International Data Corporation (IDC) has presented research that projects the Ripple protocol becoming market leader in banking transaction systems.
IDC summarizes the findings of the research:
IDC expects that payments through Ripple or similar protocols will grow exponentially in the years ahead. As such protocols supersede Bitcoin, the distinction between cryptocurrencies and new payment protocols will become clearer, and the banking industry will embrace the protocols. Thanks to the support of Ripple Labs and other interested parties, Ripple is currently best placed to take this market share. In the short term, more parties will undergo pilot and proof of concept projects, and domestic banks are likely to partner with counterparts overseas for the purpose. There will be an initial opportunity for banks or companies like Earthport to charge clients for the ability to make instant global payments, especially as IDC expects initially that Ripple will be adopted not as an industry-wide solution like UK Faster Payments, but by innovative banks.
The research is available for purchase or to subscribers of IDC Financial Insights: European Banking IT Strategies.
IDC, a wholly-owned subsidiary of International Data Group (IDG), is a provider of market research and advisory services on information technology and telecommunications.