Viral Naik Ripple – viral@ripple.com
About Ripple Founded in 2012 300 employees in San Francisco, London, Mumbai, Singapore, New York, Tokyo, Dubai, Sao Paulo Provides enterprise blockchain-based solutions focused on cross-border payments
The Internet of Value Blockchain and Interledger
Global Financial Transaction Trends
Cross-border trade between sellers in +100 countries 1 billion items shipped in 2015 Sending orders to 185 countries
The Internet is connecting people & things
50B Internet of Things 50 Billion Connected Devices by 2020 Explosive growth in micropayments 15B 12B 2010 2015 2020 Source: DHL and Cisco Internet of Things Trend Report, 2015; Cisco Internet of Things White Paper 2011
Trends Demand Infrastructure to Support Huge transaction immediate, international minuscule unit cost zero tolerance for volumes transactions delays or failures
But Correspondent Banking Was Designed for High Value or Batch Payments
Each Leg of Settlement Risk Delays Payments
Introducing the Blockchain Revolutionizes how transactions are recorded
But We Can’t Put the World onto a Blockchain
Interledger: Beyond Blockchain
ACH Blockchain SEPA VISA
ACH Blockchain SEPA VISA
Reduced cost New cost structure Service payments to Greater transparency of liquidity and makes low value exotic corridors without and control for operations payments profitable being in those countries compliance
Once Adopted, Many Uses Lending Capital Markets Securities Trade Finance Technologies
The Internet of Value is a game changer.
Use Cases
Micro Payments – Pay as you use Pain Point: Tracking usage of services, billing, payment and reconciliation. Infrequent Payments – Weekly, monthly…. What would be ideal? Why wait for an invoice to receive payment. Pay as you go, number of small payments e.g. advertising revenue – pay per click, get wages paid for every hour of work, Minicab / Uber drivers… How could it be done? Digital assets, wallets, inter-ledger, smart contracts
Real-time Liquidity Optimisation Pain Point: Financial Institutions (Money Service Providers, Banks) need to hold large amount of balances with correspondents in various geographies to make payments. High level of buffers which is costly to ensure immediate payments. What would be ideal? Money with correspondents as required to make payments in immediate window. Very small buffers, free up funds. How could it be done? AI for prediction, blockchain for visibility, bridge currency (digital assets) for just in time funding. A sample dataset of typical balances/transactions will be provided with ideation.
Identity & Compliance Pain Point: Beneficiary / Remitter information varies by country. Compliance verification require additional details. Fraud potential to insert different account/wallet numbers. Payments getting stuck, requiring additional information, going to wrong place or getting returned after a few days. What would be ideal? One simple alias required to make payments that is immediately verifiable and permissioned retrieval of additional details for compliance check. How could it be done? Blockchain, QR codes, permissioned protocols.
Interoperability Pain Point: Too many networks and networks don’t talk to each other! Can we send from Ethereum to XRP? Card to mobile payments or any wallet to any wallet? What would be ideal? Ability to send money or any digital asset from a wallet in the world to any other wallet in the world. How could it be done? Interledger, bridging networks/protocols
Decentralised Finance • Decentralised finance is a broad area with a number of opportunities. • Reduce intermediaries by use of decentralised networks and protocols. Reinventing financial • services as automated software products with programmed business logic Source: Fintech Collective
Landscape Source: Fintech Collective
Create Your Own Use Case! Find an area in the financial services world that has issues and • decentralise it! Build out your own use case, and get support from subject matter • experts.
Other Resources xpring.io
XRP: The Digital Asset for Payments XRP Has The Lowest XRP Takes 3 Transactions Cost Per Transaction Seconds Per Second Per Transaction $0.42 $0.06
Interledger Project Banks Central banks Payments companies Tech giants Consulting companies Blockchain companies Open Protocol Community Group @ W3C 275 Contributors
Codius: Scalable Smart Contracts Built on Interledger Active Hosts Running Contracts Total Memory 375 206 5.9 TB
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