Ripple releases white paper: Distributed ledger technology has matured and is ready for commercial use (full text download)

Ripple and Accenture have jointly released a white paper (full text download) stating that distributed ledger technology (DLT) is mature enough for commercial use.

The white paper, titled “ The Journey to Real-Time Cross Border Commercial Payments using Distributed Ledger Real-Time Cross Border Commercial Payments using Distributed Ledger Technology,” states that while distributed ledger technology is still in its early stages of development, it is mature enough for some areas, especially cross-border and inter Technology bank commercial payments, to build a new working network based on it.

Currently, most cross-border payments take one working day or longer to arrive, and there are many uncertainties (wrong information or bank errors, etc.). There are many banks in the world that are involved in interbank and cross-border business, and it is unrealistic to connect their systems to the distributed ledger system in the short term.

The white paper states that the only viable solution is to build a new distributed ledger network that connects to a small number of banking systems and processes a small number of transactions. First, conduct repeated experiments on a small scale, learning and researching as you go. When the distributed ledger technology network gradually develops to a controllable level, you can slowly expand its scale. This approach allows the distributed network to develop to its best state.

The white paper mentioned that Ripple itself is committed to providing solutions for cross-border payments with distributed ledger technology. It integrates the payment and clearing information required by the issuing bank and the receiving bank to solve the problem of currency or fund settlement between banks. The real-time fund transaction solution provided by Ripple has greatly reduced the handling fee and created a new source of income for emerging markets and emerging products (small payments). Ripple's fund settlement solution has matured and is ready for commercial use. In addition, its cross-border payment network is also expanding. Ripple also plans to form a banking alliance to further study its technology and ensure its competitiveness in the blockchain cross-border payment industry.