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Ripple has long been hated by the cryptocurrency community for using technology to work with banks and integrating existing financial institutions and regulations. They recently developed this form of approach, with Dilip Rao, their Global Head for Infrastructure Innovation, speaking at the Global Islamic Economic Summit in Dubai.
Rao has revealed how blockchain and Distributed Ledger Technology are the "solution to all our problems". Then he went on to talk about "a source of truth that does not have a central authority", an innovation in the blockchain space, and then examined how they could use it to solve "real-world problems". He has declared:
"Ripple has worked with banks rather than against them over the past five years to develop a solution that is acceptable to meet regulatory compliance requirements around the world and then provide a high-speed real-time cross-border payment platform." .
He talked about the "friction" between networks in the current time frame and said that expecting a blockchain to cover the whole world is like sticking to an Internet service provider. This led Rao to talk about interoperability in the blockchain space, which Ripple aimed to do through the InterLedger protocol. He said:
"This is an open protocol invented by Ripple, but it is now being managed as an open standard by over 300 organizations participating in the W3C Committee for this. The idea here is that a group of people who have an interest in making the value move without friction, they will work together to build a new protocol that allows the registers to connect with one another. "
This was done through parallels of Internet development on standard protocols such as TCP / IP, with the InterLedger protocol allowing communication with various different registries. This is also associated with Ripple's ongoing development in Codius, their dedicated smart contract platform, Rao revealed.
Rao then spoke of the XRP register, calling it "the fastest on the planet" at about "1,500 transactions per second". He went on to say:
"[XRP] it can be used wherever public records are suitable for the purpose. Many of our products do not use public records because banks want privacy and privacy in their transactions, but they will have the opportunity to use a crypto-asset … to solve the liquidity issue. While technology can give you interoperability through connections, XRP as a digital token can solve the lack of liquidity in many corridors as a bridge resource to convert from one to another. "
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