As the popular saying “seeing is believing” suggests, visual evidence is important.
Regarding blockchain and crypto, we have created the infographic below of our findings from the New Value report to visually conceptualize the financial industry’s strong belief in and experience with this technology.
Impact on the business
Distilled from Ripple’s recent New Value report, research highlights that 75% of our respondents at global financial institutions believe that blockchain will have a massive or significant impact on their business over the next five years. Leaders from Latin America and Asia Pacific lead the accusation with more than 80% of respondents in each region expressing 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 technology’s ability to change the way we think and move value – efficiently, reliably and cost-effectively.
Blockchains enable unchanging registration of ownership and transactions, and broad insight into this in real time. Although widely understood as the technology that drives cryptocurrencies, this technology has broader applications, and it catalyzes change across industries such as real estate, supply chain and financial services that everyone wants to modernize.
Provides faster, cheaper payments
We have seen on our own that one of the crypto and blockchain’s most powerful uses is for payments. Seven out of ten respondents in the survey agreed, noting their interest in using blockchain for payments and mentioning a number of resulting benefits: market expansion, new revenue streams, real-time settlement, payment transparency and improved data quality.
Ripple’s cross-border payment solution is specially designed for this purpose – enhancing slow, expensive and sometimes opaque international transactions to make them real-time transparent at a fraction of the cost compared to traditional payment rails. It also allows companies to free up working capital by eliminating pre-financing requirements in destination markets.
Enterprise Crypto Liquidity Needs
The benefits of crypto are not just limited to payments. This new infographic also shows the growing interest and demand from individuals and companies who want to keep crypto, create new connections with merchants who accept crypto, buy crypto from their banks, or use it to send money to friends or family.
This trend has increased the demand for companies to acquire, hold and trade crypto on behalf of their customers. Critical to maximizing these features is having a business-level liquidity provider.
Ripple Liquidity Hub is a turnkey solution that allows organizations to purchase a wide range of digital assets at optimized prices. It leverages smart order routing to deliver real-time purchases across an exceptional breadth of digital assets, eliminating pre-financing to free up working capital, while meeting high security standards – all in a user-friendly platform accessible through a streamlined API.
The tension around blockchain is of course not limited to these uses. There has also been, for example, recent popularity in non-fungible tokens (NFTs) and decentralized financial applications (DeFi), both of which will engage new and existing customers.
Regardless of region, application or technology, this infographic conveys the enormous expectation and excitement surrounding blockchain. We at Ripple are eager to continue to shape and guide this transformation.
Join us today on our journey towards the value of the Internet.
