Ripple-Accenture White Paper: Distributed Ledger Technology is Ready for Commercial Use (Download White Paper)

Rage Comment : Accenture, a global management consulting firm, and Ripple, a distributed ledger startup, jointly released a white paper analyzing the current state of technology development, pointing out that although it has not yet reached the level of widespread application, it can already be used for commercial purposes, especially in the field of cross-border payments. Ripple is currently developing more and more complete solutions for this technology field, combining technical exploration and practical operations to promote the widespread application of distributed ledger technology.

Translation: Annie_Xu

Ripple and Accenture jointly published a white paper, emphasizing that distributed ledger technology has matured and can be used in business.

The white paper, titled "The Journey to Real-Time Cross Border Commercial Payments using Distributed Ledger Technology," states that while it will take a long time for the technology to be widely used, new networks can already be derived from it, especially in the areas of cross-border and interbank payments.

After following the WeChat account “区块链笔Blockchain”, reply with the keyword “Ripple” to view and download the white paper.

Currently, most cross-border payments take at least a day to reach their destination and are only run during business hours, with some uncertainty. Through correspondent banks, thousands of banks around the world can be reached and cross-border payments can be made. However, it is not yet realistic to immediately connect all banks to the new network using distributed ledger technology.

The document states that one of the more feasible approaches is to build a completely new network from the ground up, starting with a small number of banks and transactions.

"Start with a small-scale implementation, repeatedly implement distributed ledger technology, accumulate experience through continuous practice, achieve phased progress, and steadily upgrade. Allow the network to evolve freely into the best ultimate state and model."

The document also points out that Ripple can provide a distributed ledger solution for cross-border payments. It integrates the communication and settlement processes between the remitting bank and the receiving bank; the former is required for payment settlement, and the latter is required for inter-bank legal fund settlement. By supporting instant bank transfers and settlements, Ripple's solution reduces the total cost of settlement; by acquiring new markets and new products, it creates new revenue points.

"Ripple's solution is already well established to launch and upgrade cross-border payment networks. Banks are forming alliances to use Ripple's technology to maintain their competitiveness."