CEO Brad Garlinghouse kicked off Swell 2018 by introducing Ripple’s mission — the Internet of Value — to enable the the world to move value like information moves today. This has been Ripple’s mission from the very beginning, and it’s centered around working with the existing global financial services industry to build, rather than disrupt.
Garlinghouse explained, “It’s about the opportunity to be a builder — to partner with industry and enable something that hasn’t yet been seen: the dawn of another era in globalization.”
But to do this the industry must first address what’s missing. Much like fire that requires fuel, oxygen and heat, three networks — the movement of goods, the movement of data and the movement of value (money) — have to work interoperably.
Thanks to the introduction of the shipping container in 1956, today we can move goods around the world efficiently and in a standardized way. The introduction of Internet in 90’s allowed us to move data around the world in an instant, at no cost. But to move value — still takes days with uncertainty and high costs.
Garlinghouse pointed out how reducing friction in how we exchange information drove an explosion in usage of text messaging, social sharing and more. He challenged the audience to think about what would happen if we unlocked “the $1.6 trillion per year that we spend as a society to make money interoperable.”
It’s this friction in global financial systems that holds us all back, and it’s measured in time, cost and error rates. He also remarked that “it’s the segments of the population who are taxed the most by that $1.6 trillion who can least afford it.”
Blockchain offers an opportunity to reduce this friction in global payments and take a major step forward. By bringing these three networks together, Garlinghouse explained, “We can truly enable an Internet of Value. We can enable money to move in the same way goods and data. We can enable global commerce to accelerate, industries to grow and new segment of the population to be brought into the fold.”
Garlinghouse also cautioned that the blockchain space is new. It’s full of experimentation without a lot of the results. Ripple is unique in that it has real use cases for blockchain and real production flows. This is because Ripple has focused on solving one problem, not many.
As Garlinghouse explains, “Too many companies have a peanut butter problem. They’ve spread themselves very thin, working on lots of different initiatives. By contrast, Ripple has gone deep in understanding how global payments problem can be addressed with blockchain technology and digital assets.”
Swell 2018 puts a spotlight on examples of how Ripple’s advanced blockchain technology for global payments is helping customers deliver a better international payments experience.
Garlinghouse mentioned a few examples on stage. He talked about how SBI Remit and Siam Commercial Bank opening a corridor between Japan and Thailand has brought new services to more than 45,000 Thai workers living in Japan.
He also mentioned the growth of RippleNet — with corridors across 40 countries on the network and recent additions of major institutions like PNC Bank and National Commercial Bank of the Kingdom of Saudi Arabia to the network.
Most notable, was his announcement that xRapid is moving into production with partners MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. As of today, Ripple is now sending live payments using XRP for on-demand liquidity from U.S. to Mexico with Cuallix.
Garlinghouse concluded, “We’re only as good as our ability to solve our customers’ problems. And the work partners like MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union are doing with xRapid has demonstrated that we’re solving a real problem.”
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