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Ripple’s blockchain will solve issues related to nested transactions, says top CIMB Bank official

Febin Jose



Ripple’s blockchain technology will solve issues related to nested transactions, says top CIMB Bank official
Source: Pixabay

Ripple and XRP have been making strides in the cryptocurrency sphere with their many partnerships and collaborations in the cross-border payments sector. Ripple’s xCurrent-powered Money Tap faced a setback when one of the member banks announced that they would cease collaboration with the service from May 13, 2019. However, Asia is still invested in what Ripple Tech has to offer and this point was reiterated by a top CIMB Group official recently.

In an interview with Marcus Treacher, a member of Ripple’s Board of Directors, at the Ripple Regionals: Asia Pacific 2019, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.

He primarily spoke about two aspects that made Ripple stand out in the industry; solutions for nested transactions and operation speed. Nested transactions, in layman terms, are database transactions that are within the scope of another existing transaction.

According to Kiong, remittance providers and operators face a lot of trouble due to nested transactions as they are unable to “see through these transactions”. He opined that the issue could spiral to a point where they are shut out and added that Ripple’s blockchain was the perfect solution to the problem.

He further said that CIMB Group had one of the biggest networks in South East Asia and that their partnership was mutually beneficial as it helped them both tread uncharted territories. He said,

“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing he remittance industry.”

The Senior Managing Director also spoke about the SWIFT network and said that the tides were changing in favor of Ripple in the longer run. Kiong added,

“We have the SWIFT network currently and I think it will probably continue for a while. However, we also have emerging technologies such as Ripple and other similar players. Therefore, I don’t think there is anything wrong in hedging and joining these networks.”

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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability




Source: Pixabay

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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