Ripple CTO: Amazon and Uber Should Use Digital Assets Like XRP

Updated : Jan 07, 2020 in Articles

Ripple CTO: Amazon and Uber Should Use Digital Assets Like XRP

[Music] hello everybody this is the cryptocurrency portal and this Tuesday July 16th just doing a quick little update the daily Hodel is always a great way to get information about the cryptocurrency space and ripple continues to just incredibly just move the space in general now the ripple sitio according to this daily Hodel article that says that amazon uber should use digital assets like XRP so ripples chief technology officer says some of the world’s largest companies can benefit from the use of digital assets at the recent we are Developers Conference in Berlin Germany David Schwartz talked about ripples efforts to work with banks and financial institutions to improve the speed of in crop and cost of cross-border remittances now if you’ve ever heard David Schwartz speak I would suggest that you just google him or look for YouTube videos on him he is one of the brightest individuals you’ll ever see in a video if you get the honor to meet him obviously you’ll see him in person but you can tell that he just knows his subject matter and it’s just simply amazing so to continue according to Schwartz corporate giants like Amazon and uber would reap the rewards of mass adoption of digital assets like XRP allowed them to pay international employees in an instant without having to hold various currencies and banks around the world if you are a Seagate or an Amazon or an 8 Airbnb or an uber these companies all make large numbers of small payments Amazon has thousands of merchants that make that make payments to uber if you’re the Philippines and you’re a driver and you need to need money from milk uber would love to for you to drive them and buy the milk that day but they need efficient payments they need payments that are reliable as email for that to happen but that doesn’t exist and each of these companies employs literally hundreds of people just in their payments to vision and if you imagine if you were in a payment company you would love to go to any of these corporates and say hey fire your hundreds of payment people would do all of your payments but there’s nobody can do that Schwartz says he believes XRP is well-positioned to power payments revolution because of speed and low transactions we came up with what’s technically a form of federated Byzantine agreement that we can all say is consensus that’s faster and cheaper than proof of work and the result is that XRP is a decentralized digital asset not connected to any jurisdiction that moves more quickly and more cheaply than bitcoin and I would argue that it’s even more censorship resistant and has more some of the decentralization properties that we want and that’s resulted in low cost low fees and high transaction volume with low latency ripple has built an enterprise payment network on these principles it consists of three products one to process real-time payments one is sort of like a browser send payments and one is to provide on-demand liquidity financial institutions use X current to make and receive payments X via to initiate payments and X rapid to provide cross-border liquidity and this is a real network this is a point-to-point network it’s not a central server like Swift or PayPal this is a decentralized network or financial institutions interact with each other through protocols that are not centrally it’s controlled so regulation education are the two biggest hurdles in the way of mass adoption of digital assets for payment sister’s so rip so far ripple has more than 200 clients so this is use case folks in use case they’ve more than 200 clients not just a generic white paper that’s vapor where they have 200 clients most of those banks and financial institutions are using ripples payment messaging software X current without xx using ripples xrp powered solution X rabbit Schwartz goes on the biggest obstacle that we found is the legal environment enterprises are not ready for a trust system that’s proven by mathematical algorithms they have customers who might get their credential stolen they might want to go to court one of the biggest things that we had to do is is revolutionize enterprise payments was to come up with a set of rules so that legal agreements can be negotiated with a couple of red lines rather than a 40-page contract beginning to end of how to handle every possible failure so today our customers use digital assets to sell payments immediately or that makes sense and they use more conventional means or that makes sense but they also enjoy the benefits of end to end messaging multi-hop and the various things that a multi standard can provide we think that digital assets and Inter ledger payments can build that internet of value so interesting as always ripple is always on fire David Schwartz is probably one of the most influential knowledgeable and just smartest individual in the cryptocurrency space and again I encourage you to google him yourself well look at videos that he did on has done YouTube their house on YouTube and you will probably agree he’s one of the smartest individuals so ripple has an amazing team they continue to just move the needle in the cryptocurrency space and that’s the latest video today so again this is the cryptocurrency portal here on Tuesday July 16th with your latest update thank you [Music]


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