Blockchain could save financial institutions $10 billion by 2030.

According to a recent report, blockchain has the potential to save financial institutions $10 billion in cross-border payment costs by the year 2030.

The report, which was released on July 29 by the digital payment network Ripple in association with the US Faster Payments Council (FPC), was based on a survey of 300 finance professionals from 45 different countries who work in a range of industries, including fintech, banking, media, consumer technology, and retail.

97% of those polled, who included analysts, directors, and CEOs, are adamant that blockchain technology will be instrumental in enabling faster payment systems within the next three years.

Additionally, more than 50% of participants concurred that cryptocurrency's potential to reduce costs is its most significant advantage.

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According to the survey, more than 50% of participants thought that lower payment costs, both domestically and internationally, were cryptocurrency's main advantage.

In the next six years, banks will save a significant amount of money thanks to the use of blockchain in international transactions, according to the report from fintech analyst firm Juniper Research.

This idea is supported by Juniper Research, which claims that blockchain technology has the potential to save financial institutions carrying out international transactions $10 billion by 2030.

Cross-border payments are expected to increase over the next few years as the e-commerce industry develops and companies prioritize foreign markets. The report noted that by the year 2030, there is a sizable anticipated increase in international payment transactions.

"Global cross-border payment flows are expected to reach $156 trillion - driven by a 5% compound annual growth rate (CAGR)," the report stated.

However, there was disagreement among the participants as to when the majority of retailers would accept payments made with digital currency.

While 50% of those polled felt that the majority of merchants would accept cryptocurrency payments within the next three years, there were varying degrees of certainty about whether this would occur within the following year.

The most confident participants were from the Middle East and Africa, with 27% of them anticipating that most merchants will accept cryptocurrency as a payment method within the next year.

While only 13% of leaders in the Asia-Pacific (APAC) region believed in the same timeframe, they were the least optimistic. However, 17% of the 300 survey respondents from around the world said they thought such adoption might occur in the coming year.

The Bank of International Settlements (BIS) conducted research that suggested up to 24 central bank digital currencies (CBDC) could be in use within the next six years.

93% of those institutions are researching CBDCs, according to a BIS report released on July 10 that surveyed 86 central banks between October and December 2022. By 2030, there may be up to 15 retail and 9 wholesale CBDCs in circulation.

Posted Using LeoFinance Alpha