Crypto

Banks are unlikely to implement Blockchain for cross-border payments

Ripple head cryptographer David Schwartz claimed that banks did not have the possibility of placing Blockchain to handle international payments, citing low scalability and confidentiality issues.

In an interview with Reuters, Schwartz argued that banks should reduce the processing time and costs of Blockchain technology

Ripple claims that xCurrent's unchanging interledger protocol will offer an immediate solution by outperforming existing payment networks, although they acknowledge the potential.

Ripple argues that technology is still not scalable and is not as private as banks can apply globally. However, according to Schwartz, xCurrent is not a distributed notebook.

In the case of XCurrent, network partners do not have a shared access to the book that forms the basis of large Blockchain networks such as Ethereum (ETH) or Hyperledger.

Schwartz has the following statement:

"What we hear from most of our customers is that they have to keep their transactions private, to do thousands of transactions at any one time, and to have all kinds of money and assets that can come to mind."

Marcus Treacher, the name behind Ripple's customer success, he said he started a project to present it.

According to Reuters, a number of banks have tested and unified Ripple's xCurrent technology for cross-border payments that could eventually be attached to distributed books.

] In April, the Spanish-based international bank Santander, Santander, confirmed the launch of One Pay FX, a blockchain payment network with Ripple support.