Amazon and UBER should turn to digital assets like XRP. This is the ideal solution for thousands of small-age payments they need to make due to their corporate structure. These words came from David Schwartz, CTO of Ripple.
Amazon and UBER should turn to digital assets like XRP
David Schwartz, head of technology at Ripple, said the world’s largest companies should take advantage of the opportunities to use crypto money.
Speaking at the WeAreDevelopers conference in Berlin, Germany, Schwartz talked about Ripple’s work with banks and financial institutions on cross-border transfers.
According to Schwartz, giant companies such as Amazon and Uber should immediately benefit from the blessings of digital assets such as XRP. XRP is a technology that provides what any corporate firm needs for international payments. It is possible to transfer capital safely and cheaply to the most remote parts of the world in a short period of time.
If you’re a Seagate or an Amazon or an Airbnb or an Uber, these companies all make large numbers of small payments. Amazon has thousands of merchants that they make payments to. Uber, if you’re in the Philippines and you’re a driver and you need money for milk, Uber would love you to drive for them and buy milk right that day.
But they need efficient payments. They need payments that are as reliable as email for that to happen. And that doesn’t exist. And each of these companies employs literally hundreds of people just in their payments division. And if you imagine if you ran a payment company, you would love to go to any of these new corporates and say, ‘Hey! Fire your hundreds of payment people. We’ll do all your payments.’ But there’s nobody who can do that.
Schwartz said he believes the XRP is a revolutionary payment system designed for such situations.
We came up with what’s technically a form of federated Byzantine agreement that we call 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 also more censorship-resistant and has 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 principals. It consists of three products. One to process real-time payments. One is sort of like the browser to send payments. And one to provide on-demand liquidity.
Financial institutions use xCurrent to make and receive payments, xVia to initiate payments and xRapid 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 where financial institutions interact with each other through protocols that are not centrally controlled.
Schwartz further stated that the biggest obstacle to the widespread use of digital assets is the regulations and insufficient training on the subject.
Ripple has signed agreements with over 200 banks and financial institutions. Most of them use xCurrent, a payment and messaging service that Ripple provides. About 20 use the XRP-based payment platform xRapid.