Ripple recently announced its partnership with Flutterwave, a payment services company which focuses on building payments infrastructure to connect Africa with the global economy. Flutterwave has been helping various businesses and banks provide a secure payment experience for clients based in Africa.
Integrating with the Ripple Blockchain Network has enabled Flutterwave to achieve their mission to help African businesses.
Ripple is a global leader in the blockchain industry, and with the help of xCurrent, xVia, and xRapid, they have a network of over one hundred customers across the world.
One of the reasons that make blockchain an attractive technology to use for payments is its ability to show the transaction history of each account. Furthermore, once the blockchain receives a transaction record from a party, the transaction will be publicly recorded in the ledgers of both parties ledger. These transactions cannot be reversed or deleted, which makes the whole process transparent.
The new partnership has made Flutterwave the only technology platform in Africa to process payments across Africa using the Ripple network. This step will enable payment providers and banks on the Ripple network to seamlessly receive payments from customers around the world with the help of blockchain technology.
In order to integrate Flutterwave with RippleNet, certain new configurations were implemented, including the installation of the xCurrent instance, which is connected to Ripple’s private Yum repository. With the help of the script provided by Ripple, TLS [Transport Layer Security] certificates and keys are created for the xCurrent instance.
The xCurrent package also provided schema files which will populate Flutterwave’s databases with the necessary tables. A new messenger layer has been created and configured with Flutterwave. This will create a platform for exchanging information with other transacting parties on the Ripple Network.
Flutterwave’s InterLedgerProtocol [ILP] has resulted in the creation of all-transacting currency ledgers, where each ledger is designed to support only one type of currency.
As a result, this partnership has leveraged Flutterwave’s Core API disbursement engine and Ripple’s xCurrent platforms, making it easier for global and local businesses to receive and terminate P2P, B2B, and B2C payments into Africa.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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