July 27, 2023

Over 90% of Global Finance Leaders Believe Blockchain To Have Remarkable Impact on Business within 3 Years

Blockchain

Blockchain

More than 90% of global finance leaders said that blockchain technology would remarkably impact their businesses and finance in the coming three years, according to a recent survey by Ripple. 

Ripple released the survey under the name “2023 New Value Report: Crypto Trends in Business & Beyond” as a way to help global enterprises and financial institutions “be able to identify, define and demystify primary topics, trends, and technologies to help pave the way forward for partners, customers and the industry at large. The report also shed light on the global finance leaders’ confidence in the crypto industry.

According to the survey, 72% of global finance leaders’ confidence in the crypto industry had increased over the past six years, compared to only 10%, whose confidence declined. While 17% of them showed that their confidence in the industry is still the same. 

More than 65% of global finance leaders’ confidence in using cryptocurrency solutions for their businesses has increased over the past 12 months. The participants said the cryptocurrency would have an impact in these sectors in the coming three years, which are digital banking/fintech, PSP or 3rd party aggregator technology, retail banking & commercial banking, and money transmitter or payment provider. 

Overall, Latin America (LATAM) is more bullish on enterprise and institutional use of crypto for business followed by the Middle East and North Africa (MENA), then North America (NA), Asia Pacific (APAC), and Europe, Middle East and Africa (EMEA).

Most decision-makers in this space are anticipating tokenized assets like CBDCs, stablecoins, NFTs, etc. to have meaningful impacts across business, finance, society, and specific use cases or industries. Compared to last year, respondents expect greater impact from CBDCs and stablecoins in less time. 

The survey mentioned that blockchain and crypto technology could offer enhanced data security and privacy, improved automation and speed, financial flexibility and availability, and the ability to tap into new revenue streams or market opportunities.

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