Open Protocols the first step in distributed ledger by Ripple

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Insight :

As enormous activities going on the platform of Ripple. As Ripple has recently welcomed Kahina Van Dyke as Vice president in business and corporation development. They have also changed the cross border payment for SMEs( Small to medium sized enterprise). They have mentioned this in Money 20/20 Europe with American Express.

Moreover, Ripple has also improved their access with Kotak Mahindra Bank in India. However, they have already establish their managing office in Mumbai in 2017. Ripple has given their xcurrent network power to Indian banks to make more easy transaction just in seconds by RippleNet.

Related : Ripple improves access to India in Kotak Mahindra Bank.

Open Protocol :

Ripple has recently posted one of the discussions that How open Protocol is important for distributed ledger movement. There are various internet Protocol running from the 90’s. The communication Protocols such as HTTP and SMPT allow internet to connect. Nowadays people can share their messages through emails to different server.

However, Ripple has introduced consumers and this digital world with Internet of Value early this year. They are assuring to make the payments as fast as information. They are making their way to their successfully roadmap.

Though the adoption of new protocol is dragging the technologies and development with advancement. In fact there are various new technologies which will provide the top services such as faster Ethereum standards and 5G mobile, better Wifi etc.

Now this give exciting to see changes in payments protocol also. As we know that by this internet Protocol we can share data and information across the world. Interledger Protocol (ILP) an open protocol for sending payments across the different ledger.

Now, if we take a glance on this digital world then consumer’s basic demand is the security of their asset and provide highest transaction privacy without any interference of any third party. By shielding their register by their own hand. For that Ripple is now able to introduce Interledger Protocol for consumers for the same purpose.

However, they have connected ILP with xcurrent so that it could be possible to make transaction and it’s security quick including BlockChain like XRP ledger. It improves existing infrastructure investment and global payments.

Scaling of Global payments :

However, many banks which is still not capable enough to manage the liquidity efficiency. It forces the consumers to pay cost for their services. Anyways, after that non banking payment company came into picture to provide high speed and lower cost. It was challenge for bank to retain their customer on one side.

The next step was to connect bank with ledger. It can be enabled to settle with an open digital asset. Which ultimately reduces the foreign exchange cost and improves on demand liquidity. Though now onwards adopters are seeing more benefits to use public liquidity pools between Fiat and XRP with xRapid.

In addition to give assurance that open ledger such as XRP ledger will access instant payments globally. Bank will adopt xRapid which will allow rapid transactions between Fiat and XRP.

Conclusion :

Ripple has recently posted one of the discussions that How open Protocol is important for distributed ledger movement. Interledger Protocol (ILP) an open protocol for sending payments across the different ledger. However, they have connected ILP with xcurrent so that it could be possible to make transaction and it’s security quick including BlockChain like XRP ledger.

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