Ripple: Striving to revamp the traditional banking sector
2018 is a significant year for Ripple as it is trying to penetrate and make a ground-breaking presence in the banking sector by implementing its XRP technology to build a network of financial organizations with blockchain-based technology.
David Schwartz, the Chief Technical Officer of Ripple and Asheesh Birla, the Senior VP of Product at Ripple recently attended a You Tube session called ‘Ask Me Anything’. They gave us a vivid image about how Ripple is eyeing the banking sector and strategizing its new entry to the banking sector.
Based on Ripple’s Chief Technology Officer, David Schwartz’s recent Ripple oriented tour across Europe, he stated: “I talked to a lot of people who want to build in the blockchain ecosystem and there are just a lot of people who have these project ideas that are that are interesting and exciting and they’re really working hard on product market fit…another big thing is I talked to a lot of banks and one of the things that I learned from banks that I didn’t really fully appreciate is that they are in fear of being disrupted by new technologies.”
Are the banks feeling any pressure?
Although blockchain hasn’t reached ‘high on their radar’, banks feel the stress from the non-banking payment organizations as they disrupt their businesses and they fall behind. Schwartz opined that Ripple should be presented to them as “the right path” and shouldn’t be a mere “doing something different”.
Schwartz stated that Ripple is trying to uplift the banking sector and is striving to pull traditional banks out of their existing structure and introduce them to a whole new level. He is of the opinion that the initiative will not only make those banks market ready, will compel them to come out of their traditional framework and will also allow them to stay competitive in the banking industry.
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