Study: Blockchain could save financial institutions $10 billion by 2030

Financial institutions could save $10 billion on international transactions through fast, reliable and transparent blockchain-based settlements. This is stated in the исследовании by Ripple and the Council for Accelerating Payments.

Around 300 financial professionals from 45 countries participated in the survey. Of them, 97% believe that blockchain will play a pivotal role in speeding up payments over the next three years.

According to more than half of respondents, most entrepreneurs will begin accepting cryptocurrencies as a means of settlement within the next three years.

“The results of the study show the dissatisfaction of global payments leaders with the outdated rails for cross-border payments,” Ripple noted.

In July, Mastercard’s Chief Digital Officer Jorn Lambert stated the need to unify blockchain and traditional finance. In his view, this would facilitate broad adoption of distributed ledger technology.

In March, investment bank Goldman Sachs filed a patent application for a solution that integrates blockchain technologies into the interbank settlement mechanism.

The Bank for International Settlements allowed the emergence of 15 CBDC by 2030. According to the BIS report, 93% of central banks were working on their digital currencies in 2022.