The Mass adoption of cryptocurrencies
The global financial organization is preparing to incorporate digital assets into the daily economic transactions, as was said at the Ripple’s Swell conference 2018, which was a success and featured many industry leaders from around the world. There were discussions about cryptocurrencies and the Blockchain industry. How it will function in society and its implications for modern day business finance.
The conference started and opened with a few keynote speakers were former U.S. president Bill Clinton, after giving a speech about the potentials of the Blockchain technology. Clinton also warned lawmakers about access to regulatory involvement as bad for innovation and growth throughout the economy.
The company Ripple has also now launched the xRapid payments system solution in order to facilitate instant transactions with low fees and cross-border payments cost using the XRP cryptocurrency. Yesterday on the 2de of October at the Swell conference Ripple revealed their first Blockchain payment Report. Some of the highlights from the keynote were that the Blockchain technology is on the verge of mass adoption in the coming years.
Blockchain in the mainstream markets
In the report at the conference, there were also talks of global financial organizations that are preparing to incorporate digital assets into the current payment system. The Chief Market Strategist Cory Johnson at Ripple said, that there is not a lot of money that is at stake for the company. Johnson at a discussion panel named “Survey Says” involving analyzed proprietary research into payments trends. This will lead to the mass adoption of Blockchain and digital assets in financial services that was needed in order to create a more effective and efficient economy.
He also added that:
“What we’re really seeing is we are right on the cusp of massive adoption based on our survey results. We talk to people who are making decisions about what they’re going to do, who are really actively looking at this technology. And the mass adoption that is a head – we’re right on the cusp of that right now.”
Johnson went on to further highlight the changes that this new dynamic financial technology will be brought to the global markets, explaining that:
“The world is used to getting things, right now, on-demand. They aren’t waiting for anything. “He continued, When we look at Blockchain technology and the solutions it is offering to in cross-border payments, we have an opportunity to address their needs. “
A co-presenter and senior analyst of Corporate Banking at the Celent Alenka Grealish, said that there are currently more than 700 payment professionals that are across various different industries. Most of these 22 countries are now measuing the impact of Blockchain technology adoption. Alenka later stated that the people are very motivated to change the way money moves and works, as we reach a to a bigger part of the financial system.
She later went on to say:
“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 changes are starting to dominate – to tip the scale in the direction of change.”
Keynote round ups and summary
The Ripple Swell conference brought great news and information on the future of money, and the implementation of the Blockchain technology to the financial system. There are alot of individuals that are extremely positive and motivated about the developments in digital assets and cryptocurrencies, which was around 75% of respondents.
More blockchain startups are nearing the production of online industrial size businesses which is around 18%. Approximately 45% of respondents say they are in prodution, pilot or Blockchain providers phase of the business. Of all the attendees 85% were using the Blockchain in production phase while 90% were quickly moving to the production phase. Everyone is extremely excited about the use cases of digital assets as a means of wealth , value transfer, transparency and financial inclusion.
What is yourt opionon on the deveoopments that where shown at the Ripple Swell conference? Please feel free to leave a comment down below.