Ripple: Businesses Adopting Blockchain Technology Grew

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The Blockchain in Payments report, released for the third time this year by Ripple, shared a few interesting details about the global adoption of digital assets. According to the report, businesses that adopt the blockchain-based payment system earlier are more likely to see forward growth.

According to the information announced in the report, despite the ongoing global epidemic, 79% of businesses announced that they have grown this year. 44% of this rate states that the success in their growth is the innovation in payment technologies. The innovation addressed by the report is undoubtedly blockchain technology.

According to the report, there are four key benefits that drive blockchain adoption:

  1. Improved data quality
  2. Increased data security
  3. Cost savings
  4. Work safety

ripple-2020-blockchain

While some businesses report growth as the biggest profit, more mature markets, especially, cite cost savings and data transparency as the most important advantages in blockchain adoption.

In addition to the information provided, several graphics were also shared with the report. The chart above, which is one of these, shows the distribution of this adoption by business types and regions. Accordingly, while Payment Service Providers adopt the blockchain with a rate of 64%, this adoption is mostly experienced in Asia-Pacific, North America and Europe regions with a rate of 60%.

Ripple-2020-Blockchain

In another chart published, 98% of businesses that adopt blockchain also use this technology for non-payment transactions. Based on the table, Supply Chain Management is currently the leader with a rate of 62%.

The volatility of Bitcoin and Ethereum also entered the report

In the report shared by Ripple, the obstacles to the adoption of the blockchain method were also pointed out. Accordingly, respondents are most dissatisfied with the lack of regulation and clarity in payment technology. The report also notes that the price fluctuations experienced by the top two cryptocurrencies this year – Bitcoin (BTC) and Ether (ETH) – are impacting participants’ perception of volatility in the market and their investment. In the light of the data presented in the report, the most important point to be reached is: Companies that integrate Bockchain technology into the payment system early, are eating the fruit of these actions, albeit late.

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