As the popular saying “seeing is believing” suggests, visual evidence matters.
In the case of blockchain and crypto, we’ve created the below infographic of our findings from the New Value report to visually conceptualize the financial industry’s strong belief in and experience with this technology.
Distilled from Ripple’s recent New Value report, research highlights that 75% of our survey respondents at global financial institutions think that blockchain will have a massive or significant impact on business within the next five years. Leaders from Latin America and Asia Pacific lead the charge with more than 80% of respondents in each region voicing this sentiment.
This is a remarkable consensus given the traditionally conservative nature of the financial industry and that blockchain technology is still a fairly new technology. Much of this enthusiasm is rooted in the technology’s ability to change the way we think about and move value—efficiently, reliably, and cost-effectively.
Blockchains enable the immutable recording of ownership and transactions, and broad, real-time visibility into this. Although widely understood as the technology powering cryptocurrencies, this technology has broader applications, and it is catalyzing change across industries like real estate, supply chain, and financial services that are all looking to modernize.
We’ve seen firsthand that one of crypto and blockchain’s most powerful use cases is for payments. Seven out of ten survey respondents agreed, noting their interest in using blockchain for payments and citing a litany of resulting benefits: market expansion, new revenue streams, real-time settlement, payment transparency and improved data quality.
Ripple’s cross-border payments solution is custom-designed for this purpose—improving slow, expensive and, at times, opaque international transactions to make them real-time, transparent payments at a fraction of the cost compared to traditional payment rails. It also allows businesses to free up working capital by eliminating pre-funding requirements in destination markets.
The benefits of crypto are not only limited to payments. This new infographic also showcases the growing interest and demand from individuals and businesses that want to hold crypto, create new connections with retailers that accept crypto, buy crypto from their banks, or use it to send money to friends or family.
This trend has increased demand on companies to source, hold and trade crypto on behalf of their customers. Critical to maximizing these functions is having an enterprise-level liquidity provider.
Ripple Liquidity Hub is a turnkey solution that allows organizations to source a wide range of digital assets at optimized prices. It leverages smart order routing to provide real-time purchases across an exceptional breadth of digital assets, eliminates pre-funding to free up working capital, while meeting high-security standards—all in an easy-to-use platform available through a streamlined API.
Of course, the excitement surrounding blockchain is not limited to these use cases. There have also been, for example, recent popularity in non-fungible tokens (NFTs) and decentralized finance (DeFi) applications, both of which will engage new and existing customers.
Regardless of the region, the application or the technology, this infographic conveys the enormous anticipation and excitement surrounding blockchain. We at Ripple are eager to continue shaping and guiding this transformation.
Join us today on our journey towards the Internet of Value.
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