During Ripple’s Swell conference, Ripple showed a report named ‘Blockchain in Payments’. The report discusses the critical mass adopting blockchain based payments for this year. Several organisations were anticipating this conference and more specifically integrating virtual assets into cross-border payments flows.

The Boston Consulting Group collected data which showed that the number of cross-border payments in the global markets was worth around $27 trillion. The data continued to show that this number could grow by another $20 trillion between this year and 2026.

Ripple’s Chief Market Strategist, Cory Johnson has spoken on the matter and about the changes in the dynamics of the market:

“There was a lot of money put at stake. The world is used to getting things, right now, on-demand. They aren’t waiting for anything.”

Johnson believes that the solutions provided by blockchain technology were like an opportunity for Ripple to address the needs of organisations and people from all around the world.

Blockchain technology and the virtual asset industry have the potential to modernise international payments. This could also ensure that money transactions across international borders could be smooth, reliable and most importantly,

A few questions were still left unanswered though. The Senior Analyst for Corporate Banking at Clent, Alenka Grealish covered a few specific parts of the report. According to Grealish, 700 global payments professionals across several unique industries and 22 countries were addressing questions regarding the scope of blockchain adoption and the overall benefits that blockchain technology holds.

“When you envision the scale with the status quo on one side and the forces of change on the other, we see that the status quo weighs heavy, but the forces of change are starting to dominate — to tip the scale in the direction of change”

The report also mentions that around 75% of the respondents said that they were interested in adopting the virtual assets as their general currency. This was with reference to the mass adoption of blockchain technology, about 45% of the individuals who were questions that they were either in production or close to closing a deal with a provider of blockchain.

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