New 2019 Ripple “Blockchain in Payments” Report: 75% of Company Executives “Extremely Interested” in Digital Assets

New Ripple Blockchain in Payments Report 2019, The Flywheel Set in Motion, talks about all things XRP and how payment service providers intend on using blockchain and cryptoassets in the near future.

  • Blockchain implementation has gone mainstream in the past two years which is seen as a means to fuel growth ambitions
  • Stronger demand is seen in the remittances industry with an opportunity to double down in cross-border payments
  • Faster implementation, regulatory clarity, and digital assets can generate more momentum for the flywheel set in motion

Ripple’s 2019 report in collaboration with Celent on “Blockchain in Payments” reveals that blockchain implementation has become mainstream in the past two years.

35% of 1,053 respondents’ across 21 countries say blockchain implementation is in production while 27% are nearing it. 68% of those in production have already deployed during the past two years.

According to the report, interest in digital assets is strong as well, with 75% of respondents “very to extremely interested.” This Interest has jumped to 85% for those who are already using blockchain in production.

Stronger Demand in Remittance

Blockchain technology offers the opportunity to double down in cross-border payments. It is seen as a means to fuel growth ambitions in terms of cost efficiency, expanding existing services into new regions and introducing new services in existing regions.

The demand for nascent technology, in particular, is seen increasing in the remittance market followed by mass disbursements.

For early adopters and late adopters, reliability, greater market access, and speed are among the top four benefits of blockchain.

But there are still concerns regarding the technology and digital assets including difficulty to integrate and being too expensive.

The regulatory concern is another challenge as 35% of the respondents believe regulations are too uncertain while 32% say they are prohibitive.

“The flywheel has been set in motion. Several drivers including faster implementation, regulatory clarity and digital assets can generate more momentum and increase the speed of the flywheel effect for blockchain adoption,” states the report.

The biggest catalyst for a fast spinning flywheel, Ripple says is the boost the digital assets can offer when paired with blockchain technology for cross-border payments.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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