Ripple vs. Swift - International Payments on the Blockchain!?
(Brad Garlinghouse, Ripple CEO)
Ripple vs. Swift
(Source on this Post)Just on Wednesday Ripple announced, that they could get another 10 banks to work with them, which brings the total number up to 75 banks trying the possibilities and opportunities this new Technology got to offer. By bringing the 21. Century to the Banking System they´ll enable banks to send and settle international Payments within seconds instead of having to wait for days...
In case Ripple succeeds the banks would more or less bypass their own traditional system and bring it on the Blockchain instead. Organizations like Swift, one of the main guardians of the current banking model would be outdated and potentially useless for the whole industry in the end.
Of course this won´t happen within the next few months. But there will for sure be more and more banks joining the Ripple Network as it already includes some big Players like Santander or Standard Chartered. With Ripple being publicly available it might maybe as well be used by Business or People directly and officially without any banks being involved...
(Sure, we are talking about a Interledger Protocol that Ripple is using and not a real Blockchain like Bitcoin or Steem but it´s basically based on the same idea and technology)
Some Thoughts of Mine
Ripple might most probably be the one CryptoCurrency with the most varied views and opinions. Some might hate it due to it´s connection to the Banking system and others might love it due to the Innovations and Benefits it might bring to all of us.
In my opinion it might actually be good, that we´ve got Ripple working with the Banking Industry. Of course it´s not our desired final goal of having a decentralized system but it might be a first Step. I mean, how would anyone be able to say, that a Blockchain is something bad or can´t be trusted, whenever all the banks out there are using it?
That´s why I think Ripple might be very useful for us in order to gain mass acceptance of the Blockchain Technology and the trust of the people. Or why might anyone like to stick to a bank, whenever he could handle it on his own with the same save Tools?
(A Proud German Ambassador from & for Teamaustralia!)
Great post. And upvoted. But my nervousness about ripple is that I'd rather hold the equity than the currency xrp. It is clear to me Ripple looks like being able to take loads of cost out of the finance sector and many will adopt it. But it can do this with its core technology to which xrp is an optional additional solution with extra benefits. I would like to see more people distinguishing between banks and swift use of the ripple technology vs xrp. I asked ripple outright at a conference if it was true ripple the company (and its equity) could be successful without xrp being successful and they confirmed this. Two banks I spoke to at another conference said they'd use ripple the tech but not xrp. Do your own due diligence everyone. I'm not saying xrp won't be successful. Just that the news I usually see always seems too cloudy about what is being trialled and what is being adopted.
I would have to go with Ripple since no one has ever heard of Swift unless you are refering to Taylor.
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great info, thanks for sharing. i was starting to get interested in putting some fiat into ripple, but i think you just chilled me out on that thought. may go up for speculation, but doesnt sound like XRP is inherent to and required as part of the underlying technology
Thanks a lot for this great Input @katythompson. There's definitely a truth about the underlying technology being more important to the finance sector. But still, don't you think the public might at first rather accept a cryptocurrency of a the same company the banks are using? Maybe XRP might get the fast payment method for some Businesses :)
There is a guy running CoinMastery on Youtube that holds the opinion that banks would never really start using ripple. The whole idea of a bank is to stay rich and not transfer wealth over. If banks were to go over to blockchain tech, they would simply use their own system, since everything is open source anyway. Why use ripple and loose money?
If Ripple is faster and lower cost than SWIFT, would be one reason
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I agree, even though Ripple doesn't adhere to the decentralized principals of the blockchain - it could still be a rather profitable investment if it sees adoption by the banking industry.
Fully agreed. IMO it could really be an advantage that ripple is working with the banks but of course it should be a decentralized system in the very end.
Good work.
Upvoted.
nice post
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