Ripple’s annual conference, Swell 2018, has brought together industry leaders in the domain of blockchain and cryptocurrency. The keynote speech delivered by former US President Bill Clinton talked about the future potential of the technology. Furthermore, he urged lawmakers to not cease innovation with useless regulations.
Ripple also launched its long-awaited xRapid payments solution. xRapid makes overseas cross-border payments seamless, instant and transparent. Most noteworthy, it makes use of Ripple’s XRP cryptocurrency token, making the transactions cheap and efficient.
On the second day of the Swell Conference 2018, Ripple showcased their Blockchain in Payments Report. The report focused on the growing interest of companies and financial institutions to adopt blockchain-based payments. Furthermore, the companies are also intrigued about using digital assets and cryptocurrencies as a base/alternate method of making transactions in today’s modern payment flow.
What does the report say?
Cory Johnson, Chief Market Strategist at Ripple, also said that “there’s a lot of money at stake“. The report takes in the data of a survey conducted with 700 firms professionals in the field of payment, from over 22 countries. Furthermore, it notes that 45% of those firms are already in the process of integrating the blockchain-based payment solutions into their existing ecosystem.
Johnson further stated this. “What we’re really seeing is we are right on the cusp of massive adoption based on our survey results. We talk to people who are making decisions about what they’re going to do, who are really actively looking at this technology. And this mass adoption, the tipping point for this mass adoption – we’re right on the cusp of that right now.”
The company stated that 75% of the responses were extremely positive concluding an upheaval in today’s financial sector. Furthermore, the report urges that “tipping point” of the adoption of these technologies, is fast approaching. Moreover, over 18% of these firms are already towards the end of completing their own blockchain-based payment solution.