Ripple Chief Technology Officer David Schwartz has outlined five key predictions that he believes will propel blockchain technology into the mainstream in 2024, particularly through XRP Ledger.
#2024Predictions — It’s that time of year again and we've asked leaders at Ripple what they think 2024 holds.@JoelKatz, Chief Technology Officer at Ripple gives his thoughts on what's to come in 2024 and beyond. pic.twitter.com/chVc2TwdoY
— Ripple (@Ripple) December 20, 2023
XRPL AI ChatBot Will Promote Financial Inclusion
According to Schwartz, the convergence of artificial intelligence (AI) and blockchain will transfigure cybersecurity and financial services by 2024.
He predicted that AI would empower accurate market insights and facilitate automated trading. Also, Schwartz highlighted the role of AI chatbots, particularly those on the XRP Ledger (XRPL), in simplifying development processes. He added that it will foster global innovation and promote financial inclusion.
XRPL Will Lead Tokenization Market
In his second prediction, Schwartz forecasted a significant shift toward Real World Asset (RWA) tokenization. According to the Ripple CTO, the tokenized RWA market will drive the blockchain economy, particularly in real estate and commodities.
He anticipates that tokenized RWAs on the XRPL will unlock a wave of collateralized loans and institutional adoption and enhance interoperability. “XRPL will be a leading blockchain enabling these use cases,” Schwartz remarked.
DID Coming to XRP Ledger
Moving on to decentralized identity (DID), Schwartz predicted its widespread acceptance is poised to transform privacy within the blockchain sphere.
He envisages decentralized exchanges (DEXes), leveraging the capabilities of DIDs, will witness a surge in institutional participation. In his view, it will, in turn, foster growth and enhance liquidity in decentralized finance.
Also, Schwartz highlighted that the forthcoming XLS-40 amendment aims to integrate DID functionalities into the XRP Ledger. “[This will] mark a new era in privacy, security, and financial innovation,” Ripple CTO remarked.
XRPL Cross-Chain Bridge Amendment To Spur New DeFi Apps
Furthermore, Schwartz foresees a significant headway for blockchain interoperability and smart contracts in 2024. In his words, “blockchain interoperability will break silos, creating a unified and efficient ecosystem.”
He added that protocols promoting interoperability, such as the cross-chain bridge amendment for the XRPL, will serve as catalysts for innovation, giving rise to novel DeFi applications. He expects this transformative shift to propel mainstream adoption, unleashing the full potential of blockchain.
Stablecoins Will Reshape Global Finance
Schwartz’s fifth projection for 2024 was that stablecoins would overhaul the landscape of global finance.
He noted that stablecoins will establish new foreign exchange corridors and diminish dependence on the US dollar. Furthermore, he anticipates the Middle East to take the lead in adopting stablecoins for regional trades.
Additionally, Schwartz stated that the standardization of blockchain integration by financial institutions will open the pathway for stablecoins to become a universal tool. According to him, it will result in the streamlined facilitation of international transactions, unlocking new avenues of economic potential.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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