A new report from Juniper Research has argued the total value of B2B cross-border payments immutably stored on blockchains will hit $4.4 trillion (£3.41tn) by 2024 – and ranks IBM as the primary vendor.
The report, titled ‘Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030’, also noted blockchain will help financial institutions save $7bn by the same year, due to the automation of ‘know your customer’ checks, allied to the involvement of blockchain in identifying users through self-sovereign identity.
According to the report, there are five leading blockchain vendors that are making efforts and customer deployments along with their blockchain-based solutions. These vendors are IBM, Infosys Finacle, Guardtime, R3, and Ripple. The research found that IBM, Visa, and Ripple are driving blockchain innovation in cross-border payments. However, IBM Blockchain World Wire and Visa B2B Connect are giving a tough competition to Ripple and both companies are expected to continue expanding their global presence.
In August, IBM and Tata Communications joined the Hedera Governing Council, expanding the decentralised public network’s diverse portfolio of companies from industries like telecommunications to financial services, law, and retail. In the same month, IBM and Chainyard also launched a new blockchain network, called Trust Your Supplier, which aims to enhance the entire supply chain management process, from qualification to validation and onboarding. The Trust Your Supplier network creates a digital passport for supplier identity on the blockchain network, allowing suppliers to share information with any permissioned buyer on the network.
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