In recent years, blockchain technology has garnered substantial recognition as a crucial and innovative technological advancement. Although it initially encountered obstacles related to adoption and recognition, its image has gradually evolved over time.
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Many companies and government institutions are now showing growing interest in exploring blockchain technology for a wide range of purposes. In one of the recent reports, Ripple highlighted that blockchain technology has the potential to save financial institutions around $10 billion in cross-border payment costs by 2030.
Ripple report says blockchain can make faster payments
The report by Ripple was published in collaboration with the United States Faster Payments Council (FPC). Published on July 29, the report collected data from over 300 finance professionals that span across 45 countries.
According to the report, 97% of the participants hold the firm belief that blockchain will aid in facilitating faster payments in the next three years. Moreover, more than half of the participants expressed agreement with the notion that the most significant advantage of cryptocurrency lies in its potential to reduce costs.
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The report also includes predictions from an analysis firm, Juniper Research. The analysis states that blockchain will help cut costs for financial firms by 2030.
“Juniper Research supports this notion, pointing to blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions — an estimated $10 billion by 2030.”
Among the respondents surveyed, 50% were confident that the majority of merchants would adopt cryptocurrency payments within the next three years. However, there were differing levels of confidence regarding whether this adoption would occur within the next year.
