Ripple still targets a SWIFT takeover

Don’t underestimate Ripple!

Even after altcoin prices have dropped, the Ripple coin still follows its masterplan which should keep investors pretty happy. Ripples focus remains to act as a bridge between the current fiat currency system and cryptocurrencies. The Transaction Protocol Ripple is using, is definately capable to bring in a competition to the both crypto titans Bitcoin and Ethereum. Nobody really knows if XRP will be the way to go but it looks promising as the main target of the company is to take over the well established SWIFT.

Let’s assume Ripple would succeed, banks could start bypassing the current traditional systems, their processes and use the Blockchain technology instead. SWIFT itself on the others side would be outdated and simply useless for a whole industry.

The question how to replace a system like SWIFT which is established in more than 200 countries and heavily supported by the financial industry is still not completely answered yet. However, Ripple will be able to provide a better and flexible alternative which also works together with many advantages for financial services.

Ripple was designed as an enterprise solution as also stated by the CTO Stefan Thomas : “XRP was designed for banks from day one”. Bitcoin isn’t really suitable for enterprise use and that Bitcoin was designed to exist despite government, rather than in harmony with government. That’s the reason why Ripple could be a success story.

Worth to mention that Ripple, which is also based on the blockchain is capable to offer faster and much cheaper processing of immediate international payments, but has nothing to do with the bitcoin itself. Another success indicator of Ripple might be that it signed up banks from all over the globe such as the Bank of America, MUFG/Japan, Akbank/Turkey, BBVA/Spain, SEB/Sweden, Yes Bank and Axis Bank in India. Also a consortium of about 47 banks in Japan implemented Ripple in March this year.

Ripple CTO Stefan Thomas about the Ripple project:

“Ripple provides one frictionless experience to send money globally using the power of blockchain. With RippleNet, financial institutions can process their customers’ payments anywhere in the world, instantly, reliably and cost effectively using just one API. ”

By using one API  (Application Programming Interface) for a global payment solution at lower costs and better transaction performance (processing capacity of 1500 transactions per second), Ripple might provide much needed improvements to the financial industry which could also lead to a consideration as a good investment.
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Thorsten Burger
Thorsten Burger
I am a digitization / Cryptocurrency / NFT enthusiast and author for with a long and extensive experience in the financial and digital transformation industry. I have successfully managed projects around the world, motivated employees to create a variety of beneficial strategic portfolios, digital marketing, e-commerce and platform solutions and supporting the agile transformation.Happy to connect!

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