Ripple and we.tradenew player, known as we.trade is on the block and it looks as if Ripple found a competitor. utilizing smart contracts to make improvements to transparency for open account trade transactions it ought to improve both speed and efficiency of cross-border financial transactions.
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The we.trade consortium is comprised of banks such as Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe General and UniCredit. IBM has brought its Blockchain World Wire (BWW) payment network out of beta this week, according to a recent post on IBM’s website. BWW, which uses digital currency on Stellar’s blockchain to facilitate international settlements between banks in “near real-time,” The consortium is focusing on small and medium businesses, quoting the ability to scale them.
What is the biggest difference? .
Ripple provides on-demand liquidity for cross-border transactions, completely removing the need for pre-existing pools of liquidity. While the we.trade product still lacks a liquidity solution. Now transactions using Ripple’s xRapid product are usually settled in minutes, companies that undertook the pilot reporting up to 70% savings. Notably, SWIFT has also been quoted by companies as being a security vulnerability. Many banks have reported hacks through exploits in the SWIFT system.
Stellar and Stablecoin
In July Cointelegraph reported that IBM had partnered with Stronghold, to create the Stellar network’s first stablecoin. This is the latest step forward for IBM and Stellar, which have been eyeing blockchain payment options since October last year. The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages, thus a new functionality added to the platform.
The latest move provides fresh competition for entities such as Ripple, which has had a controversial few months as executives voice doubts over blockchain’s appeal to the banking sector. While IBM claimed that blockchain could “revolutionize” the global financial system in an analysis published in January, the firm nonetheless considered the idea of banks themselves becoming obsolete as “not likely.”. The Tech world should not forget that there a millions of people not knowing and not wnating to know the advantages of technology
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