Rapid blockchain transactions are no exception. While blockchain has seen how the global center stage, including companies like Alibaba Group Holding, IBM, Mastercard, has also been criticized by one of London's startups, TransferWise.
Blockchain looks great on paper but not in reality
The debate on the latest episode of Fortune "Balancing the Ledger" brings Taavet Hinrikus, co-founder and president of TransferWise on the stage where he highlights;
"We've heard this dream many times from different people, but if you start digging into it, you realize it might look great on paper, but in reality, it's really hard to use it."
Furthermore, he stressed that blockchain technology is not cheaper and faster. He went on to say;
"We have looked at different blockchain technologies, but we have not found anything that allows us to do what we do in a cheaper or faster way."
TrasnferWise is a global money transfer service provider with support for nearly 300 currency routes to provide a multi-currency account service. The company works for the transfer of money in over 70 countries and has claimed that the blockchain technology has not passed traditional adoption. He says that, in addition to the existence of blockchain for a decade, Fintech is finding new and cheaper ways to transfer funds.
TransferWise Money Transfer and Ripple
Hinrikus shared his opinion on the transfer of money from Australia to the United Kingdom through TransferWise, which he completed within 15 seconds with the transfer fee of 1%. Also, he said it would cost more and probably take other days if the same transactions took place via bank.
In addition, it compares Ripple's cross-border payment solution with the current TransferWise service and states that the former has not seen "a better proposal".
Hinrikus says so;
"If all the banks in the world passed through the Ripple network, it would be surprising, yet, how many banks are using Ripple in production today?" It's a very short list. "In this sense, we are big supporters of Ripple or anything else. and if any of these have enough adoption, and in fact it helps us physically to do cheaper and faster things, we would like to, but so far we have not found one. "
From the invention of Bitcoin, the bullish and bearish run is a more similar phenomenon, but its core technology is affecting the use cases of key market players. Blockchain Technology has become the revolution of the records but not in the case of TransferWise.
Do you think that this contradiction of TransferWise is simply an affirmation or a demonstration of supercritical facts? Let's discuss
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