Using the Blockchain Bank Save $ 27 Billion a Year

According to a new study by Juniper Research, a market research firm, financial institutions can save around $ 27 billion before 2030 on cross-border payments and transactions, if they adopt blockchain technology. If on-chain operations are taken as a benchmark, savings of 11% to 12% can be achieved.

Other areas where banks can save money with blockchain technology, according to a study by Firman's "The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030", also includes regulatory compliance with account and finance transactions.

Still, some banking departments will be able to save more than others. For example, with regard to compliance, with the automation of money laundering controls, the savings provided by the use of blockchain will reach a surprising level of 50% in a few years.

Progressive Expected Expected
Despite this optimistic outlook, the research firm stressed that the savings level will act gradually, rather than appearing instantly, as older systems will initially work in parallel with blockchain-based services. Fraud-related costs are expected to decline by around 50% over the next 12 years.

The research also has a similar direction with the research that IHS Markit named the firm and the value of Blockchain is worth $ 2.5 billion in 2017 and 2 trillion dollars in 2030.