Ripple’s Chief Market Strategist Admits “Tipping Point for Mass Adoption” is Soon-Approaching
Ripple’s Chief Market Strategist Admits that the “Tipping Point for Mass Adoption” is Soon-Approaching
On the second day of the Ripple’s Swell 2018 event, the blockchain based firm known for its efforts in cross-border payments, has unveiled the findings of its first ever “Blockchain in Payments Report”. According to the report, mass adoption of blockchain technology, especially is terms of global payments is likely to occur sometime this year.
Chief Market Strategist, Cory Johnson addressed the crowd and shared that “there’s a lot of money at stake”. As reported by the Ripple team, cross-border payments’ global market is currently valued at approximately $27 trillion and could grow another 74 percent within a 6-year period starting. This might not seem a lot, but when combining the data held by the World Bank, remittance markets have the potential to go up to $642 billion by year end.
Johnson goes on to consider blockchain and the various solutions that it has since brought to light. In particular, he trusts that opportunities are surely to spark from the solutions offered alone. This was said in reference to how payments can be instantly made at much lower costs. Most importantly, blockchain’s help in making the entire process transparent has gotten many attracted to the tech.
Alenka Grealish, Celent’s Senior Analyst and Co-Presenter at Swell 2018 got right into business and analyzed the report’s findings to give consumers an idea as to how far we’ve come in a rather short period of time since blockchain was picked up. She believes that the success blockchain has attained is primarily because of the people, as they are the ones who have been motivated to “change the way money across borders today,” reports Ripple team.
In particular, she said:
“When you envision the scale with status quo on one side and the forces of change on the other, we see that status quo weighs heavy, but forces of change are starting to dominate.”
She further adds that this alone is enough to show blockchain’s progress and the likelihood of mass adoption.
Some Statistical Findings
No report is complete without the numbers that tell us the story. Based on the report, “18 percent of respondents are in production for payments use case”, that is said, firms are no longer testing the waters, but instead have decided to dive right into it. Similarly, 45 percent of those surveyed are either in “producing, piloting or close to signing with a blockchain provider,” and lastly, interest within the blockchain sector is reflected in nearly 75 to 90% of the respondents!