Press release

Juniper Research: Blockchain Cross-border Transactions to Reach over 1.3 Billion by 2023, up from 119 Million in 2019

Sponsored by Businesswire

New research by Juniper
found that the number of cross-border transactions recorded
on the blockchain will surge to 1.3 billion by 2023, a CAGR of 82% over
the next 4 years. The value of transactions recorded on the blockchain
will thus reach an unprecedented $3.4 trillion; a CAGR of 87% over the
next 5 years.

Juniper’s new research, Blockchain
for Financial Services: Opportunities, Challenges & Forecasts 2019-2030
argues that blockchain will become critical for financial institutions
aiming to improve their bottom line. Juniper anticipates that banks
stand to save close to $27 billion a year by 2030 through blockchain

For more insights, download our free whitepaper, Blockchain
in Finance ~ The Good, the Bad & the Ugly

Leading Financial Services Vendors

Juniper assessed 19 blockchain vendors; scoring their level of agility,
presence and innovation, the complexity of their blockchain solutions
and prospects in the field. It ranked the 5 leading vendors in the space
as follows:

  • IBM
  • Infosys Finacle
  • Interbit
  • Deloitte
  • Digital Asset

IBM remains the indisputable leader in the space; having attracted
dozens of clients in financial institutions and developed mature
blockchain products, including a trade finance platform and bespoke work
on areas ranging from securities digitisation to derivatives. Meanwhile,
Infosys Finacle continues to develop its blockchain-agnostic solutions
through its Blockchain Framework and Finacle Trade Connect; gaining a
strong customer base among banks.

Smart Contracts at the Core of Blockchain’s Offering

Juniper found that smart contracts will be key for financial
institutions, particularly in the context of increasing accuracy and
transparency. This is exemplified by JP Morgan Chase’s use of smart
contracts to reduce compliance costs via the Quorum platform, a
distributed ledger transaction network built on Ethereum.

The research cited continually rising compliance costs, particularly in
North American and West European markets, as critical drivers behind
bank spend on innovative solutions such as smart contracts.

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