Ripple’s Value Report on Enterprise Crypto and Blockchain highlights NFT, blockchain, and CBDC utility within business settings.
According to the report, 76% of the surveyed financial institutions intend to use crypto in the next three-years. Ripple’s report highlights trends regarding the adoption and use of emerging technologies such as crypto and Blockchain within financial institutions and enterprises.
Both financial institutions as well as enterprises are beginning to see the value of internal cryptocurrency usage. According to 42% of financial institutions, and 41% of businesses, the most common reason for internal crypto usage is that it allows more people to access financial services.
The survey revealed that portfolio management and payments are the most important additions to an enterprise’s world. Portfolio management can be described as asset appreciation, hedging against inflation and hedging against other asset types. Participants stated that blockchain and crypto use for payments has two main benefits: data security and quality.
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However, this technology is still a new one and large institutions are finding it difficult to adopt. According to the report, both financial institutions and enterprises find that understanding is the greatest challenge.
The report did however stress that potential users are hesitant about using the industry because of the slow moving regulations. As officials try to keep up with the rapid-changing crypto scene, regulations from all over the world are constantly changing.
Recent scrutiny by the U.S. Congress was given to regulators in the United States for “non-judicial” actions against crypto companies. The Securities and Exchange Commission is currently implementing crypto regulations that will be beneficial to one of the most active areas of the industry.
Despite the setbacks in cryptoed and murky regulations the report still reveals global institutions’ active interest in central banks digital currencies (CBDCs). 34% of institutions surveyed believe CBDCs will accelerate digitization and provide greater access to credit for consumers, businesses, and other users.
The report examined regional interest in non-fungible tokens (NFTs) based on functional vs. emotional benefits. Respondents from the Asia-Pacific region were three-times more likely to buy an NFT for sentimental and emotional reasons than other reasons. Music-related NFTs were the most popular of all the NFT types. 55% of respondents said that music-related NFTs are the most interesting.
Sustainability was also evaluated, as it is still a hot topic within and outside the industry. Ripple data shows that 75% of consumers surveyed prefer to purchase sustainable cryptocurrencies. Over 20% of respondents claim that they will only buy “sustainable” cryptocurrency.
