Blockchain is an innovative technology that forms the backbone of the crypto world. Crypto enthusiasts believe that it could positively disrupt various sectors. For example, traditional financial institutions could save mountains of money by adopting the technology, according to a new report from Ripple.
Blockchain makes financial processes cheaper
Ripple, the company behind the XRP token, has launched a new research released a research report in conjunction with the US Faster Payments Council (FPC) on July 29 that surveyed 300 finance professionals across 45 different countries.
97 percent of respondents surveyed – ranging from analysts to executives and CEOs – believe that blockchain technology will play a critical role in facilitating faster payment systems over the next three years. In addition, more than half of the participants agreed that the main benefit of crypto is the potential to save costs.
In the report, fintech analyst firm Juniper Research predicts that using blockchain in global transactions will result in substantial cost savings over the next six years. It is estimated that in the year 2030 no less than 10 billion dollars can be saved in this respect.
The report pointed out that a significant increase in international payment transactions is expected by 2030, which could make a huge contribution to blockchain’s potential cost savings. The blockchain makes international transactions a lot easier and cheaper.
Crypto payments
While the majority of participants are very convinced of the potential of the blockchain, opinions differed on the adoption curve of crypto payments for the coming years. 52 percent of those surveyed are confident that most retailers will adopt crypto payments within the next three years. However, 17 percent believe that adoption will reach such an advanced stage in the coming year that most retailers will accept digital assets. However, 29 percent believe it will take more than 3 years.
Participants from the Middle East and African regions showed the highest levels of confidence, with 27 percent believing that most retailers will accept digital assets as a payment method within a year.