Ripple is a company whose products are widely used in practice. Starting with small and medium sized companies up to large banks and financial institutions worldwide – the application possibilities of xRapid or xCurrent are manifold.
EBay’s former product director, R.J. Pittmann, said at the last Swell Conference that Ripple, xRapid and XRP will play a critical role in the future development of e-commerce. Currently, only about 10 – 20% of all transactions in the US take place online, so the time will come to revolutionize this business (freely translated):
We are talking about the importance of payments in the future. We are nowhere near the critical mass … Do we have the payment infrastructure? Do we have the scalability? Do we have the cost models? Because it is fiercely contested when everything – every single transaction, every type – is executed digitally.
Pittmann further describes that XRP, xCurrent as auc xRapid could transform the industry as they could be tested as a potential innovation engine across the planet and already be used in the near future. This also includes companies such as EBay, which processes cross-border payments in many countries (freely translated). Above all, it is often a mystery where the payment is at the moment. Through the use of blockchain technology, both buyers and sellers can always see exactly how the status of the shipment and the payment is (freely translated):
The buyer wants to know: Did the seller ship the goods? The salesman wants to know: Did the buyer pay? Where’s the money? Who’s holding it? In most countries there is PayPal in the middle, but not in all countries. And it’s kind of like a mystery guessing game. And it was one of the biggest callers in the call center. We had thousands of people at the call center answering mysterious questions about where my goods are and where payment is made. And even if the buyer has paid, this does not necessarily mean that the seller had the money and it was settled. There was an entirely different mystery about when exactly this would happen.
From the company’s point of view, it would be wrong to ignore the new technologies and opportunities, since companies active in e-commerce can grow very quickly through the use of crypto currencies and the blockchain. Above all, the old financial system is no longer up-to-date and must be optimized by modern technology (freely translated):
Inefficiencies in the processing chain for payments, whether it’s global payments across a border or even credit card bills here in the US – it’s incredibly outdated. It’s costly. And there are reasons for so much innovation.
And all established companies should not fear losing any of the eggs they have had in recent decades. On the contrary. It’s about depositing the heritage and opening up extraordinary growth opportunities, where the size of the cake will grow 5x, 10x if you only penetrate the numbers online today. We have so much room to grow.
The use of innovative technologies, such as Ripple, is irreversible and a logical consequence of the current progress in the financial sector. The detailed lecture can be seen here on Youtube: