Ripple has been hard at work from not only a cryptocurrency and blockchain integration side but also from a general framework and technological advancement angle as well. The company behind the Ripple XRP cryptocurrency has partnered with a plethora of banks this year, and it seems it doesn’t have any plans of slowing down, at least not at the moment. SWIFT, the payment processor that currently is employing the framework for trillions of dollars, has for some time been considered a bit of a rival to Ripple because of their previous legal disagreements and lawsuits. The community and general speculators have possibly begun to believe that the rivalry between the two of the companies may be coming to an end, resulting in what can be rumored as a partnership.
SWIFT Partners for a Proof of Concept (PoC) System
The PoC algorithm, a working mechanism to create a more distributed framework amongst payment users, was more notably publicized when its use came across blockchain integration. Many companies that aren’t even using blockchain or distributed ledger technology have begun more recently to flock to the Proof of Concept algorithm to create not only a more decentralized and user-based way of authentication/verification within daily transactions but a less costly form of it as well. When you hear of news reports that mention how certain companies are integrating blockchain technology, there is a large chance that they’re in-fact referring to integrating some sort of PoC work within the internal company itself or another.
SWIFT recently announced via an announcement and a panel appearance with Ripple to talk more about the integration of this distributed form of payment consensus/validity. The goal for the new system is to create an even faster and global payment ecosystem amongst one another.
Ripple and SWIFT Working Coordinatingly
Ripple and SWIFT both have relatively similar goals and objectives in mind when it comes to their overall business plans. They both want to create faster, borderless, and less costly transactions for not only everyday citizens but institutions; the ones that really carry the volume of all financial transactions. The announcement of working with R3, the enterprise conglomerate of which Ripple is closely affiliated, marks a very large step in a positive direction for Ripple’s XRP. For those not aware also, XRP and Ripple are two different things; Ripple is a company, while Ripple (XRP) is the cryptocurrency utilized with low-cost fast transactions for an economy of global size.
While the announcement is definitely a positive notion, it should be noted no formal partnership between Ripple or SWIFT that strictly uses XRP has come about just yet; however, it’s definitely not impossible either.