Cory Johnson, Chief Market Strategist at Ripple, recently spoke about the technology involved and the consumers in the digital asset space during an interview with Cheddar. He also told about Distributed Ledger Technologies [DLT].
Johnson started off by saying that people are “confused” when it comes to conceiving digital assets. He said that they “attach a price tag” to the technology, which changes its connotations. He said:
“If we attached a price tag to TCP/IP [Transmission Control Protocol/Internet Protocol it would have a different connotation. The technology itself is interesting to technologist.”
Johnson stated that DLT provides security and that it distributes the ledger so it can be checked against other factors as well. He stated that it offers the ability to do a lot of things in a distributed database like “nothing else before”.
He went on to say that people don’t necessarily see it as a technology. He spoke about use-cases of the technology, saying that Ripple is further along than “a lot of companies” in the space.
In Ripple’s space, there are mainly business-to-business transactions. This is due to the nature of their products, which are primarily aimed at bank-to-bank cross-border payments and settlement. Johnson spoke about this as well, saying:
“There’s not a lot of B2C [Business to Consumer] activity, the consumers all they see is the trading in cryptos and digital assets but I don’t think they really see the technology behind it.”
When asked about the most efficient method to educate people on the technology, Johnson stated that it’s “not something the consumers need to know”. He illustrated his point with a comparison to SMS technology, and how people don’t know how it works behind the scenes. He stated:
“It is not necessary for people to understand if ripple’s technology is behind a bank to bank transaction where they’re moving money across borders.”
He went on to say that the problem that Ripple is trying to solve is cross-border payments, but how they solve it does not “matter to the consumer ultimately”.
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