In China, the mobile payment and transfer has become more and more convenient. We can use AliPay or WechatPay for payment anywhere without taking wallet outside. However, the International payment still has many pain points, such as high fees, time delay, low fault tolerance and so on. At the same time, the trading volume of Chinese cross-border supplier has reached 6,500 billion in 2016, the average annual growth rate over 30%.
In other way, Santander has announced that they will be the first UK bank to introduce Blockchain technology for international payments through a new app. And the payments between £10 and £10,000 can be made, around the clock at any time of the day. There is no need for waiting for long time, funds will appear in the recipients account the next working day.
The Blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has also invested in. Working with Ripple builds on Santander’s philosophy of collaborating with the most innovative companies to consistently provide better services to customers.
Furthermore, Ripple tried to overcome the challenges in a different way than bitcoin. Instead of using proof-of-work, it relied on a new, unproven consensus protocol. This protocol requires users to extend trust to validating servers that produce this consensus. Relying on trust, rather than proof-of-work, kind of makes sense for Ripple, because you need similar trust relationships anyway for IOUs to work.
From the current situation, many industry insides firmly believes that Ripple has a great possibility to replace SWIFT, becoming the inter bank agreement in the Blockchain era. As the traditional financial telecommunication network provider, SWIFT has to face the impact of Blockchain, once Ripple or R3 alliance become the mainstream, it is destined to be marginalized.
Shuqin Tech started the research for the development of Blockchain chip design, primary digital asset transaction and consensus mechanism network since 2013. Its first product Baoquan.com is for e-data attestation, the trustworthy certificate which owns judicial effectiveness. Further on, Shuqin Tech is also working for the combination big data with Blockchain for the data sharing and circulation.
If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life, please contact us: js@baoquan.com
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