Blockchain could save financial institutions $10B by 2030: Ripple

Among the 300 finance professionals surveyed across 45 countries, the majority agreed that blockchain technology will play a vital role in quicker payment systems within the next few years. According to a whitepaper released by digital payment incumbent Ripple and the U.S. Faster Payments Council, the survey participants in different sectors – from banking, consumer technology, media, retail, to technology – came to the agreement, that the major benefit of cryptocurrency is its potential to significantly reduce payment costs.

Juniper Research expects that by 2025, implementing blockchain technology in global transactions will assist banks with substantial costs savings. The research further claimed that savings for financial institutions conducting cross-border transactions could exceed an anticipative $10 billion by 2030. Global payments figures are slated to rise in the coming years, with payments predictions projected to reach $156 trillion over the next ten years, under a 5% compound annual growth rate.

It seemed opinions however were split when discussing merchants prospects on to make digital currency payments acceptance in a short-term. While some seek optimism with predictions for an establishment of said proliferation in three or less years, financial professionals from the Middle East and African Geographic Regions showed the highest level of confidence for digital payments, recording 27%. Such confidence trailed from professionals in regions such as the Asia-Pacific Occupancy Areas, showing a smaller rate at 13%. On the same estimation a further collective 17% of the surveyed 300 also tend to believe that the such partability in merchants payment plans can happen in a year.

In adherence with the previously introduced prediction, statistic also allocated from the initial Bank International Settlement survey reported 86 surveyed central banks that could potentially introduce up to 24 utility based digital securities relays over the course of six years. Preference of 15 retail and 9 consolidated schemes come available in 10 years.

Robert Wilson author
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