Ripple is clearly expanding all over the world. This can be seen with the latest products and services it has launched to the market. According to Marcus Treacher, Global Head of Strategic Accounts at Ripple said that the company is working in order to create an interconnected world.
During the Blockchain live event in London, he spoke about different topics regarding Ripple, the payments industry and cryptocurrencies. He has also explained how Ripple is using blockchain technology to enhance cross-border payments.
One of the most important things he said is that Ripple is focused on solving different existing problems in the cross-border payment industry. Indeed, the company has developed different products that allow individuals and small and medium enterprises (SEMs) to send and receive money fastly and paying fewer fees than with other systems.
However, he mentioned that they realized that hey couldn’t integrate the world on the blockchain. Because of this, they started to search for a way to connect the world with the blockchain.
One of the many different solutions that they fond is currently known as the Inter Ledger Protocol. About it, he mentioned:
“An interesting model that we are really big fans of that we’ve actually adopted is the Interledger model. The idea is that you take the design of the internet for information and you kind of create that using cryptography in a kind of blockchain connected way.”
Additionally, he explained that Ripple connects banks and financial institutions in this way. Something that has helped different companies and individuals all over the world.
Moreover, he said that the protocol works because there is nobody able to go into the blockchain world in a very easy way. Treacher went on explaining that the main intention is to interconnect everything.
“If you could create an internet model for value, of for identity, then you’ve really got something because the open connectivity allow the absolute connect across” he mentioned.
Ripple would be hosting the Swell event on October 1st. Some important figures such as former US President Bill Clinton and IMF’s Deputy General Counsel, Ross Leckow, will be present as well. Participants will be debating about the payments industry and how to improve it as a whole. Furthermore, Ripple could be unveiling its xRapid product, something that the community is asking for.
The pilot tests of this product showed that transaction times and fees were strongly reduced.