Owing to their high volatility and nail-biting performances at crypto markets, cryptocurrencies have whipped up interests of many. However, the world is yet to witness some of their potential use cases.
Sharing his insights on how digital assets can transform industry conduct, Ripple’s CTO, David Schwartz pointed out XRP’s abilities in revitalizing cross-border remittances.
At the WeAreDevelopers conference in Berlin, Schwartz addressed Ripple’s continuous towards enhancing the overall user experience through hypersonic speed remittances and lower transaction costs.
Among the many potential applications, Schwartz identified Amazon and Uber as the two giant corporations that would benefit immensely by adopting XRP. He claimed that XRP will not only facilitate instant transnational payments but also obliterate bank accounts for different currencies.
Power of XRP
Schwartz demonstrated XRP’s industry-wide applications in detail. He mentioned that companies like Amazon, Uber or AirBnB, employ a plethora of payment forms to fund their suppliers and carry out remittance services with customers. With millions of transactions happening at once, they need a steadfast backing of speed and security.
Ripple’s blockchain has refined the federated Byzantine agreement to provide a faster and economical form of consensus. As a result, XRP enables an instant, cheaper and reliable protocol that is way ahead of Bitcoin. With no censorship and the right quantities of decentralized features, XRP can tremendously increase the profit margins.
Ripple’s enterprise software solutions like xCurrent, xVia, and xRapid, offer financial institutions a never-before standard interface platform to facilitate cross-border payments. With no single governing source, the platform forms a truly remarkable source of point-to-point networks, comments Schwartz.
Ripple is wary of its challenges
Schwartz further went on to add that the industry currently faces a dearth of knowledge around the cryptocurrencies and a resilient regulatory framework governing them.
Following the constant bombardment of concerns over data breach and hacks, Ripple has worked out a single overarching legal agreement that safeguards the organizations against every possible failure.
Schwartz concluded the forum by adding that today, Ripple’s customers are able to enjoy a full scope of benefits through the digital assets payment solutions.
He strongly believes that technologies like interledger payments and virtual currencies can bring about a metamorphosis in this industry.