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The Ripple network, which runs the XRP cryptocurrency, is destined to revolutionize the global financial system. This is according to the World Trade Organization (WTO), the organization that controls global trade trends, political issues and multilateral systems.
Price XRP (XRP) today – XRP / USD
According to the World Trade Report 2018 surnamed The future of world trade: how digital technologies are transforming global trade, blockchain technology has "the potential to profoundly transform the way we trade, which we trade and what is exchanged". In this regard, the report chooses the Ripple Network as a blockchain community potentially able to transform the global money transfer system.
"Ripple has the ambition to circumvent the corresponding banking model through its distributed ledger platform, offering banks the ability to convert funds directly into different currencies in seconds and with minimal costs, without relying on correspondent banks ".
"The company has licenses with more than 100 banks and financial institutions, but it seems that only a limited number of large transactions have taken place until today." Banks are still testing the system. "
The IOTA is equally independent
In addition to Ripple, the report also mentions the IOTA as a decentralized platform that does not depend on the blockchain.
"Blockchain is the most known distributed ledger technology (DLT), but a growing number of other models are being developed that, like Blockchain, are distributed and use various cryptographic techniques, but are moving away from the concept of" blocks " – Or even from both the concepts of 'blocks' and 'chains'. An example of this is IOTA, a cryptocurrency designed for machine-to-machine communication, where each transaction is linked to two previous transactions as part of the validation process to form a "tangle" rather than a chain.Today, the term & # 39; blockchain & # 39; is commonly used to refer more generally to the distributed ledger technology and to the phenomenon that surrounds him. "
Bitcoin and Ethereum are also treated in the report, citing their contribution as pioneers of emerging technology. Both platforms are equally resistant to cyber attacks. The only challenge they currently face is the downsizing so they can overcome traditional organizations like Visa.
"Firstly, the scalability of the main public blockchains remains limited due to the predetermined size of the blocks and the level of energy required to power the networks.The Bitcoin platform, for example, manages on average about seven transactions per second and the public blockchain Ethereum the double, while Visa can process 2,000 transactions per second, with peaks of 56,000 transactions per second. "
Discover the worldwide commercial relationship
The World Trade Report is an annual document that seeks to deepen understanding of global trade trends, trade policy issues and the multilateral trade system.
The 2018 World Trade Report deepened the impact of digital technologies on global trade. The report looked at different ways in which emerging digital technologies affect global trade and the extension of future changes. He also discussed the outcome of the transformation regarding existing and future international trade cooperation.
Author Bio
Tony is a writer for the encrypted space. This article is for informational purposes only. Although carefully studied, this article should not be considered as an explicit investment guide. Do your research and consult a financial advisor before investing in cryptocurrency.
