The cryptocurrency industry is looking forward to a positive shift towards utility, according to a recent report by Ripple. The report predicts that companies will increasingly leverage crypto solutions to address customer needs and overcome problems. The shift towards utility is expected to be seen in the development of central bank digital currencies (CBDCs) and non-fungible tokens (NFTs), and the incorporation of blockchain technology in universities.
Despite the concerns around liquidity, Ripple executives anticipate that institutions will continue to accelerate the adoption of crypto solutions due to their potential for efficiency, transparency, and speed gains. Banks and financial institutions are no longer questioning the need for a crypto strategy, but rather how to execute it.
Furthermore, the crypto industry is expected to make strides towards impact-oriented and sustainability-oriented initiatives, with large NGOs and universities integrating crypto into their programs to support financially vulnerable communities. Crypto donations have already played a significant role in supporting relief efforts, and carbon markets are emerging as a clear use case for blockchain and crypto, promoting a greener global economy.
To achieve these impact goals, Ripple predicts two shifts in training and development for 2023. Firstly, universities will prepare graduating students for careers in crypto and blockchain solutions. Secondly, the industry will prioritize customer experience by bridging the worlds of crypto and fiat, mastering the on-ramps and off-ramps to crypto.
Policy and regulation are expected to play a significant role in the sustainability of this growth. Regulators worldwide are expected to become more involved in the crypto industry, providing further clarity on policy and regulation.
In summary, the industry is optimistic, focusing on utility and real-world applications. As the industry matures, companies that prioritize solving real-world problems are expected to succeed in the long-term.