Ripple CEO Brad Garlinghouse was a keynote speaker at Swell 2018. At the start, he introduced Ripple’s mission, which is the Internet of Value (IoV). The purpose of IoV is to enable the world to move value like information moves today and in particular, it is poised to help the financial services industry to develop.
As Garlinghouse explained,
“It’s about the opportunity to be a builder – to partner with the industry and enable something that hasn’t yet been seen: the dawn of another era in globalization.”
To achieve this goal, Garlinghouse believes that the industry must address what it is missing, which are three networks: the movement of goods, the movement of data, and the movement of monetary value. Together, these three must work in an interoperable manner.
Currently, it is possible to transit goods globally in an efficient and standardized way. The internet further allows the transfer of data instantaneously and at no cost. However, when it comes to the movement of value, things are different – transactions take days and costs can be high.
Garlinghouse discussed that reducing friction in how information is exchanged has led to the development of social sharing, text exchange, and so much more. He then challenged the audience to consider what would happen if we unlocked the “$1.6 trillion per year that we spend as a society to make money interoperable.”
The friction in money transfer is what is holding society back. As he stated,
“We can truly enable an Internet of Value. We can enable money to move in the same way goods and data. We can enable global commerce to accelerate, industries to grow and new segment of the population to be brought into the fold.”
It is also important to be aware that the blockchain space is new and full of experimentations, but not yet results. Ripple has a unique benefit in that it has real use cases for blockchain and real production flows because it has focused on solving one, not many problems.
As Garlinghouse stated,
“Too many companies have a peanut butter problem. They’ve spread themselves too thin, working on lots of different activities. By contract, Ripple has gone deep in understanding how global payments problem can be addressed with blockchain technology and digital assets.”
Swell 2018 exemplified how Ripple’s advanced technology for global payment allows customers to experience a better global payment system. While on stage, Garlinghouse mentioned a few examples, such as how RBI Remit and Siam Commercial Bank have opened a corridor between Japan and Thailand and how it as brought new services to move than 45,000 Thai workers living in Japan.
Garlinghouse also discussed RippleNet’s growth – it currently has corridors in 40 countries on the network and has made additions to institutions such as PNC Bank and the National Commercial Bank of the Kingdom of Saudi Arabia.
He continued by announcing that xRapid is moving into production and is partnering with MercurFX, Cuallix, and Catalyst Corporate Federal Credit Union. Right now, Ripple can send live payments using XRP for on-demand liquidity from US to Mexico with Cuallix.
He concluded by stating,
“We’re only as good as our ability to resolve our customers’ problems. And the work partners like MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union are doing with xRapid demonstrated that we’re solving a real problem.”