“By 2024, international payments on the blockchain will exceed $ 4.4 trillion”

According to the forecasts of the research company Juniper Research, by the end of this year the volume of international payments in the blockchain will reach $ 171 billion, and by 2024 it will exceed $ 4.4 trillion.

According to the report, thanks to the blockchain, financial institutions will save about $ 7 billion by 2024. Researchers also noted such advantages of the technology as reduced fees for making payments, high transparency, real-time settlements and the automated KYC procedure.

“The introduction of blockchain in the infrastructure of financial companies speaks of the digital evolution of payments. Blockchain can significantly reduce operating costs, which gives huge advantages to companies in the face of fierce competition in the market, ”said Morgane Kimmich, the author of the study.

The report also presents five leading blockchain-based solution providers. In the first place was the technology giant IBM, in second – the Indian corporation Infosys Finacle. Guardtime is located in the middle ground, providing software security, followed by R3 and Ripple.

Researchers believe that IBM is distinguished by a variety of solutions and a client base, while the advantage of Infosys Finacle is that the company provides blockchain solutions not only to financial institutions, but also to various international partners, as well as well-known services.

Juniper Research noted a high level of competition between IBM, Ripple and Visa. Ripple has been a leader in the blockchain market since 2012, and its list of partners includes more than 200 financial institutions. Despite this, IBM and Visa seek to expand their presence around the world through brand trust.

Recall that in August, Travelport, a travel services provider, began using the IBM blockchain to pay commissions to travel agencies. In addition, in October, IBM together with SoftBank and TBCASoft launched a blockchain payment service for mobile operators.