Ripple as a blockchain startup successfully promotes its cross-border payment solution by entering into numerous partnership agreements with financial heavyweights such as Banco Santander, Western Union and UAE Exchange.
However, the company is not the only one in this segment. She will face other well-known and influential players such as JP Morgan Chase (with his JPM coin) and IBM Blockchain World Wire. According to Forbes, IBM has a significant market share in the blockchain industry, since its Hyperledger Fabric is the most frequently used solution on the Forbes Blockchain 50 list.
All of the above solutions are focused on financial and corporate institutions, offering them fast and cost-effective cross-border payment systems.
Although, according to Elizabeth White from The White Company, the modern banking system is not yet ready to make innovative decisions:
For decades, large banks have been using systems such as SWIFT, and have entire “departments” designed to process transactions. Although the blockchain could significantly modernize, automate, secure and speed up the entire process, its implementation would require retraining and processing of all bank operations.
Moreover, banks resist innovations that can lower transaction fees.
For many banks, switching to XRP, JPM Coin or World Wire is simply not worth it, because their customers do not yet require the speed and low cost of operations with the blockchain, and in fact banks receive a large income from commission fees and the like.
While the blockchain and digital form of money are considered to be the future, we still have a long way to go in which Ripple or similar projects will play a significant role.
And what do you think about this?
Wells Fargo will launch stablecoin for internal settlements
Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise. According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens). The company has already tested the concept on transfers from the USA to Canada. The launch of the project is scheduled for 2020 […]
Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise.
According to a press release , Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).
The company has already tested the concept on transfers from the USA to Canada.
The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.
Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.
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Wells Fargo is going to present its own stablecoin in 2020
Wells Fargo, the fourth largest bank in the US, plans to introduce its own stablecoin in 2020, which will be used in cross-border transfers.
The press release said that the new Wells Fargo platform will create an international payment network based on distributed ledger technology. With the help of this system, as well as the Wells Fargo Digital Cash asset, payments will be made. The stablecoin being developed will be pegged to the US dollar. Initially, the network will be used for internal calculations, after which it will be integrated with other applications.
Lisa Fraser, representative of Wells Fagro, noted that DLT technology has many options for use, the company believes that it can also be successfully applied in banking. In addition, Wells Fargo Digital Cash is expected to enable the company to overcome barriers that still hindered effective cross-border payments in real time.
As you can see Wells Fargo followed the example of the bank JPMorgan Chase, which also introduced its own digital currency. It is noteworthy that back in July, Wells Fargo forbade customers to use credit cards to purchase cryptocurrency and its use in transactions.
In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions
The volume of computing power in the Bitcoin blockchain this Monday reached a record value above 104 quintillion per second, according to Smartbit portal data.
The record was fixed after approaching the level of 100 EH / s last week and the subsequent small rollback. Before the current growth period, which began in December and accelerated in June, the previous maximum was fixed at 60 EH / s in October 2018.
As noted earlier, over the past three months , about 600,000 new ASIC miners have joined the Bitcoin network, which has led to a rapid increase in the hash rate .
Last week, another message appeared that the authorities of one of the provinces of China are taking measures to close mining enterprises on their territory.
Also today, transactionfee portal announced another record – the share of transactions in the Bitcoin blockchain using Segregated Witness (SegWit) technology for the first time exceeded 50%.
On the main Bitcoin network, SegWit was activated on August 24, 2017. The technology is aimed at solving the problems of blockchain scalability, transaction plasticity, and also allows you to implement other optimizations. After the jump to 38% last May, the spread of SegWit slowed down and until recently ranged from 40-45%.
Casa Bitcoin developer and CTO Jameson Lopp previously spoke of the proliferation of technology that responded to the congestion of the cryptocurrency network:
"Reducing the demand for transactions, improving algorithms for calculating commissions, distributing SegWit and grouping transactions have led to more efficient use of space in blocks and reduced competition for this scarce resource."
At the same time, the price of the leading cryptocurrency , having shown a steady rise in the first half of the year, has remained in a fairly narrow range over the past months and amounts to about $ 10,000.
Publication date 09/17/2019
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