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Blockchain in Payments: Ripple Report: Use of Cryptocurrencies and Blockchain Technology in Companies | message


Blockchain technology can be used in many different areas
Cross-border real-time transactions and opening up new payment channels as advantages
Central bank digital currencies and stablecoins are enjoying increasing popularity

For its report, Ripple surveyed 854 participants from 22 countries between August and September of this year who are involved in the provision of payment services. The surveyed companies have sales of 500,000 US dollars to over 10 billion US dollars, as reported by Crypto News Flash.

Blockchain can be used in many ways

As Ripple writes on its website, the third annual blockchain in Payments Report shows “that the introduction of blockchain is the key to a successful growth strategy for financial companies”. In the past 12 months, early blockchain adopters have reported almost twice as much business growth as other respondents.

According to Crypto News Flash, Ripple’s Blockchain in Payments Report also shows that blockchain technology is used in many different areas – many of the companies surveyed use the technology in the areas of supply chain management, trade and finance. It should therefore come as no surprise that 99 percent of those surveyed see a benefit in digital assets for their company.

Blockchain on the rise

Ripple compared the results with the previous year and found that the blockchain industry is now in the final phase of its introduction, according to Crypto News Flash. 79 percent of respondents would have shown growth by entering uncharted markets and improving their services and products. According to 44 percent of the participants, innovation in payment technology was the most important sector of all. According to the report, 34 percent of those surveyed are involved in creating a solution with blockchain technology. This area has therefore made a leap between “early adopters and early majority”.

Pros and cons

According to Crypto News Flash, 40 percent of the companies surveyed said that the advantage of blockchain technology is the high speed with which even cross-border transactions can be carried out. – Trade Bitcoin with Plus 500 – that’s how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford to take the high risk of losing your money. – According to BTC ECHO, companies also see the development of new payment channels and the inclusion of disadvantaged population groups as strengths of blockchain technology.

However, as Crypto News Flash reports, the respondents saw the lack of regulatory clarity, which has been an issue in the crypto industry for some time, as an obstacle to the introduction of blockchain. In addition, participants in the survey cited the level of investment required to implement the technology and the security aspect as obstacles.

CBDCs and stablecoins are growing in popularity

In its survey, Ripple also found that preferences for the various digital assets have shifted, according to BTC ECHO. As can be seen from a diagram, two years ago interest in the three most popular cryptocurrencies, Bitcoin, Ethereum and XRP was by far the greatest – but now digital central bank currencies, stablecoins issued by banks and other stablecoins are also enjoying increasing popularity .

Some states are already working on their own digital currencies. For example, the Peoples Bank of China (PBoC) has been testing the digital yuan since mid-April 2020, but the European Central Bank (ECB) is also considering the introduction of a digital euro.

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Generally speaking, in the digital age that we are in, “technology and innovation [] the way we consume, work and interact “recognizes Fabio Panetta, member of the Executive Board of the ECB and chairman of the task force on digital central bank currencies. Blockchain technology should therefore continue to find its way because of its economic benefits “-Report of the accounting firm PwC, blockchain technology has the potential to generate added value of around 1.76 trillion dollars for the global economy by 2030 and to create around 40 million new jobs worldwide. editorial team

Image sources: Wit Olszewski /, Alexander Yakimov / Shutterstock

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