Ripple Uses Blockchain To Move Money Faster Than A Flying Courier

(As featured in Forbes- August 16, 2017)

Written by: Tom Groenfeldt

 

Brad Garlinghouse, CEO of Ripple, likes to compare speeds of moving money internationally.

“If I want to move money from here (San Francisco) to London, the fastest way is to fly there,” he said. “We can stream video from the space station, but I can’t move my own money from A to B, especially for international payments, but that is also true for domestic transfers.”

The challenge Ripple is working on is how to use blockchain, or distributed ledger, technology to improve the efficiency, speed and cost of payments.

“For anyone in payments, from Visa to SWIFT or Square, the landscape will change as we see friction reduced, and the future will arrive sooner than we think.”

Blockchain technologies are compelling in a lot of ways, Garlinghouse added, but a lot of people are all over the map with blockchain ideas, making it look like a technology in search of a problem.

Ripple is focused on real world use cases, understanding the real value proposition to banks and customers.

Santander’s POC experience

Last year Santander launched a pilot to use Ripple for international payments in 19 European countries and the U.S., said Ed Metzger, head of technology innovation at Santander in the UK. Santander Innoventures, the bank’s venture capital arm, had made an investment in Ripple, he added.

Find the link to the full story below: https://www.forbes.com/sites/tomgroenfeldt/2017/08/16/ripple-uses-blockchain-to-move-money-faster-than-a-flying-courier/#79bfbf993f3a