impact of blockchain technology and cryptocurrency
As we stand on the doorstep of 2020, the impact of blockchain technology and cryptocurrency have been massive and the channel “The Ripple Drop” emphasizes the critical technological innovations witnessed over the last year and predictions for the upcoming year.
Madigan, VP of Global Institutional Markets, stressed on the importance of Facebook’s Libra white paper and its role in framing regulations around digital assets and related technology. Libra is a permissioned cryptocurrency proposed by Facebook, which is planned to launch in 2020. Facebook’s Libra project collaborated global governments in offering a unified regulatory framework as the market sees a soaring demand for cryptocurrency.
Marcus Treacher, SVP of Customer Success, emphasized the record growth rate of RippleNet over the year. Ripplenet is a global network of financial institutions that seek solutions developed by Ripple for issues related to sending money globally. It has its digital currency called XRP to maintain liquidity in the streamline. He amused by the pace in which Ripplenet connected payment companies and banks, thus growing to become a global network and its tremendous performances in terms of activity and onboarding of companies globally.
Monica Long, SVP of Marketing, commented about the global acceptance of RippleNet’s On-Demand Liquidity (ODL). This reduces the pain during international payments which require enterprises to hold pre-funded accounts in local currencies of that particular destination. But Ripplenet offers an alternative pathway. Those who use XRP to source liquidity can make their transactions mush faster and cheaper. MoneyGram’s CEO Alex Holmes sees the practicality of on-demand liquidity in benefitting the company businesses.
Marcus Treacher talked about the global shift in the present financial system with the advent of Ripplenet, XRP, and the Interledger Protocol. Blockchain technology will find its purpose in almost all real-life scenarios. David Schwartz opinioned about the potential growth in the blockchain technology in finding new use cases and solving real challenging problems. Asheesh Birla, SVP of Product management taled about the long term implications that blockchain technology could plausibly bring in every financial application. The folks are presently have underestimated the impacts of blockchain technology. Eventually, the coming decade would set a mark in the world’s financial future.