The year 2017 has been pretty positive for Ripple as a whole so far. Things have evolved in the right direction for the company, to say the very least. During the recent Swell conference, a lot of interesting topics were touched upon. There are some key elements to take away from this event as well. It is evident there is a very bright future ahead for the company and its native XRP asset.

One thing to take into account is how a lot of banks have yet to integrate Ripple. A lot of banks struggle with payments and all associated aspects of these financial movements. Tracking payments and speeding up settlement have been problematic for virtually all major institutions. Solving these problems will not occur overnight. Using Ripple would certainly help move matters along, though. Banks remain slightly behind on this front, although things are progressing nicely.

Business is Picking up for Ripple

Competition in this space is certainly heating up. Consumers like PayPal because of how the money is transferred so quickly. An enterprise blockchain network can easily rival with this company, though. That is, assuming the solution is integrated by banks in due time. RippleNet is a feature a lot of banks actively keep an eye on as we speak. However, they are slow to hook into this API for some unknown reason.

Moreover, there are over 65 providers in the payment service industry right now. That is quite a substantial number, to say the very least. All companies are taking their cut at the cost of banks. Ripple aims to become the bridge for all parties to benefit from in the future. That is much easier said than done, though. Consumers are taking back financial control is many different ways. It is evident collaboration is of the utmost importance right now.

Last but not least, the blockchain market is still struggling. The nascent industry direly needs more commercial applications. RippleNet is one of those applications which successfully gained traction as of late. Around three in four of their members have deployed commercially already. An interesting trend to keep an eye on, that much is certain. There is a bright future ahead for the companies capable of providing blockchain services.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

Get the latest Bitcoin News on The Bitcoin News
Our Social Networks:
Facebook Instagram Pinterest Reddit Telegram Twitter Youtube