IBM Blockchain World Wire, which have already grown their presence in 60 countries and have high-profile partners in the financial ecosystem. The research anticipates that both companies will continue to exploit their global presence, trusted brand names and established partner networks to scale their solutions.”

Juniper Research provides paid-for research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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