A Blockchain company, Ripple has published a study, in which it takes the market for digital payment service providers under the magnifying glass. The results are consistent with the direction of the company.By Phillip Horch
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Ripple has interviewed 1.035 executives of companies in the field of payment services and their assessment of the role of the Blockchain technology in the payment sector. According to the results of the Ripple study of the Blockchain-Payments sector is currently in an advanced phase of development.Ripple Report: breakthrough
is still in the Blockchain-payment service provider, according to a study last year in order to prove their value (Phase 1) and feasibility (Phase 2), it is now in the productive Phase. So Blockchain Payments Provider, from buildings, according to the Ripple study currently, business areas, by supporting in the production phase started (Phase 3) and trust and demand (Phase 4).
a breakthrough is imminent so: According to the in the Ripple Report explained "Flywheel Effect" will follow in the next Phase the "Go Live" (Phase 5), and the company's Boost by means of digital Assets (Phase 6).understanding promotes growth
As it says in the Ripple Report, worked almost all companies (97 per cent) to integrate Blockchain solutions, or you evaluate your possibilities. Overall, Ripple recognizes a growing understanding of the Blockchain technology, which coincides with an expansion of business opportunities together:
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The respondents see the possibility of doubling the cross-border payment transactions, both by enhancing existing services in new regions as well as in the introduction of new services in developed regions.
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particularly in the areas of digital payments for goods and services and payments of a higher order for the future to be here at the end of fields.competitive pressure promotes Blockchain-adaptation
a Total of identified a Ripple in the Blockchain-Payments-Report in addition, a growing competitive pressure in the Blockchain Business. This has a positive impact on the market: The growing competition is promoting finally, the Blockchain-adaptation.
To push these further forward, it is now up to the companies to gain the trust of the user. Here, too, the use of the technology could help:
The Top factor for a lack of customer trust in financial companies is a lack of transparency in products and costs.
The solution is, you guessed it, lies in the transparency of the Blockchain technology.Ripple identified regulation as a stumbling block
is The stumbling block that most of the people identify, even you like the idea, is lack of guidelines. A total of 35 percent of the companies interviewed say that the regulation in the area of digital payments is still uncertain. After all, 32 percent recognize here, however, improvement.
in the end, it is now up to the companies, digital payment providers, with Blockchain solutions for cross-border payment traffic to merge.