New study by Juniper Research predicts a multiple increase in the number of international transactions performed via blockchain. By 2023, 1.3 billion cross-border operations will be recorded in the blockchain.

The number of cross-border transactions sent via blockchains will grow by 82% compared with the current level and will reach 1.3 billion against forecasted 119 million transactions in 2019. The value of transactions to be recorded in the blockchain will be worth $3.4 trillion, growing by 87% over five years. These forecasts are contained in the new study entitled “Blockchain for Financial Services: Opportunities, Challenges & Forecasts 2019-2030” by Juniper Research.

According to analysts, the blockchain will become a critical infrastructure element for financial institutions. Juniper expects that banks will be able to save about $27 billion a year through blockchain implementation by 2030.

The list of leading suppliers of blockchain solutions for the financial sector includes IBM, Infosys Finacle, Interbit, Deloitte, Digital Asset. The ranking took into account such indicators as the level of implementation, presence and innovation, the complexity of blockchain solutions 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."

According to Juniper Research, smart contracts will also be key to the development of financial institutions, particularly in the context of increasing 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 reads.

One of the factors contributing to the blockchain solutions adoption and implementation is continually rising compliance costs, particularly in North American and West European markets.