Blockchain Will Save Financial Institutions $10B in 7 Years

Reading Time: < 1 minute

A survey with 300 financial professionals from 45 countries determined that 97% agree blockchain will be a major component of accelerating payments in the near future.

Furthermore, over half of the respondents thought that cryptocurrencies will become widely accepted means of payment in the next three years.

Ripple, alongside the Payment Acceleration Council, estimated that- if implemented- blockchain technology will save the industry $10 billion for international transactions.

Mastercard COO Jorn Lambert had acknowledged in July the potential of blockchain being fused with traditional financial systems as it may fuel mass adoption of the technology and Goldman Sachs recently filed a patent application to build a blockchain-based interbank settlement mechanism.

The Bank for International Settlements meanwhile, predicted that with 93% of central banks developing their own digital currencies, up to 15 central bank digital currencies (CBDCs) could be live by 2030.