According to recent statistics, 97% of 300 finance-related experts polled from 45 countries thought blockchain is going to have a critical role in quicker processing of payments in the coming three years.
Ripple Publishes Survey on Blockchain Technology
Based on a report released on July 29 by digital payment network Ripple in partnership with the US Faster Payments Council (FPC), blockchain technology offers the ability to save banks and other financial organizations $10 billion in cross-border payment expenses by 2030.
Experts from 45 Countries Participated in the Survey
Notably, the report polled experts in finance from 45 countries, representing industries ranging from fintech, banking, media, consumer technology, and retail. More than fifty percent of the people polled thought that a significant benefit of cryptocurrencies is the potential cost savings in cross-border payments, which is expected to grow rapidly.
The report reads: “Global cross-border payment flows are expected to reach $156 trillion — driven by a 5% compound annual growth rate (CAGR).”
Blockchain to Save $10B by 2030
As per the report, fintech analyst company 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.”
However, there has been divergence among experts regarding whether a significant percentage of traders are going to accept digital currency payments or not.
Middle East and Africa are More Optimistic
While participants from the Middle East and Africa were the most optimistic, with 27% believing the majority of merchants will accept cryptocurrency as a form of payment within the next year, officials in the Asia-Pacific (APAC) region seemed primarily pessimistic, with only 13% expecting within that duration.
Meanwhile, Several companies and nations are attempting to educate newcomers and blockchain corporations in order to further develop blockchain technology nation-wide. Even China, which formerly outlawed cryptocurrency and imprisoned anyone caught trading, is now considered one of the many up-to-date countries to witness the advancements of technology. China has even proposed creating a national blockchain standard.