Banks Unlikely to Apply Blockchain, Ripple Says

David Schwartz, chief cryptographer of Ripple, is convinced that banks aren't going to use blockchain for cross-border payments in the nearest future
14 June 2018   922

According to the chief cryptographer of Ripple, David Schwartz, banks are unlikely to use blockchain technology for cross-border transfers in the foreseeable future. This is reported by CoinTelegraph.

In his opinion, banks are aware of the potential for blockchain, which can reduce costs and reduce the time for the implementation of transactions. However, the level of scalability of technology is still low, which prevents the widespread introduction of blockchain on a global scale.

The representative of Ripple claims that the Interledger protocol and, in particular, the xCurrent solution provide the ability to conduct instant payments. This, in his opinion, gives Ripple significant competitive advantages compared to other payment networks.

At the same time, Schwarz calls the xCurrent solution "unallocated registry". So, in the case of xCurrent, network nodes do not have access to the common registry, which is the basis for block-network networks like Ethereum (ETH).

What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.
 

David Schwartz

Chief cryptographer, Ripple

According to another representative of Ripple Markus Tremacher, the company presented a project in which banks can carry out "classic" payments on the blockchain. However, the financial institutions were skeptical of the new initiative, citing the fact that "it is not so easy to transfer the whole world to a blockchain".

RippleNet Now Has Over 200 Participants

According to Brad Garlinghouse, during 2018, RippleNet was replenished with 100 financial institutions
09 January 2019   305

RippleNet was joined by 13 more financial institutions. Now network has more than 200 participants.

New partners of RippleNet are Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual / USEND and Rendimento.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank involve the XRP token in their operations. Ripple is confident that this digital asset is great for cross-border payments, as it increases their speed and reduces costs.

According to Ripple CEO Brad Garlinghaus, during 2018, RippleNet was replenished with 100 financial institutions.