Blockchain made a splash when Bitcoin broke every roof across the world. The technology gained recognition for its unique capabilities that essentially facilitate decentralization without compromising security or transparency. Ripple, for one, has made the best of it with a thorough implementation.
As per a blog post published by Ripple, the company has distinguished itself by recognizing the benefits of blockchain technology and applying it to as many industries as feasible. A primary aim remained to support cross-border payments. Residents worldwide reported issues, including, but not limited to, high fees and time to execute a transaction. Ripple intended to solve those issues.
Ripple placed a heavy bet on maintaining three core elements: efficiency, accuracy, and support. It worked, and the crypto venture was able to offer all the qualities of blockchain: immutability, transparency, and security. Ripple then went on to enhance the user experience via customizable reporting features and a UI that improves with time. Other functionalities include an Automated Reconciliation Engine and a Global Support Team.
The latter refers to supporting customers with a dedicated department, irrespective of the regional background of the relevant user base. The Automated Reconciliation Engine boosts real-time tracking and automated reconciliation. It lessens the manual labor required to match transactions and tackles crucial issues related to data accuracy.
Moving forward, Ripple is striving to provide the best of:-
- Scheduled Reporting and Filters
- Payment Analytics and Widgets
- Data Quality and Completeness Enhancements
The blog post by Ripple has done little for its native token, XRP. The value of XRP has decreased by 1.40% in the last 24 hours, exchanging hands at $0.4674 as the article is being drafted. It further reflects a drop of 5.41% and 11.36% in the last 7 and 30 days, respectively. The 24-hour trading volume and market cap are both down. Bullish near-term predictions anticipate the token to surge to $0.576458 and $0.568068 within the next 5 days and 30 days, respectively, in the same sequence.
It probably stems from upcoming innovative updates. One of them pertains to acting as a backbone for BRICS Pay, wherein all five countries of the association will leverage their payment mechanisms to facilitate cross-border transactions within them. The second update is about Thailand considering integrating Ripple. It will help the country make cross-border transactions seamless at an economical cost.
XRP and blockchain technology are believed to have played a major role in both updates. An official confirmation about Ripple’s involvement in BRICS Pay has yet to be made; however, integration with Thailand is certain, with reports about it available in most public domains.
It is safe to assume that Ripple has utilized its blockchain technology to serve its community in the best possible manner. If other reports are true, then Ripple will only work to exceed everyone’s expectations while simultaneously fueling recognition of XRP, other cryptos, and blockchain.