A study conducted by Juniper Research, a market intelligence company, shows that by the end of 2030, financial institutions that deploy blockchain technology will save more than $27 billion in cross-border settlement transactions. Through the blockchain transaction, the cost will be reduced by more than 11%.
According to Juniper Research's report "The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies" (the Future of Blockchain: Key Vertical Opportunities & Deployment Strategies, 2018-2030), banks may have other financial management and compliance aspects. Realize cost reduction in the field.
By 2030, the blockchain plan will save the banking industry US$27 billion annually, reducing costs not only in payment processing and regulation, but also in financial management and compliance.
— Juniper Research (@juniperresearch) August 1, 2018
However, some banking sectors will absorb more savings than others. For example, in terms of compliance, the automation of money laundering checks through the deployment of blockchain will reduce costs by up to 50% within a few years.
Benefits are gradually realizedHowever, the market intelligence company warned that because the legacy system will initially run in parallel with blockchain-based services, cost reductions will not be achieved immediately, but will take several years to achieve. Until 2024, Juniper Research pointed out that cost savings will not reach $1 billion per year.
The report also acknowledged that by deploying blockchain technology, industries other than the banking industry will also benefit from increased efficiency. This will include food export trade, and it is expected that fraud-related costs will be cut by nearly half within 12 years.
Global information provider IHS Markit also predicts that the commercial value of blockchain will increase from USD 2.5 billion in 2017 to USD 2 trillion in 2030.
By 2030, the commercial value of the global blockchain will reach US$2 trillion. With the increase in investment, blockchain is expected to change all walks of life in the next few years.
—IHSMarkit (@IHSMarkit) August 2, 2018
It is worth noting that, just like the Juniper Research report, IHS Markit pointed out that the financial sector will become one of the main beneficiaries of the potential of blockchain technology change.
Financial vertical marketDon Tait, a senior blockchain analyst at IHS Markit, said in a statement:
"Almost every day there are new announcements about how banks and financial institutions are seeking to use blockchain technology to transform their important businesses. The financial vertical market will be the largest value market using blockchain."
In addition to cross-border settlement transactions, IHS Markit also observed that other areas of the financial industry will benefit from distributed ledger technology, including collateral management, asset custody, derivatives, claims management, stock trading, and corporate action processing. Due to the large scale of some financial sub-sectors, the commercial value of blockchain will be huge. IHS Markit continued:
"(For example) the global stock market has a market value of $73 trillion. Even small cost savings and efficiency improvements can bring considerable commercial value to companies and industries that decide to introduce blockchain technology."
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