KUALA LUMPUR, Nov 8 -- A new report from Juniper Research has found deployment of blockchain for cross-border settlement will drive increasingly significant cost savings for banks; rising from US$301 million in 2021 to US$10 billion in 2030. (US$1 = RM4.15)
According to a statement, blockchain implementation in cross-border settlement will enable stakeholders to leverage improved payment transparency and traceability; a critical advantage in an omnichannel payments market.
The new report, Blockchain in Financial Services: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2030, found large trading nations, such as the US and China, will see the biggest cost savings from blockchain use, aided by high remittance volumes and increasingly favourable regulatory environments.
In these high-value remittance markets, potential for blockchain to meet critical requirements of fast, reliable, and transparent payments will be a key driver of adoption.
As a result of an expansion in the number of integrations with major payment players across broad trade corridors, blockchain solutions such as RippleNet and Visa B2B Connect are already offering significant payment efficiencies compared with legacy systems.
As these networks build, Juniper Research expects blockchain adoption to increase over the next decade, with an expected two billion cross-border transactions facilitated by blockchain in 2030.
The reluctance from payment stakeholders to change established business practices and shift away from legacy systems represents a significant barrier to widescale blockchain adoption.
Juniper Research offers research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
-- BERNAMA
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