Global leaders in crypto-blockchain solutions, Ripple posted a video, which shows members of their executive team, including CEO Brad Garlinghouse, predicting the impact of blockchain technology and digital assets in the last decade. The video sheds light on various aspects like the future of crypto markets and the role of traditional financial institutions in the coming years.
When asked what does he thinks would be the trends for the next decade, Garlinghouse stated that they will see consolidation at large and that the world doesn’t need 3000+ different cryptocurrencies. He also added that utility would drive the markets, which on the whole, will move towards quality from quantity.
Chief Technology Officer of Ripple, David Schwartz said,
“But I think we’re going see more growth of blockchain into different use cases. I think the focus is going to be on, can you solve an actual problem? Not do you have a solution that someone might be able to use for something, but do you have something that can solve an actual problem.”
The video also gave an insight into the possible moves traditional banks could make in the crypto-blockchain industry. Breanne Madigan, VP, Global Institutional Markets, said that banks could be more aggressive in their approach than what they have been in the last year or so. She stated that banks will not only use blockchain technology for improving the efficiency of trade settlements or reducing processing costs but will also look towards using digital assets, building sales, and trading desks, building custody platforms.
These insights, coming from an established and one of the most credible names in the industry, show positive signs for the industry. Ripple itself has over 200 clients using its blockchain-based payment services, most of whom are banks and other financial institutions. Once traditional players step up their game, nothing will stop the industry from demonstrating a robust growth, not only in terms of quantity but also quality.