Juniper Research, a leading fintech data analysis company, published a report, in which is stated that blockchain-based cross-border B2B transactions are anticipated to reach $4,4 trillion by the end of 2024. By the end of 2019, the total transaction value of blockchain-operated international B2B transactions is expected to reach $191 billion.
The research paper, having the title of "Blockchain: Key Vertical Opportunities, Challenges, and Trends – 2019-2030", suggests that companies may save up to $7 billion just from automating the “Know Your Customer” procedures. The checks are a vital part of the integrity of the blockchain ecosystem.
In its research, Juniper Research audited 15 companies, including one of the global leaders in blockchain technology – IBM, GuardTime, R3, Ripple, and Infosys Finacle. The leader, according to the research company, is IBM. The tech giant scored big points on blockchain solutions diversity and active user base. Infosys Finacle, on the other hand, became a leading solution for institutional players, with partnerships with global financial operators.
As the crypto sector matures, so does blockchain-based cross-border B2B payments. Visa, IBM, and Ripple are the main driving force behind blockchain innovation worldwide. Ripple is by far the most used platform for such cases, with over 200 companies partnering with it. Ripple’s hegemony, however, may soon end, with projects like Visa’s B2B Connect and IBM’s Blockchain World Wide.
The two projects already established strong connections in over 60 countries, with high-profile clients and governmental institutions in their portfolio. The research paper suggests both companies would continue to explore the blockchain world, exploiting their presence, and further increasing its scope. Moreover, trusted brands are also interested in partnering with global fintech leaders, such as Ripple and IBM.