Bitcoin, Crypto currency, Blockchain

Ripple’s CTO: Amazon and Uber should use XRP

28dd88d5afeaa9de8dbb27bb2c75c176 - Ripple's CTO: Amazon and Uber should use XRP

Ripple’s CTO: Amazon and Uber should use XRP

Home News Ripple’s CTO: Amazon and Uber should XRP to use

Of
Marcel Knobloch –
17.07.2019

Crypto-currencies have different applications, however, there are many digital Assets to be the, above all, the goal is to track the status of legal tender used. The American Startup Ripple pursues also the goal of cross-border payments in a convenient, rapid and secure manner.

According to Ripples Chief Technology Officer some of the world’s largest Tech companies can benefit from the use of digital Assets. On the last WeAreDevelopers conference in Berlin, David Schwartz spoke about Ripples Vision with banks and financial institutions to cooperate, in order to optimize the speed as well as the transaction costs, and revolutionize cross-border payments.

Schwartz describes that heavy weights of the industry such as Amazon and Uber from a mass acceptance of the use of digital Assets like XRP strong would benefit. This would pay you, among other things, to allow employees anywhere in the world fast at low cost, without the need to different currencies from banks. Of 500 USD on a us Bank to Australia or to send to India for several days and can attract up to USD 20 in transaction costs. This mismatch, although the Bank sends only electronic data from A to B, wants to solve Ripple (freely translated):

If you are Seagate, Amazon, Airbnb or Uber, make these companies a large number of small payments. Amazon has thousands of dealers, and the payments. Uber, if you are in the Philippines and a driver, and money for milk, need, would, love, About, you, if you go for it and to this day, to buy milk.

But you need efficient payments. You need to payments are just as reliable as E-Mails. And it doesn’t exist. And each of these companies employs literally hundreds of staff that are only in their payment Department. And if you imagine to direct a payment company, would you like to go to one of these new companies, and say: “Hey! Release your hundreds of payment professionals. We will handle all your payments. [Then you get the answer] “But there is no one who can do that.”

Schwartz stresses that Ripple adduced in comparison to other digital Assets like Bitcoin, much faster transaction times and transactions per seconds can be processed. The transaction costs are a few cents, regardless of whether huge amounts of assets to be moved, or whether small amounts are sent. Ripple has a built in ain Enterprise Payment network, that the following three properties holds:

  • Payments are processed in real-time
  • It is universally applicable
  • The liquidity is provided on demand immediately

Some financial institutions are already using xCurrent, to make payments and to receive, xVia payments to initiate and xRapid, cross-border, to provide liquidity. Schwarzt further, that there is no Central Server as in the case of Swift or PayPal. Ripple provides a completely decentralized network, in which the financial institutions on protocols interact with each other, which are not controlled centrally. Schwartz sees in the lack of regulation and education are the biggest obstacles to a progressive mass acceptance of digital assets for payments. Comany are not yet ready to use a trusted System that has many advantages over the traditional financial system brings to the table. According to Schwartz, some years will go into the country, before the adaptation of call coverage worldwide, a significant share in the financial sector will take.

Featured Image: Immersion Imagery | Shutterstock

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