Blockchain technology has the potential to save more than $10 billion in global transactions by 2030. This is the conclusion of a new report published by Ripple
Ripple has been a prominent player in the crypto world for years and is known for its XRP cryptocurrency. The company behind the crypto currency, Ripple Labs, together with US Faster Payments Council, conducted a study on the role of blockchain technology within financial institutions. The report shows that blockchain technology can save financial companies a lot of money.
More than 300 financial professionals surveyed
Ripple conducted the study in collaboration with the US Faster Payments Council, surveying 300 financial professionals from 45 different countries. The large number of respondents, 97%, believe blockchain technology will play a crucial role in facilitating faster payment systems in the next three years.
More than half of the survey participants see the main benefit of blockchain in the potential cost savings. Using this innovative technology can increase the efficiency and speed of transactions, while reducing costs, for both businesses and consumers.
According to a forecast by Juniper Research, a company specialising in analysing fintech trends, the adoption of blockchain technology could lead to significant cost savings over the next six years. The company estimates that as much as $10 billion could be saved by the year 2030 thanks to the use of blockchain in global transactions.
No clarity on the speed of crypto-adoption
Nevertheless, there was no agreement among respondents on the speed of crypto payments adoption. While 52% of respondents believe that most retailers will adopt crypto payments within three years, 17% think this will happen as early as one year. In contrast, 29% believe the process will take longer than three years.
Interestingly, respondents from the Middle East and African regions are the most confident about the rapid adoption of digital assets as a payment method. This indicates growing confidence in and acceptance of cryptotechnology in these regions.
Ripple's report highlights the important role blockchain can play in transforming the traditional financial sector. The potential savings from blockchain technology could have a major impact on the global economy, while the adoption of crypto payments could usher in a new phase of financial globalisation. Although there are still challenges in terms of regulation and acceptance, the future of blockchain in finance looks promising.
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