American - Businessman | 1960 -
A distributed ledger is basically a shared database that allows institutions to directly send and receive money in a trustworthy fashion without a middleman. As a result, we have the capacity to connect the world's payment systems for the first time.That's a big deal.
Chris Larsen
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We don't think the blockchain can do most of what's been ascribed to it. But we're entering the Internet of value - and that is very much underhyped.
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Banking now is like sending a letter: you send it, you don't know if it reached there. Ripple is more like sending an iMessage: you send it, and you immediately know.
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The Ripple network is a protocol. It's like HTTP for money. Users, merchants, anyone can use it for free without a license.
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A lot of financial technology is foolhardy. Saying, 'We're going to kill banks. We're going to disrupt everything,' ignores some realities.
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Low-value payments are now possible. Now, Ripple can make it easy for Facebook and Uber and Amazon to make payments to developers in real time. It's online and completely global.
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Banks can send big corporate payments through existing channels or send a small payment through Ripple. They don't have to rip out existing infrastructure; they can use Ripple to make the transactions more profitable or more efficient.
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Countless banks around the world are already testing distributed ledger systems in proof-of-concept trials.
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Bitcoin solved the double-spend problem. The key problem was payment confirmation without central clearing. Bitcoin's solution was ingenious but wasteful - it's fairly slow, and you can't put other things on it.
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Ripple is redefining the way that value moves around the world, and today we're already enabling real-time, affordable international settlement between banks who have adopted our solutions.
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2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as an experiment.
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We saw for a time that digital currencies were radioactive to banks, but that's not the case anymore.
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