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The R3 company blockchain software company announced that Ripple's "rival" XRP token will be the first encrypted supported on its new universal payment platform, Finextra reports today, December 5th.
Nicknamed "Corda Settler", the new open source decentralized application Corda (CorDapp) reportedly allows the payment obligations collected on the Corda blockchain to be regulated via any parallel payment track that supports cryptocurrencies or resources, or any "traditional" rail payment that can provide "cryptographic proof of settlement". A payment line is a term for a payment platform or network that transfers money from one entity (one payer) to another (one payee).
After verifying that the payee's account has been credited, the new CorDapp will automatically update the String register accordingly; a future version will support, as it relates, a net national postponement, as well as gross cash payments in real time.
Richard Gendal Brown, R3 Chief Technical Officer stated that:
"The deployment of the Settler Cord and its XRP support as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the world's most influential crypto and blockchain communities can work together."
Gendal Brown's allusion to the positive development in the cooperation between R3 and XRP refers to a one-year-long legal dispute over allegedly mutual violations of the agreement between Ripple Labs and R3 Consortium which was finally resolved in September.
Gendal Brown added that the cooperation between the two giants of the sector "is the next logical step to demonstrate how the widespread acceptance and use of digital resources can transfer value and make payments".
At the time of printing, XRP is seeing losses in a negative picture of the crypto market, with a decrease of 4% in the value of the day and 26% in the month, with a trade at $ 0.34.
As reported yesterday, Brazil's largest private bank collaborated with British Standard Chartered Bank this week to create a Rope-based platform for small loans.
Also this month, SBI Ripple Asia announced a proof of concept (PoC) joint with the Japan Payment Card Consortium to fight fraud using the Corda platform.
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