The cryptocurrency market has been rife with several developments from different cryptocurrency organization and Ripple, the parent company of the world’s third-largest cryptocurrency XRP has not been left far behind. The organization known for its keen focus on the remittance market has made waves in the industry with the release of its latest ‘Payments in Blockchain’ report that spoke about the various factors for blockchain technology to take flight rapidly.
Ripple based the entire report on the Flywheel effect, a phenomenon that adhered to the principle that the impact of technology is what propels it towards mainstream adoption. The company further elucidated on two critical elements for solidifying blockchain technology as a mainstay: trust and attractive economics. The company’s release stated:
“The mainstream adoption of blockchain is further dependent on building trust among both end customers and global payments service providers. It takes time to develop and maintain confidence across these critical paths, like those in payments.”
Ripple CEO Keeps Hitting the Deck Hard
Brad Garlinghouse, the Chief Executive Officer [CEO] of Ripple, has stated multiple times over the course of the past couple of years that security is of paramount importance to the company. That value was also represented in Ripple’s latest report, which talked about how trust is built upon a foundation of security with three main pillars. These pillars were reliability, transparency, and positive customer experience.
The Payments report added:
“For survey respondents, security ranks first in terms of blockchain’s operational benefits, slightly ahead of transparency. Security includes fraud mitigation, hacking prevention and robust compliance. In particular, early adopters and digital-first payment service providers value security more than others, including late adopters and providers with less than 25% of their business being digital.”
Another critical factor for the success of blockchain technology was obviously its revenue generation capabilities. Although blockchain technology is relatively new, Ripple has been very clear cut in stating that as long as the economics is not feasible, the industry will continue to be impaired.
Thankfully the company reported that 41 percent of all respondents saw blockchain as a gateway for providing greater market access with the added bonus of expanding to uncharted geographical locations.
The respondents in the research did not hold back in suggesting that regulatory decisions contributed to clouding the appeal of blockchain technology. To be precise, 35 percent of the sample space stated that regulations were too uncertain, while 32 percent believed that stringent rules imposed by organizations such as the CFTC and SEC were prohibitive.
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