In the recently concluded Impact Fintech 2018, Ross D’Arcy, the Sales Director of Ripple, spoke about Ripple’s upcoming developments and the organization’s aim to solve use cases. D’Arcy stated that Ripple aspires to get utility out of the software with the single focus of making cross-border transactions simple and effective. According to him:
“We are not doing any POC’s or science experiments but rather solving real use cases.”
D’Arcy went on to say that Ripple aims to solve the connectivity issues with banks using xVia,xRapid and xCurrent. He also opined that the payment networks of today cannot be trusted and are opaque. His statement also covered the fact that the current networks require for a lot of conditions to be fulfilled, which are done away with the use of digital assets. The Ripple official added:
“ Imagine a person in Nigeria wants to send money to someone in Mexico. This process has to carry through a process that has governed banking for over 400 years. With Ripple’s products there are no restrictions and you don’t even need to hold the destination currency. “
The discussion also informed users of Ripple’s plan to establish the Internet of Value that is aimed to transfer value across the world just like data. D’Arcy added that digital assets will solve the liquidity problems in banks by freeing up a lot of capital. This can be done by XRP’s promise of fund settlement in just seconds.
He was frank enough to admit that banks will take some time to adopt this technology and that small companies will be the first adopters of the technology. In his words:
“Once cryptocurrency is slightly more regulated and a calm approach is taken then banks will realize that digital assets can be used to tackle specific use cases and reap benefits from it. I suggest that banks shold embrace the technology.”