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- The report notes increased adoption of digital assets such as XRP and blockchain technology in 2020.
- Over the next two years, 24% of survey respondents expect to be in a blockchain product testing phase.
Ripple has released its third annual report on “Blockchain in Payments” with positive results for the blockchain sector, the digital asset XRP and cryptocurrencies. The report is based on a survey conducted from August to September this year. The 854 respondents are involved in the provision of payment services and have been distributed in 22 countries.
Additionally, Ripple revealed that the companies surveyed range in revenue from $ 500,000 to over $ 10 billion. In this regard, Ripple makes a comparison with the results of 2019 and states that the blockchain industry is in its final stage of adoption. In the current context, with the global economy hit by the Covid-19 pandemic, the report states:
Business interest in digital assets, when paired with blockchain technology for payments, has grown dramatically as early adopters seek to increase speed in payment deals.
In this sense, the report indicates that 79% of participants showed growth by entering unexplored markets and improving their services and products. Of all the industries, the most crucial was innovation in payment technology, according to 44% of respondents. Businesses surveyed say their customers expect them to “keep innovating in payment technologies.”
In terms of adoption, the report found that 34% of participants are producing some blockchain-powered solution. Therefore, this industry has made a leap from “early adopters to early majority”. 24% of participants expect to complete production and move to a pilot test and proof-of-concept within the next two years, as shown below.
Source: https://ripple.com/lp/blockchain-in-payments-report/
In emerging markets, 37% of participants are in production to implement blockchain technology. Asia and the Pacific (APAC) is the leading region in these terms with 41%, followed by Latin America (LATAM) multiplying its participation in blockchain production by 6. Then, the Middle East and Africa (MEA ) with 24% of production and a possible increase to 29%, as shown in the graph below.
Source: https://ripple.com/lp/blockchain-in-payments-report/
XRP and its role in the growing adoption of the blockchain
Another key point revealed by the Ripple report is diversification in use cases by companies using blockchain technology. 98% of participants using a blockchain have implemented the technology for supply chain management (62%), trade and finance (51%). So it’s no surprise that 99% of attendees said their business could use a digital asset like XRP to process payments or as a medium of exchange. In contrast to the 2018 results, this figure grew by 94%.
Among the strengths that participants said blockchain technology has, the speed to carry out cross-border transactions received 40% of the responses. In this respect, the digital asset XRP and its instant transfers with Ripple’s on-demand liquidity solution offer the most important advantage for responding companies. Along with cost (32%) and reliability (27%), as shown below.
Source: https://ripple.com/lp/blockchain-in-payments-report/
Among the obstacles to blockchain adoption, attendees cited a lack of regulatory clarity, the amount of investment required to implement the technology and security. However, the results show that digital assets such as XRP are increasingly becoming an important part of the development of the blockchain industry. The report concludes:
Emerging markets are leading the charge, recognizing that responsible use of blockchain and digital assets can unleash enormous potential for their economy. Undoubtedly, both will drive greater financial inclusion and economic growth not unlike the impact of the internet. Mature markets will also benefit
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