On October 15, 2020, Ripple published its third annual Blockchain in Payments Report, a document designed to provide a “comprehensive” look at the fintech industry and blockchain’s increasing role in payments.
Initially launched in 2012, Ripple is a gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc. The 2020 edition of Ripple’s report had some surprisingly positive findings on digital asset adoption, given the current macroeconomic climate.
Despite the ongoing coronavirus pandemic, the report found that early blockchain adopters reported nearly twice as much business growth over other respondents in the last year. The report covered a lot of ground but mainly focused on three trends.
Ripple on Key Trends
First, that blockchain proof of concepts are increasingly a thing of the past, and payment solutions are starting to scale,
“today, blockchain initiatives are leapfrogging into production, moving swiftly along the adoption curve towards the late majority phase.”
Second, digital assets are increasingly being considered for facilitating payments, particularly when paired with blockchain or distributed ledger technology (DLT).
The report found that almost across the board, the sentiment is open to more digital asset types — including bitcoin, stablecoins, and even central bank digital currency.
“Speed for both domestic and cross-border payments remains a key strength cited by the majority of markets.”
And finally, industry innovators are achieving major growth, even amid COVID-19. Despite uncertain economic conditions,
“79% of surveyed businesses reported growth in 2020, with 44% stating that innovation in payment technology is a key growth driver.”
This growth was reportedly fueled by an expansion of products and services and innovation in payment technology.
Looking to the Future
The COVID-19 pandemic may be causing significant economic pain, but according to this research, it’s also triggering a positive change in the global payments industry. What Ripple’s report makes clear is that blockchain is moving from the exotic category toward becoming a mature, battle-tested technology.
Despite these bullish findings, the report also noted that plenty of challenges remain — primary among them, lack of regulatory clarity, implementation costs, and security.
To read the full report, click here.
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