This article was first published on Insights – Ripple
This year’s report uncovered that not only is growth indeed possible for blockchain and digital assets initiatives, but that familiarity and positive sentiment continue to rise as well.
Across five global regions (North America, Europe, Middle East and Africa, Latin America and Asia Pacific), familiarity with blockchain and cryptocurrency ranges from a whopping 82%-94%. Meanwhile, positive sentiment in both continues to grow, with favorability among cryptocurrency somewhat stronger across regions (62%-75%) than blockchain (52%-73%).
In terms of major takeaways, the Blockchain in Payments 2020 report proves three critical things:
- Blockchain payment solutions are scaling
- Digital assets are increasingly being considered for facilitating payments, especially when paired with blockchain technology
- Industry innovators are realizing significant growth, even amid COVID-19
Scalable Blockchain Payment Solutions
Signs are positive that the flywheel is very much in motion across the globe when it comes to blockchain payment solutions. Slightly over one-third of the report’s respondents currently use blockchain technologies for sending or receiving payments for customers. Segmented by business type, the leading sector is digital banks, followed closely by retail banks, and money transmitter or payment providers.
Many of these institutions adopted blockchain technology to increase speed of payments, achieve high levels of reliability, improve data transparency and realize long-term operational cost savings. Blockchain solutions continue to scale as businesses introduce new services to existing customer segments or expand existing services into new regions.
Case in point: cross-border payments. As blockchain payments solutions continue to solve for many of the pain points related to cross-border payments, adoption has steadily grown. In fact, real time settlement for cross-border payments is seen as a business necessity for ...
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Insights – Ripple