Ripple's third annual payments blockchain report 2020 reveals that four out of five companies grew in 2020


The third annual report of Ripple, «Blockchain in Payment Report 2020: From Adoption to Growth“Reveals that four in five blockchain-based payment companies have reported growth in 2020, even amid COVID-19.

The report, released Thursday October 15, says that nearly four in five (79%) of businesses reported growth in 2020, with 44% citing innovation in payments technology as a key driver of growth. In the past 12 months, early blockchain users reported nearly twice the business growth of other respondents.

The survey was conducted in August and September 2020. The report analyzes data from 854 respondents in 22 countries who are directly involved with payment services in their organization.

The report's key findings say that the majority of respondents are adopting blockchain for production use. 59% of respondents in production or close to production for use cases related to blockchain-based payments. 44% of those surveyed in production have registered strong commercial growth in the last 12 months. 45% of the survey participants who were processing digital transactions saw huge growth.

Interest in using digital assets for faster cross-border payments has increased dramatically, as 99% of respondents said they would consider using a digital asset, either as a currency in its own right or as a means to instantly process cross-border payments. This trend is higher than 94% in 2018.

Other findings reveal that 98% of the surveyed companies are also implementing blockchain technology for non-payment use cases. "Of these, supply chain management is the most common (62% in production), followed closely by trade finance (51% in production)," the report reads.

In a publication from blog, Ripple said:

“Clearly, the global pandemic has resulted in payment service providers rethinking their business and operating models and adapting to the new digital world to survive. Survival includes preserving liquidity. Blockchain technology is being increasingly adopted in emerging markets and the availability of liquidity is one of the underlying reasons. Additionally, in a world with strict public health and social distancing guidelines, providers can leverage digital assets to deliver a now-needed contactless experience.

Other key contributors to the success of blockchain are a variety of blockchain technology providers that facilitate implementation through APIs, hosted services, and standardization. Seeing the rise of blockchain-powered businesses, lawmakers around the world are now talking more and more about the benefits of technology and digital assets.

Ripple concluded by saying:

“What the Blockchain in Payments 2020 report makes very clear is that blockchain is no longer an exotic emerging technology. It is a mature technology that is being battle tested and continues to advance, both in terms of use cases and adoption. And if 2020 is any indication, blockchain will play an increasingly vital role in payments for years to come.

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