This can rise from USD 301 million in savings in 2021 to USD 10 billion in 2030. Blockchain implementation in cross-border settlement will allow stakeholders to use improved payment transparency and traceability; a critical advantage in an omnichannel payments market.
The report, called Blockchain in Financial Services: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2030, found large trading nations, such as the US and China, will see the biggest cost savings from blockchain use, aided by high remittance volumes and increasingly favourable regulatory environments. In these high-value remittance markets, potential for blockchain to meet critical requirements of fast, reliable, and transparent payments will be a key driver of adoption.
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