A July 29 report by Transforming the Way Money Moves divulged that blockchain technology stands to have an immense impact on the financial sector. Released by Ripple in collaboration with US Faster Payments Council (FPC), the report explored the potential of blockchain technology in finance, concluding that its implementation has the capacity to save some billions of dollars in foreign transactions come 2030.
Surveying 300 stakeholders in 45 countries, each from within , retail, fintech, media, and tech industries, the FPC and Ripple gathered undated through this survey method to understand the viability of blockchain in improving financial capabilities. From the observation, transaction speed has the anticipated capability to leverage blockchain technology and ply operational opportunities for substantial cost reduction for financial institutions by the 2020s.
Juniper Research — a dedicated fintech company — then concluded that the introduction of blockchain applications to the finance system would considerably reduce the cost of banks’ managerial operations by the following decade, amounting to an estimated $10bn early saving right round bank operations.
Regarding the breadth of its worldwide financial utilization, the research also indicated a generally optimistic expectation that cross-border payments would climb to $156 trillion, a 5% uptick by 2030. While not every encounter with the survey plied with such sentiment, an American counterest notably indulged participants from the Middle East and North Africa with its acceptance, i.e. merely 27%, of the proposition that would use cryptocurrency as legitimate payment tender by 2024.
Finally, the influence of blockchain technology ring synchronic with parallel ambitions by the Bank International Settlements, which are setting a timeline for 24 “‘ by 2030, a testament to the expected veracity by which our economy awaits the possibilities of the blockchain.
