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According to recent statistics, 97% of 300 finance-related experts polled from 45 countries thought blockchain is going to have a critical role in quicker processing of payments in the coming three years. 
<h2 id="span-style-font-weight-400-ripple-publishes-survey-on-blockchain-technology-span">Ripple Publishes Survey on Blockchain Technology</h2> 
Based on a <a href="https://ripple.com/reports/Blockchain_and_Crypto_in_Payments.pdf" rel="noopener noreferrer nofollow">report</a> released on July 29 by digital payment network <a href="https://twitter.com/Ripple/status/1685070155766792193?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1685070155766792193%7Ctwgr%5Ecd1807fe4a838dd68528df02234938bd0d120183%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fblockchain-financial-institutions-2030-ripple" rel="noopener noreferrer nofollow">Ripple</a> in partnership with the US Faster Payments Council (FPC), blockchain technology offers the ability to save banks and other financial organizations $10 billion in cross-border payment expenses by 2030. 
<h3 id="span-style-font-weight-400-experts-from-45-countries-participated-in-the-survey-span">Experts from 45 Countries Participated in the Survey</h3> 
Notably, the report polled experts in finance from 45 countries, representing industries ranging from fintech, banking, media, consumer technology, and retail. More than fifty percent of the people polled thought that a significant benefit of cryptocurrencies is the potential cost savings in cross-border payments, which is expected to grow rapidly.&nbsp; 
The report reads: “Global cross-border payment flows are expected to reach $156 trillion — driven by a 5% compound annual growth rate (CAGR).” 
<h2 id="span-style-font-weight-400-blockchain-to-save-10b-by-2030-span">Blockchain to Save $10B by 2030</h2> 
As per the report, fintech analyst company Juniper Research “supports this notion, pointing to blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions — an estimated $10 billion by 2030.” 
However, there has been divergence among experts regarding whether a significant percentage of traders are going to accept digital currency payments or not.&nbsp; 
<h3 id="span-style-font-weight-400-middle-east-and-africa-are-more-optimistic-span">Middle East and Africa are More Optimistic</h3> 
While participants from the Middle East and Africa were the most optimistic, with 27% believing the majority of merchants will accept cryptocurrency as a form of payment within the next year, officials in the Asia-Pacific (APAC) region seemed primarily pessimistic, with only 13% expecting within that duration. 
Meanwhile, Several companies and nations are attempting to <a href="https://thecoinrise.com/chinas-new-blockchain-center-to-train-500k-specialists/" rel="noopener noreferrer nofollow">educate newcomers and blockchain corporations</a> in order to further develop blockchain technology nation-wide. Even China, which formerly <a href="https://thecoinrise.com/china-plans-to-bring-laws-to-convict-crypto-activities/" rel="noopener noreferrer nofollow">outlawed cryptocurrency and imprisoned</a> anyone caught trading, is now considered one of the many up-to-date countries to witness the advancements of technology. China has even proposed creating <a href="https://thecoinrise.com/china-plans-to-bring-national-blockchain-standard-in-2022/" rel="noopener noreferrer nofollow">a national blockchain standard</a>. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/blockchain-can-save-institutions-10b-by-2030-ripple-survey/">Blockchain can Save Institutions $10B by 2030: Ripple Survey</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Blockchain can Save Institutions $10B by 2030: Ripple Survey

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