In the latest episode of RippleDrop, the executive team at Ripple took time to reflect on the significant events of 2019 and evaluate the prospects for blockchain and distributed ledger technology (DLT) in 2020 and beyond. Ripple stated prior to Christmas that they believed 2020 was to be the “Year of the Digital Asset” and the latest broadcast provided further insight as to why they believe that to be the case.
In this episode of the #RippleDrop, members of our executive team, including CEO @bgarlinghouse, reflect on the impact of #blockchain technology and digital assets over the past decade and what’s ahead for 2020. https://t.co/CfWlahfYAp pic.twitter.com/jXJPS64vNO
— Ripple (@Ripple) December 26, 2019
While CEO Brad Garlinghouse touched upon aspects of general interest in 2019, such as the problems for Facebook’s Libra and President Donald Trump’s social media posts about cryptocurrency, he highlighted Moneygram’s “…transition from skepticism to significant advocacy…” for the technology as being “…really profound.”
Replace the Entire Financial System
Looking ahead, Garlinghouse said he expected there would be consolidation and a reduction in the number of digital assets in circulation because “…the world doesn’t need 3,000 plus cryptocurrencies…” with utility and quality being key determiners in which assets survive and thrive.
Ripple’s CTO, David Schwartz, despite admitting he hated looking into the future, agreed that the blockchain’s that had an actual use case and solved real world problems were the ones to watch.
Ethan Beard, SVP of Ripple’s Xpring, took in a longer time frame and confidently predicted that “…over the next decade we are going to see blockchain and cryptocurrencies really replace the entire underpinnings and infrastructure of the entire financial system.”
Beard’s bold assertion stems from his belief that “…the way that money moves, somewhere [it] will touch a cryptocurrency somewhere…it may not be end users using XRP or Bitcoin to buy things but any payment that you make will touch blockchain, will touch cryptocurrency in some form.”
Asheesh Bira, SVP of Ripple Product Management, echoed Beard’s thoughts and said, “By the end of the decade I really do think almost every financial application will be reinvented using this technology, it’s just going to take a little bit longer than expected.”