Mitsubishi Corporation`s Funds to be moved via RippleNet

Mitsubishi Corporation, together with a few partners, are going to move real funds over RippleNet: this is another validation of Ripple’s present technology
15 May 2018   998

The name of Mitsubishi is known to many people as a car manufacturer. The parent enterprice, nevertheless, has bigger plans for the future. In collaborance with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain pilot has been planned. 

This venture especially focuses on RippleNet, the technology aimed to facilitate cross-border payment flows. The main object of this test is to refine cash processing. All parties included trade with real-time and multi-currency payments on a daily basis. Cross-border transactions while stay slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be bettered upon significantly. 

The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.
Ripple officials

Ripple’s technology is being tested for not the first time. RippleNet is a developing enterprice which basically collected support in the Asian region. Additional tests on this scale will define whether or not RippleNet is indeed a lively addition to the financial sector. The above-mentioned trial will be kept by Mitsubishi Corporation. Its subsidiaries’ accounts in Thailand and Singapore will see a real-world money transfer using RippleNet. It is also the first time a Japanese firm finishes a cross-border payment transaction over Ripple’s technology. If successful, this test can state a big precedent for other domestic firms to explore.

Depending on how the test goes, the parties intend to commercialize this payment resolve. Bringing RippleNet to the real world is an ongoing struggle, albeit things are proceeding as planned. With all of these firms showing a genuine interest in the project, Ripple has to provide the goods. Partnership with Mitsubishi Corporation at this stage paints an interesting outlook.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.