Ripple’s Patrick Griffin Says Distributed Ledgers can be Applied to Conventional Legal Frameworks
Speaking with a crypto-media channel, Finextra, about Distributed Ledger Technology (DLT), Ripple’s EVP of Business Development Patrick Griffin said that traditional financial regulations can be implemented on top of DLT.
Speaking about the existing compliance and regulatory regimes, Griffin said that:
“The protections that have been put in place today fit nicely on top of this infrastructure and this infrastructure is really just about facilitating settlement and clearing out obligations and removing exposures and credit that are incurred over the course of payments,.”
The Ripple’s official started the conversation saying that scalability remains to the the major problem in the cryptocurrency space, causing limitations in many systems, including Bitcoin. He added that:
“When people talk about Bitcoin, this is a system that can only handle about seven transactions per second when compared to Visa or MasterCard, which are handling tens of thousands of transactions a second and at over capacity.”
New Regulations not needed in Case of DLT
Griffin said that he finds it promising and quite exciting that new regulation are currently not needed in the Distributed Ledger technology, but quickly stated that that’s just one of the many approaches towards a regulatory framework in the crypto space.
Speaking about Banco Santander’s relationship with Ripple recently, an official from the company said that the firm aims at enhancing and improving international payment industry by partnering with Ripple. He further noted that the collaboration will help them achieve customer trust, accountability and transparency, which is the whole motive of customer service.