10
NEWS
Japan Bank Consortium rumoured to be using Ripple for ledger network
T
he Japan Bank Consortium might have rolled out a ledger network, provided by Ripple, at a national level, according to unconfirmed reports.
AMBCrypto reports that Ripple shareholders may have teamed up with the Japanese consortium to integrate Ripple’s blockchain into a transaction network of 47 Japanese major banks.
What we do know for sure is that SBI Ripple Asia recently introduced three new schemes to streamline the use of Ripple within the public banking domain, courtesy of Ripple’s Interledger Protocol (ILP).
Late last year, Ripple become the second-most valuable cryptocurrency, after Japan and South Korea agreed to use it in a pilot for their cross-border transactions.
Even more so, late last year, the consortium announced it had made progress and had a production-ready version of RippleNet, to which banks could be easily onboarded. Back then, Ripple and the consortium said they were working together to create a unified platform for domestic and cross-border payments, provided by Ripple’s solution for real-time settlement, xCurrent.
“2017 has been the year of the digital asset,” commented Brad Garlinghouse, CEO of Ripple, at the time. “Ripple has clearly outperformed all other digital assets; the reason for this is that the market has realised XRP is a highly efficient payments mechanism that is solving real-world problems for real-world customers with real money.” There seems to be a trend across the Pacific where investors are fond of Ripple for its efficiency.
The Interledger Protocol provides for routing payments across different digital asset ledgers while isolating senders and receivers from the risk of intermediary failures.
South Korean bank turns to Ripple to solve international remittances
South Korea-based Woori Bank has completed a cross-border remittance test using distributed ledger technology developed by Ripple.
According to local publication
Chosun.biz, the digital strategy department at the bank – which has so far conducted two tests with the technology – is highly impressed. The bank plans to implement commercialised remittances using Ripple technology later in the year.
Causing waves: Ripple’s shareholders are reported to have integrated its blockchain into a transaction network
Secure multi-hop payments and automatic routing enables a global network of networks for different types of value that can connect any sender with any receiver.
ILP makes it possible for transactions to occur in 0.025 seconds, which can be very appealing to some banks for the possibilities it may offer.
South Korea Woori Bank reportedly completed a cross-border remittance test (see box) using Ripples ILP. However, there does not seem to be any record of how long these transactions took.
Nonetheless, there are reports that this made more than 60 banks in the Pacific interested in Ripple’s network, which may have fuelled the rumours of the consortium getting involved.
The bank is part of a much wider testing of the distributed ledger technology – one which involves more than 60 banks from Japan; 37 of those participated in the same test as Woori Bank. The other non-Japanese banks involved in testing were Woori Bank compatriot Shinhan Bank and Thailan’s Siam Commercial Bank.
“Since the test results were good, there are many banks to be commercialised in Japan,” an official told Chosun (translated by IBSI). “Several banks, such as two or three megabanks and internet professional banks, are pushing to introduce the practice.”
www.ibsintelligence.com | © IBS Intelligence 2018
iStock/Pe3check
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
