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2018 proved to be a very difficult year for many cryptocurrency investors. The price of Bitcoin it's about 85% down from its all-time high and most other altcoins are down more than 90%. From a price point of view, 2018 was a devastating bloodbath without mercy.
However, if you take a moment to look back at the achievements in the cryptocurrency industry, you will have a pleasant surprise. The industry has really done a lot and the San Francisco fintech colossus, Ripple, has just covered this in a recent blog to send.
Discoveries in Blockchain
According to Ripple, one of the most important things that have happened this year is the ever-increasing clarity by regulators for blockchain and digital resources.
Jurisdictions from around the world have seen regulators act by activating the release regulatory frameworks that foster innovation rather than hinder it. Governments and regulators are seeing the true potential of blockchain technology.
Moreover, not only regulators are heating up to the blockchain, but Fortune 500 companies and institutional investors accept cryptocurrencies as a class of activity and realize the potential of technology.
For example, initiatives focusing on the blockchain of IBM, Visa, Goldman Sachs Group, JPMorgan Chase and others are deepening the world of cryptocurrency with encryption services.
2018: a great year for rippling
As might be expected, a post on Ripple's blog about the discoveries of the blockchain industry would not be complete without including mention of the discoveries of the company itself.
Despite the price of Ripple's XRP token that exceeded 90% of its all-time high, Ripple had an exceptional year.
Ripple's global payments network, RippleNet now it contains a network of over 100 financial institutions and covers 40 countries on 6 continents.
Cross-border payments
The company is truly global and RippleNet has provided liquidity to demand for cross-border payments using the XRP digital asset. The enhancement of these transactions is Ripple's xRapid system that allows quick, cheap and transparent payments.
To give a picture of how effective RippleNet and xRapid system, senior vice president and COO of Catalyst Corporate Credit Union, Brad Ganey said This:
Traditional international experience in the cable industry can not meet today's expectations in terms of price, speed and ease of use. Blockchain technology, and in particular Ripple xRapid product, solves all three of these challenges simultaneously.
Innovative payment services
In addition to the traditional financial institutions that implement Ripple technology, innovative payment services such as OnePay FX and CoinOne Transfer Cross from Santander have mobile apps that leverage RippleNet for remittance services.
Companies do not only benefit from Ripples technology, but also from their customers. For example, Ripple's client, BeeTech, has eliminated SWIFT commissions for all their remittance activities and could therefore reduce commissions for their clients from $ 20 to $ 2 per transaction.
Providing real information about the service is a BeeTech customer, Erick Gutierrez stating:
My money arrives quickly and I can see all the taxes. Finally, I trust to receive money from Brazil to pay bills and live well in Europe.
Academic advances
In addition to the growth of Ripple users and blockchain implementations, the company has launched several academic initiatives. In May of this year, Ripple launched Xpring, which launched several blockchain startups.
In addition, Ripple established the University Blockchain Research Initiative (UBRI) this year and was very effective in supporting the increase in research and innovation for blockchain, cryptocurrency and FinTech.
Conclusion
2018 was an exceptional year for both Ripple and the blockchain industry. Around 2019 with low encryption prices, it will be interesting to see what brings the year in terms of both price action and further development.
How do you feel about the development of blockchain accomplished in 2018? What excites you most in 2019? Let us know in the comments section below.
