Ripple is a real-time gross settlement system (RTGS) and currency exchange mechanism. It is decentralized network that is built upon the blockchain tech. Ripple Just launched a couple of years back and revolutionized the transactions protocols all around the globe. Ripple gives secure, instant and nearly free global financial transactions worldwide. It has taken the world by storm. The orthodox banking channels take a lot of time to execute the transactions and they also charge a lot for this purpose. Ripple does exactly the opposite and takes only a couple of seconds to execute and it charges almost nothing to perform this task.
The financial market’s giants like ALIBABA and STANDARD CHARTERED are launching their very own cross border remittance service to further excel in this market and are trying to match the mechanism that has been opted by networks like RIPPLE. Reportedly ALIBABA performed the first such matter of seconds (i.e 3 sec to complete a transaction) to finish the transaction, it is also available 24/7 throughout the day. Alipay and GCash are the first of their types that have been launched in their respective countries.
Although Jack Ma has had his reservations regarding the authenticity of crypto’s in the past, he thinks of them as a bubble and not a stable product but he is a big fan of the blockchain tech. He believes in the real world applications of the blockchain, regarding he stated that
“In the face of the blockchain, in the face of machine learning and the Internet of Things, we must have a high level of understanding, especially since the impact of the Internet of Things on the manufacturing industry far exceeds everyone’s imagination, the impact of e-commerce on retail sales, and many retail sales. The industry is not prepared. We call for artificial intelligence. We call for the Internet of Things. We call for blockchains that will have a huge impact on each of us.”
So by his statement we can clearly say that he wants to make his mark in this industry as well, as determined as he is it is safe to say that world is about to witness another Jack Ma wonder. By doing so, alibaba and standard chartered are trying to grasp ripple’s market place and clearly trying to give it a competition.
Ripples advanced transactions procedure is so soothing that the other tech giants are trying to keep up with its infrastructure to enter this field. By doing so they are more likely to give ripple a direct competition although right now Ripple is doing really well and the likes of alipay and Gcash are comparatively new. This however in the longer run can benefit the users because as the competitiveness increases among them their services and platforms are more likely to get better.
It is a huge step forward in this direction that Alibaba and standard chartered has opted to start this cross border services using the same technique as Ripple. They are far away from challenging Ripple right now but due to their well balanced business plans and experienced tech teams, they are most likely to confront ripple for the supremacy at some point.