Ripple has a goal to provide faster, cheaper and easier solutions for transferring payments cross borders that utilizes decentralized tools. These tools not only can be used by financial firms but companies like Amazon can use it improve their messaging and payment services.
Ripple executive, Cory Johnson, looked down upon the challenge in sending money from one country to another. He said: “It is ridiculous that in 2018 we can send a text message with an emoji and get a file to a friend in Rome and send an email to a friend, but the fastest way to get money from here to Mexico City is to put $10,000 in a briefcase and fire it there.”
He even added that companies like Amazon that has millions of customers who perform billions in transaction require faster and efficient payment solutions. In fact, most global companies require such solutions to increase their standard of business. Johnson thinks that Ripple has the solution to these problems.
Last month Johnson said that XRP is good enough to be comparable to be Bitcoin 2.0. He even added that XRP is faster and doesn’t require a lot of power. XRP tends to consume around 0.01TWh [terawatt hours]. ETH and BTC consume substantially more, with the former at 19.62TWh, and the latter at 68.81TWh. Bitcoin, in itself, uses the same amount of energy as the Czech Republic.
Many financial entities have tied up with Ripple and the list continues to grow. Especially their xRapid service has found utility in multiple domains.