Why the Blockchain Industry Will Explode in the Next Months
United States – Ripple’s XRP has received tons of positive results in the blockchain industry. This digital asset has earned from $500,000 to more than $10 billion, pushing Ripple to its final adoption phase. Since the global economy has been affected by the COVID-10 pandemic, more people relied on digital assets, and the company earned more business interests.
XRP’s connection with the blockchain technology allowed many people from different parts of the world experienced an increased speed in payment settlements. Its popularity has grown sharply since almost everything has to be done online. Also, Ripple revealed that its payment services had been spread to over 22 countries.
A report claimed that 79% of participants had shown increased growth after using Ripple’s XRP to improve their services and products and enter an unexplored market. However, many customers still expect Ripple to create more innovations in payment technologies.
Another factor that Ripple revealed is XRP’s diversification in most companies’ user cases through the blockchain technology. According to Ripple, almost 98% of participants that use XRP and blockchain have deployed technology for commerce, supply chain management, and finance. Therefore, it is not surprising to know that 99% of participants use XRP digital assets as a medium of exchange or process payments.
The XRP and blockchain industry will surely explode in the next months since it is way faster than other cross-border transaction providers. According to critics, many participants prefer using blockchain technology, specifically Ripple’s XRP, for its instantaneous transfers using the On-Demand Liquidity. This advantage provides the most crucial benefit for respondent companies, along with the reliability and cost.
Across the five global regions, especially Europe, North America, Latin America, and the Asia Pacific, the familiarity with the blockchain industry ranges from a whopping 82% up to 94%. These positive numbers continue to grow since more companies get interested in cryptocurrencies. Nowadays, many business people and institutions adopted blockchain technology to achieve higher reliability levels, improved data transparency, increased payment speed, and long-term operational costs.
Many participants discussed the lack of regulatory clarity and the required investment to improve technology regarding blockchain adoption’s obstacles. However, since more markets recognize the responsible usage of digital assets and blockchain technologies, the industry can still unleash the global economy’s tremendous potential. Without a doubt, Ripple’s XRP can indeed drive greater economic growth and financial inclusion for the next years.