Ripple report promises a bright future for blockchain
Ripple publishes third annual blockchain and payment technology review.
Report results promise bright prospects for blockchain mass adoption.
Interest and confidence in digital assets is growing, and technological innovation is developing.
The next report published annually project Ripple, outlines bright prospects for mass adoption of blockchain technologies.
What the world thinks about the cryptoindustry
Popular Californian startup Ripple published its third annual report on blockchain technology and the development of blockchain-based payment systems on October 15, 2020. The purpose this study, according to most company, is an full and comprehensive an overview of the fintech industry and the growing role of blockchain technologies in making payments.
Ripple project was launched in 2012. Initially, the main focus of his work was the maintenance and support cross-border payments though now Ripple Labs Inc team intends significantly expand the range of services provided.
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In a 2020 report, Ripple experts concluded that digital adoption assets the world continues, despite the difficult macroeconomic environment. The survey was conducted in five key regions of the world – North America, Europe, the Middle East and Africa, Latin America and the Asia-Pacific region. Blockchain awareness level and cryptocurrencies amounted to an impressive 82% -94%. When this the positive sentiment towards them continued to grow, reaching 62% -75% for cryptocurrencies and 52% -73% – for blockchain.
Three key trends
IN his Ripple’s report predominantly highlights three key positive trends.
- First, there is progress on the issue scaling payment solutions on the blockchain. Such solutions increase the speed of cross-border transactions and offer customers high transparency., reliability and low commissions. it attracts everyone more users in the banking sector. A little more a third of all respondents reported that they use blockchain technologies to make various money transfers.
- Second, the experts found that digital assets are increasingly confession in quality funds, facilitating payments, especially if it happens on the basis of blockchain or distributed ledger technology (DLT). The study found an overall improvement in mood for different types of digital assets including bitcoin, stablecoins and even digital currency Central Banks (CBDC). The majority of respondents noted the convenience and speed of such assets, and 67% called cryptocurrencies in general “reliable”, despite a number of continuing concerns about them, including such factors like volatility and lack of regulation.
- Finally, experts reported active growth of innovation in the crypto industry, despite the ongoing coronavirus pandemic and its pressure on the economy. According to Ripple, 79% of companies surveyed reported growth in 2020 year, with 44% said that him the key driver was innovation in payment technology. It is possible that the driving force behind such innovation is the pandemic, forcing many service providers to rethink their current business models and adapt to new realities..
However, experts admitted that a number of challenges remain in the industry, including a lack of regulatory clarity, security issues and high implementation costs. new technologies.
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