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   444

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".

Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   183

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.
 

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.