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Cryptocurrencies are divided into various categories, and Ripple, a centralized corporate blockchain solution, is highly popular. Despite its centralized nature, which has led to its confrontation with the SEC, Ripple seems to offer significant advantages for XRP Coin in the long run. The company recently released its latest research report, and the results are intriguing.
The Future of Ripple
The results of a survey involving 300 system administrators from 45 countries were shared in a report published on July 29th in collaboration with the U.S. Faster Payments Council (FPC). The survey included participants from various sectors, including fintech and banking, representing different countries.
The survey emphasized that 97% of these administrators believe that blockchain technology will play a crucial role in facilitating faster payment systems within the next three years.
“Juniper Research supports this idea by indicating the potential of blockchain to significantly increase savings for financial institutions conducting cross-border transactions.”
Cost Savings with Blockchain
According to the survey, the potential savings for financial companies through blockchain could exceed $10 billion by 2030. Furthermore, a significant increase in global cross-border payment flows is expected by 2030. The report states that cross-border payment flows are projected to reach $156 trillion annually with a compound annual growth rate (CAGR) of 5%.
The report revealed a difference of opinion among the participating leaders. While most believe that crypto payments will be widely adopted within three years, there are others who hold different views. However, the majority consensus on the future of blockchain payment systems indicates a bright future for Ripple in the long term.
Ripple, aiming to increase its market share in early-stage blockchain-based payment services, has signed many significant agreements. It also assists central banks in this regard by forming partnerships with them. Regardless of cryptocurrency, expanding Ripple’s customer network in payment services is critical for its future public offering process.
The company’s future public offering raises questions about whether it will leave behind the XRP Coin due to the ongoing lawsuit. In previous statements about future plans, there were mentions of smart contract capabilities for XRPL, and if implemented, Ripple can further integrate with its native token.
