Altcoin News: Study: By 2023 the Number of International Transactions in Private Blockchains Will Reach 1.3 Billion

April 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

According to a study by Juniper Research, the number of international transactions in private blockchains will increase to 1.3 billion by 2023, an average of 82% over the next 4 years.

British company researchers say that the cost of transactions using the blockchain will reach an unprecedented $3.4 trillion, and the cumulative annual growth rate (CAGR) will increase by 87% over the next 5 years. In 2019, their number will be 119 million.

The study “ Blockchain for Financial Services: Opportunities, Challenges & Forecasts 2019–2030” states that the blockchain will become a critical technology for financial institutions seeking to improve their services and revenues. Researchers predict that by 2030, banks will be able to save about $27 billion a year through the introduction of blockchain.

In the study, leading financial service providers — IBM, Infosys Finacle, Interbit, Deloitte, Digital Asset are evaluated in terms of implementation, presence, and innovation, the complexity of their solutions on the blockchain and prospects in this area.

“ 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.” the study says.

According to Juniper Research, smart contracts will also be key to financial institutions, especially in the context of increased 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 study says.

Juniper Research emphasizes that the ever-increasing costs of complying with regulatory requirements, especially in the markets of North America and Western Europe, are important factors determining a bank’s spending on innovative solutions, such as smart contracts.

Author: Marko Vidrih