KUALA LUMPUR, Nov 5 -- Total value of B2B cross-border payments immutably stored on blockchain will exceed US$4.4 trillion by 2024; up from US$171 billion this year. (US$1 = RM4.15)
This is according to a new data from Juniper Research titled, ‘Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030’.
The new research revealed that financial institutions will save US$7 billion by 2024, due to the automation of ‘Know Your Customer’ checks, allied to the involvement of blockchain in identifying users via self-sovereign identity.
Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs.
According to the 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.”
-- BERNAMA
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