Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Ripple is Changing People’s Lives in the ASEAN Remittance Network
  • 2 Vote(s) - 3.5 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: ripple-asean-remittance-network.jpg]
Ripple along with its partners are changing lives in the South Eastern Asian Nations. Some call it the best testing grounds for blockchain and cryptos, since a lot of people are working abroad and using remittance networks to support their loved ones.

Ripple has been a pioneer in this region to test these grounds for blockchain use. Ripple along with its partners at SBI Remit, CIMB Group, Siam Commercial Bank, Mitsubishi Corporation and Standard Chartered, the Japan Bank Consortium, and many others noticed the problem this region is facing.

Asian regions feature large, connected and itinerant populations across countries, but somehow they have the most expensive remittance network in the world. There are multiple problems that these people are facing each day within this system.

First of all, the people involved say that the exchange rate between the Japanese Yen and the Thai Baht is very high. Next, to actually start the remittance process, people have to visit the bank physically multiple times. The payment itself takes days and the most shocking thing is that to cover the fee for this transaction, people have to take extra 12 hours of work. That is insane. In the digital era. 

Ripple Technology to Save the Day

According to Ripple, the company’s blockchain technology is already solving the problems of the Thailand-Japan remittance corridor.

Recently we reported that Brad Garlinghouse, the CEO of Ripple, in an interview to Bloomberg, revealed that Ripple technology is now being used by over 100 swift-enabled banks. Ripple’s main advantage is that it provides liquidity. But in comparison to SWIFT, Garlinghouse said that it’s far behind, in terms of technology:

Quote:“The technology used by the banks today that Swift developed years back hasn’t really evolved or even kept up with the current market.”

Today it looks like Ripple just wants to take over SWIFT. Brad Garlinghouse also spoke at the Swiss National Bank Conference, where he explained that today SWIFT about 6% of the total transactions are in the control of humans, making the system very costly to run and maintain.

The Ripple customer base, however, has been increasing rapidly. As Ripple explains, they are getting from 2 to 3 new customers a week. Although Ripple hasn’t yet commented on the total number of partners they have, last year the company revealedthat they have around 200 partners using the Ripple technology plus, according to a new interview with Bobsguide, 14 new banks and financial institutions that have signed up for RippleNet in the past few weeks.

RippleNet not xRapid

As many XRP believers think this all is related to the XRP token – it’s not. These banks and partners are using only the RippleNet technology which helps them put the digital currency on the blockchain. It has nothing to do with XRP. These payments aren’t made with XRP. Also, their plan on taking over SWIFT does not include XRP being the main currency in that plan. So we guess it’s like the ever-old saying “Blockchain, not Bitcoin” but now it would be “Ripple, not XRP”. 





by Janis Rijnieks
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Lightning Network Routing: Privacy and Efficiency In A Positive-Sum Game crytocure 0 58 02-08-2019, 12:18 PM
Last Post: crytocure
  A Security on Bitcoin’s Lightning Network Could Protect Users from Thieves crytocure 0 102 17-07-2019, 02:47 PM
Last Post: crytocure
  IMF: Network Effects Could Spark Blaze of Digital Money Adoption crytocure 0 78 16-07-2019, 02:15 PM
Last Post: crytocure
  Why Is Lightning Network Capacity Decreasing? crytocure 0 112 08-07-2019, 11:28 AM
Last Post: crytocure
  The Real Reason Bitcoin, Ethereum, Ripple's XRP, And Litecoin Suddenly Rocketed? crytocure 0 123 23-06-2019, 03:29 PM
Last Post: crytocure
  What’s the Deal With the Lightning Network? crytocure 0 90 17-06-2019, 02:52 PM
Last Post: crytocure
  An In-Depth Look at Iris, a New Decentralized Social Network crytocure 0 90 14-06-2019, 03:28 PM
Last Post: crytocure
  What is The Lightning Network Inbound Capacity Problem? Complete Guide crytocure 0 105 30-05-2019, 11:17 AM
Last Post: crytocure
  THESE 13 BITCOIN LIGHTNING NETWORK UPGRADES WILL SOLVE ITS ‘BIGGEST’ HURDLES crytocure 0 86 19-05-2019, 11:26 AM
Last Post: crytocure
  Ripple CEO: XRP was Originally Built to Remove the Flaws of Bitcoin & xCurrent is crytocure 0 88 18-05-2019, 03:06 PM
Last Post: crytocure



Users browsing this thread: 2 Guest(s)