XRP and Blockchain Adoption to Explode In the Next Months, Ripples Report Reveals

Monday 19 October 2020, 9:03 PM AEST - 1 month ago

Ripples third annual report dubbed Blockchain in Payments has shown encouraging growth of XRP digital asset adoption and the entire blockchain industry.

From August to September 2020, Ripple conducted a survey showing how respondents react to the question of blockchain adoption and XRP use. The respondents, 854 in total who were spread in more than 22 countries, all participate in payment services provider.

Reliance on Digital Payments Increased During the Pandemic

Total inflow and outflow of remittances occurring at that country-level was the basis for weighing responses that are more representative in terms of blockchain use in payments. Surveyed companies were those that had revenue ranging from $500,000 to over $10 billion.

Ripple stated that the blockchain industry seems to be in its final phase of adoption when it compared the current results with those of 2019.

Although speed and business agility has been affected by COVID-19 pandemic, global reliance on digital experiences has been magnified to a greater measure as explained in the report:

Business interest in digital assets, when paired with blockchain technology for payments, has grown sharply as early adopters look to increase the speed in payment settlements.

Survey Reveals Majority of Blockchain Users are In Production

79% of participants made significant improvements in their services and products. They have entered unexplored markets according to the report. Additionally, 44% of respondents stated that innovation in payment technology was the most crucial as it had strong business last year. Reason being that customers of those companies expect them to continue innovating new and efficient payment modes.

The sector has now shifted from early adopters to early majority in terms of adoption as 34% of participants are leveraging blockchain for production use. 24% of the participants said that they anticipate to go for a pilot test and conduct a proof-of-concept within the coming two years as soon as they complete production.

Out of the 59% of respondents involved in the production or near production for payment solutions, ...

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