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Blockchain cross-border transactions to reach 1.3 bln by 2023, Juniper Research forecasts

Wednesday 17 April 2019 | 11:10 AM CET

A recent study by Juniper Research has found that the number of cross-border transactions recorded on the blockchain will surge to 1.3 billion by 2023.

The research, Blockchain for Financial Services: Opportunities, Challenges & Forecasts 2019-2030, uncovers the fact that the value of transactions recorded on the blockchain is expected to reach USD 3.4 trillion, with a CAGR of 87% over the next 5 years.

Juniper anticipates that banks stand to save close to USD 27 billion a year by 2030 through blockchain implementation. In addition, smart contracts will be key for financial institutions, particularly in the context of increasing accuracy and transparency. The research cites 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.

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