From Central Bank Digital Currencies (CBDCs) to Non-Fungible Tokens (NFTs), the majority of Ripple’s aspirations for the cryptocurrency sector this year entail its use for real-world utility.
The blockchain services firm anticipates that financial institutions will speed up their long-term adoption of cryptocurrency solutions despite the current bear market. This is due to the potential benefits that these solutions provide in terms of increased efficiency, transparency, and speed.
Greater utility also lies at the root of continued institutional adoption of crypto and blockchain.Ripple
Other things Ripple expects to see in the industry this year
A broad movement in the marketplace away from extremely speculative enterprises and toward companies that harness crypto technology to solve real-world issues and fulfill unmet consumer requirements is something else that Ripple anticipates happening in the cryptocurrency sector this year.
The business predicts that additional non-eurozone European governments would launch CBDC pilot programs in 2023 as a result of the potential for CBDCs to magnify the function of central banks and enhance financial inclusion.
Ripple also forecasts that big non-governmental organizations (NGOs) will start to include cryptocurrency in their programs in the near future in order to improve their ability to assist those who are financially vulnerable, such as refugees and those who have been displaced from their homes.
This is due to the fact that cryptocurrency can serve as a method for cross-border payments even when conventional pathways are either compromised or ineffective. The company added that the real-world value of cryptocurrency also extends to efforts that are impact-oriented and sustainability-oriented.
During the course of 2023, Ripple anticipates two distinct changes to be placed in the fields of crypto training and development. The first change is that, in response to demand from businesses and an increasingly competitive pool of talent, educational institutions will begin to more explicitly train graduating students for employment in crypto and blockchain-based solutions.
The sector will next shift its focus to the user experience, notably focusing on how to bridge the cryptocurrency and fiat currency worlds.
According to the firm, this is now one of the most important challenges facing the usefulness of cryptocurrencies, and it believes that businesses who are able to master the on-ramps and off-ramps to crypto will gain a considerable competitive edge in the years to come.
Ripple also forecasts that by the year 2025, the fundamental business and finance curriculums of at least half of the world’s universities will include elements of blockchain technology, cryptocurrency, and web3 technology.
According to the blockchain business, it anticipates that additional crypto and blockchain startups will also be bought by conventional players in the financial services industry as well as established corporations from other industries.
Ripple also said that this greater consolidation is a sign of the development of the sector and would eventually lead to an ecosystem that is generally healthier.
Ultimately, the entire Ripple team is optimistic that the crypto winter will give rise to a crypto spring–that 2022 will prove to have been a crucible year with the industry emerging stronger and more focused on real-world utility because of it.Ripple
Note that Ripple is still in an ongoing legal debacle with the Securities and Exchange Commission (SEC), where the agency is fighting to have Ripple-issued XRP legally labeled as a security.