According to a source from BusinessWire, the value of B2B cross border payments on blockchain will exceed USD4.4 Trillion in comparison to the USD171 Billion in 2019. A 90% increase. Blockchain helps with transparency and speed, making it suitable for business transactions.
Due to the automation of the KYC step provided by blockchain, businesses will be able to save around USD7 Billion, as shown in the Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030.
The top 5 leading blockchain vendors according to Juniper Research are: IBM, Infosys Finacle, Guardtime, R3 and Ripple. Research author, Dr Morgane Kimmich, added “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”.
There is tight competition even though Ripple has led the market since 2012, IBM Blockchain and Visa B2B connect have been exploiting their global market presence and leading the race.