Innovation in Blockchain Payments – Market Overview and Key Case Studies (Central Bank Digital Currencies, Remittances, J.P. Morgans Onyx, Asset Tokenization and The Metaverse)

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The global blockchain market was valued at $4 billion in 2020 and is expected to grow at a CAGR of more than 47% between 2020 and 2030. Blockchain is a technology that can disrupt the entire value chain of the payments industry. Central banks are leveraging blockchain as the key infrastructure to develop digital currencies. Central bank digital currencies (CBDCs) would help reduce financial exclusion among unbanked individuals by making funds accessible via individuals’ smartphones. Capitalizing on technological advances could revamp payment systems to create more transparency in terms of the flow of funds and improve transaction monitoring. Additionally, blockchain technology can make transactions more efficient by eliminating intermediaries and directly connecting participants.

The Innovation in Blockchain Payments report explores how the payments industry can benefit from blockchain technology, covering topics including remittances, central bank digital currencies, and asset tokenization.

Innovation in Blockchain Payments

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Innovation in Blockchain Payments - Key Application Areas

The most popular applications of the technology to date have been cryptocurrencies and non-fungible tokens (NFT).

Cryptocurrencies: Storing cryptocurrencies will require users to adopt crypto wallets such as MetaMask and Coinbase Wallet.

Non-Fungible Tokens (NFT): Asset tokenization via blockchain technology should enable digitization of physical assets, which in turn should expand the pool of assets that can be invested and traded.

Innovation in Blockchain Payments – Market Dynamics

Venture financing and equity offerings are the two important driving forces behind investment in the sector. Although interest in blockchain is rising, it is still a new technology that must be thoroughly tested before it can be adopted within the payments infrastructure.

Innovation in Blockchain Payments – Key Highlights

  • The financial sector is driving the development of projects in the blockchain space.
  • Asset tokenization via blockchain technology should enable digitization of physical assets, which in turn should expand the pool of assets that can be invested and traded.
  • Private blockchain networks developed by financial institutions are being developed to improve internal infrastructure and provide more efficient solutions that could automate processes, saving time and reducing human error.
  • The Metaverse will require the integration of payment options such as digital wallets to reduce friction during the payment process. Digital wallets would have multiple functions in the Metaverse.

Innovation in Blockchain Payments – Benefits

Blockchain in payments can enable instant transactions in seconds between two participants anywhere in the world. It improves data transparency and data monitoring. Additionally, blockchain technology can make transactions more efficient by eliminating intermediaries and directly connecting participants, reducing the cost of transactions.

Leading Companies in the Blockchain Sector

Blockchain companies working on solutions to improve remittance transactions via blockchain networks are:

  • Stellar
  • Ripple
  • Circle
  • ConsenSys
  • P. Morgan
  • MoneyGram

For more insights on companies working on blockchain payments market, download a free report sample

Innovation in Blockchain Payments Overview

Market Value (2020) $4 billion
CAGR 47%
Key Application Areas Cryptocurrencies and Non-Fungible Tokens (NFT)
Key Investment Types Venture Capital and Equity Offerings
Leading Blockchain Companies Stellar, Ripple, Circle, ConsenSys, J.P. Morgan and MoneyGram

Reasons to Buy

  • Understand how blockchain technology is being adopted in the financial services industry.
  • Understand the advantages and challenges of blockchain technology adoption.

J.P. Morgan
Bank for International Settlements
MoneyGram
Stellar
Ripple
Circle
Meta
ConsenSys
Mata Capital

Table of Contents

Table of Contents

Introduction

Innovation Case Studies

Central bank digital currencies

Remittances

J.P. Morgan’s Onyx

Asset tokenization

The Metaverse

Conclusion

Appendix

Frequently asked questions

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