- 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.
This year’s Blockchain in Payments Report reveals widespread adoption and unprecedented interest in digital assets. Preview key findings and download your copy today. https://t.co/Etv9fHmomg pic.twitter.com/l1bmfTQoPE
— Ripple (@Ripple) November 6, 2019
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.