813 0 0 1 . 696 blockchain 50 0 0 1. 415 0 0 0 1.
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There has been plenty of hype over blockchain technology, which promises to speed up all sorts of financial transactions and record-keeping, but much of this has been just theory. Despite its potential, blockchain has yet to to disrupt everyday banking. News from Ripple, however, suggests this is beginning to change. 55 million Series B round plus a series of partnerships with heavy-weights from the banking world.
The new partners include global banks like Standard Chartered, BMO Financial Group, and Shanghai Huarui Bank. So what exactly will this mean in practice? It’s not just experiments but getting the tools integrated into day-to-day banking. Larsen cites examples like banks carrying out foreign exchange transactions on Ripple instead of the SWIFT network, and using Ripple to facilitate escrow arrangements between corporate customers.
He also suggests banks can use Ripple to help big tech customers make payments to their many small partners in other countries. Until now, Larsen notes, doing so has been impractical since such payments were slow and expensive. It’s online and completely global. In the bigger picture, Ripple is just one company using blockchain-related technology, which can be described as software that lets companies transfer and record assets using the Internet, to disrupt back-end financial services. Larsen praises the efforts of those other companies, adding he does not see them as competition to Ripple since his firm is focusing exclusively on enterprise cross-border payments. Larsen also notes that unlike other blockchain companies, Ripple’s technology is intended only to facilitate one-off transactions between a buyer and a seller—not to replicate a financial database.
Ripple was already with more than a dozen other banks prior to Thursday’s announcement. The Series B financing round was led by SBI Holdings, and includes participation from new investors including Standard Chartered, Accenture Ventures, and SCB Digital Ventures, the venture arm of Siam Commercial Bank. Andreessen Horowitz, IDG Capital Partners, and Jerry Yang’s AME Cloud Ventures. Thursday morning in response to the news.
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File shares that use the standard SMB 3. Blockchain is a transformational technology with the potential to extend digital transformation beyond a company’s walls and into the processes it shares with suppliers, customers, and partners. At its core, a blockchain is a data structure that’s used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers. The result is a more open, transparent, and verifiable system that will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and sharing data. A growing number of enterprises are investing in blockchain as a secure and transparent way to digitally track the ownership of assets across trust boundaries, reimagine shared business processes, and create new models for cross-organizational collaboration. Blockchain applies tried-and-true digital-signature technology to create transactions that reduce fraud and establish trust and accountability.