Allgemein

$10 Billion Saved: Ripple Study Finds Blockchain-Based Savings for Institutions

• Ripple’s study has found that institutions could save roughly $10 billion by 2030 with the use of blockchain technology.
• The survey polled 300 leaders in the payments industry across 45 countries, and 97% believe that blockchain and cryptocurrency will have a significant role within the next 3 years.
• Middle East and African leaders are especially optimistic about crypto-enabled payment solutions such as mobile payments and central bank digital currencies (CBDCs).

Ripple Study Finds Savings Opportunity for Institutions

A new study conducted by payments firm Ripple in collaboration with US Faster Payments Council reveals that financial institutions could save large amounts of money by transitioning to blockchain-based rails. According to the report, using crypto assets on blockchains is about 80% cheaper than traditional methods, faster, and more transparent. Surveyed respondents estimated that institutions could save roughly $10 billion by 2030 just from this switch.

Survey Results

The survey polled 300 leaders in the payments industry across 45 countries, revealing that 97% of them believe that blockchain technology and cryptocurrency will have a significant or very significant role in enabling faster payments within the next three years. Furthermore, respondents from Middle East and African markets showed optimism for crypto-enabled payment solutions such as mobile payments and central bank digital currencies (CBDCs).

Benefits of Blockchain Technology

The main benefit of using blockchain technology is its cost savings – it can be up to 80% cheaper than traditional financial rails. It also provides faster processing times and more transparency throughout the transaction process because there is more information available concerning it.

Merchant Adoption

According to the report, over 50% of surveyed leaders believe that most merchants will accept crypto payments within one to three years, with 27% saying they think this threshold will be crossed within one year – particularly among Middle Eastern and African respondents who see an opportunity for broader financial access through these solutions.

Conclusion

By utilizing blockchain technology for their systems, financial institutions can take advantage of cost savings estimated at $10 billion by 2030 due to fast, reliable, and transparent payment settlements enabled by this nascent technology. This would also open up opportunities for increased merchant adoption which could further increase access to global cross-border payment flows expected to reach $156 trillion driven by a 5% compound annual growth rate.