Coinbase: Blockchain could save US residents $74 billion a year

Coinbase recently published a report that outlines the potential savings that U.S. residents could realise through the use of blockchain technology.

According to the report, Americans could save $74 billion on credit card transaction fees in 2022 alone. That's roughly $600 per household - a significant amount that could greatly benefit individuals and families across the country.

Coinbase used publicly available data from reputable sources such as the U.S. Securities and Exchange Commission (#SEC), the U.S. Census Bureau, analytics firm Statista, and the Block Research platform to conduct the study. Using these data sources, Coinbase was able to provide a comprehensive analysis of the potential savings that blockchain technology could bring to the US market.

The report also highlights the strong desire of US residents for a more accessible and affordable financial system. At least three in five Americans expressed interest in overhauling the current financial system to make it cheaper, faster and more accessible. Such sentiments reflect the growing awareness and demand for innovative solutions that can revolutionise traditional financial practices.

In addition, Coinbase emphasised that the benefits of blockchain technology extend beyond individual consumers. The report said that in 2022, entrepreneurs will spend more than $126 billion on payments. However, by eliminating the use of credit cards and switching to blockchain-based alternatives, businesses can potentially reduce their spending by hundreds of times. This presents a huge opportunity for businesses to optimise their operations and allocate resources more efficiently.

The report also shed light on the widespread acceptance of a "revamped financial system" among US residents. More than 70% of US residents expressed interest in using a financial system that offers low fees and fast #transactions. This indicates a strong desire to take advantage of the benefits that blockchain technology can bring, such as increased speed, accessibility and security.

Coinbase, recognising the huge potential of blockchain technology, is actively looking to expand its presence outside of the US market. The company recently announced a partnership with payment service Yellow Card to enter the African market in an effort to bring the benefits of blockchain technology to a wider audience. Coinbase has also applied to the Central Bank of #Ireland and received authorisation to operate in #Singapore, further strengthening its global ambitions.

In the United States, #Coinbase continues to advocate for additional clarity in the regulatory framework surrounding digital assets. By engaging in lobbying, Coinbase aims to create an environment that fosters innovation and responsible adoption of blockchain technology.