On the second day of Swell 2018, Ripple unveiled a report on “Blockchain in Payments”. The report sheds light on the “critical mass” adopting blockchain based payments for the current year. Furthermore, various organizations were looking forward to integrating digital assets into cross-border payment flows.
The recent data collected by the Boston Consulting Group showed that the volume of cross-border payments in the global market was $27 trillion. The data further stated that the volume could grow by another $20 trillion between 2018 to 2026. This would mean that the cross-boarder payment market would be worth around $47 trillion by 2026.
Cory Johnson, Ripple’s Chief Market Strategist stated that “there was a lot of money put at stake”. He further spoke about the changes in the market dynamics. He said:
“The world is used to getting things, right now, on-demand. They aren’t waiting for anything”
Johnson opined that the solutions provided by blockchain technology with respect to cross-border payments were like an opportunity for Ripple to address the needs of individuals or organizations around the world.
Moreover, the digital asset industry and blockchain technology have the potential to modernize international payment rails. They could also ensure that transferring money across international borders is very transparent, fast, and reliable.
Some questions were still left unanswered, those included how blockchain would be included in the mainstream market and if digital assets could be used for settlements. Alenka Grealish, the Senior Analyst for Corporate Banking at Clent covered a few detailed aspects of the report.
According to Alenka, 700 global payment professionals across different industries along with 22 countries were addressing questions about the scope of blockchain adoption and the general benefits of blockchain technology. She further added:
“When you envision the scale with the status quo on one side and the forces of change on the other, we see that the status quo weighs heavy, but the forces of change are starting to dominate — to tip the scale in the direction of change”
The report added that about 75% of the respondents stated that they were “very interested” in adopting digital assets as their base currency or settlements. With regard to the mass adoption of blockchain technology, about 45% of the individuals who were surveyed stated that they were either in production or close to signing a deal with a blockchain provider.
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