Why according to Ripple, Blockchain is capable of changing the world?

Blockchain technology has turned out to be a breakthrough in existing technology, Ripple report has similar views

US-based RTGS payment protocol technology company, Ripple is here with its all-new report about blockchain and cryptocurrencies. The report has been given the title as 2022 New Value Report that details Crypto trends in business and beyond. Ripple team has curated information and insights from the blockchain and crypto space to form the report that helps to understand the concept on which the financial industry has strong beliefs. 

In the New Value Report of Ripple, the research shows that out of all the respondents from the survey organized at global financial institutions, about 75% of them think that in the next five years or so, there will be a massive impact of blockchain technology all over the business space. About 80% of these respondents agreeing to the adoption of blockchain consists of leaders from the Asia Pacific and Latin America who responded with similar opinions. 

As per Ripple’s team, this data is sufficient to tell that despite the financial industry’s traditionally conservative and closed nature, blockchain technology has successfully taken its place even being a new technology. The report stated that this enthusiasm from the community has a larger portion that believes in the ability of this technology that could change the way of thinking and make moves in terms of value more efficiently, cost-effectively, and with reliability. 

Undoubtedly, it’s the blockchains that have enabled the ownership and transactions’ immutable recording and broadly, added real-time visibility on top of this feature. However, it’s a general notion that blockchain is the technology that powers cryptocurrencies and related operations. 

But it is needed to understand that blockchain technology is not confined to cryptocurrencies only, rather it has much broader applications. It has the ability to bring enormous changes across the industries including real estate, supply chain, financial services, etc, all those sectors that are looking towards modernization, as per Ripple. 

Take for instance one of the most powerful selling points of blockchain technology and cryptocurrencies in that sense, is their seamless and smooth payment experience. As per Ripple’s survey, 70% of respondents agreed to this while noting that their interest in the use of blockchain is majorly for payments. While saying so, they cited its use cases in terms of market expansion, real-time settlement, new revenue streams, improved data quality, transparency and privacy during transactions, etc. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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