Ripple (XRP) payments
Ripple (XRP), ironically the name is creating not ripples in the crypto pond but waves. The announcement by Santander that they will use Ripple blockchain via new app to process live international payments is a welcome boost to fintech and a resounding “hussar” for Ripple. Initially it is a staff roll out if successful this will become a “thing.”
In terms of payment speed Ripple boasts it takes only 4 seconds per payment compared to 2+ minutes for Ethereum and over an hour for Bitcoin. All of these are sweet compared to the cart horse 3-5 days it takes through the traditional method. It is clear these days a bank could actually get someone to take the money from a cashpoint and hand deliver it quicker than they do it electronically, the reasons for that are for you to speculate. Ripple boast it can handle 1500 transactions per second and is even scalable to handle the same throughput as Visa which performs around 50,000 transactions per second.
Ripple has been out since 2012; it has talked of its stable tech and “governance” since then making it ideal for enterprise and institutional use. The Ripple protocol (RTXP) enables the instant transfer of money between two parties saving on the time banks take and fees. Ripple developers are not afraid of trying releasing in 2014 products related to this protocol. An app for the iPhone for example allowed users to send and receive currency although the app no longer exists the idea and tech is still being developed as we can see by Santanders recent announcement of an app related to the ripple blockchain. This announcement can be seen in our news section.